Food retailers, producers and foodservice organizations are diving deeper into understanding how food trends relate to their businesses. While many companies approach the matter cautiously, others react to food trends prematurely in order to avoid being characterized as followers or falling behind in a particular market or food category. However, those that selectively follow food trends to identify opportunities using data-driven techniques can successfully identify trends that have the most upside potential for their businesses.
Over the past few years, we have witnessed several supposedly “big trends” that were expected to produce great opportunities, but they’ve ended up being very short-lived and overhyped. Food companies, like restaurant chains, would be wise to spend human and financial resources on food opportunities, rather than just trends. This opportunity-scape is engineered by analyzing data, consulting industry experts, monitoring media, using internal expertise and decision-making to identify a trend and understand consumer behavior.