The zero-sugar beverage market is expected to surpass $13,150.6 million by 2033 as demand for natural sweeteners and healthy beverage options soar, according to Future Market Insights‘ Zero Sugar Beverages Market Report. It is anticipated to accelerate, growing at a compound annual growth rate (CAGR) of 14.7% between 2023 and 2033. Premiumization has helped close…
Store Brands Continue Growth in Double Digits
The double-digit growth of store brands continues to rise, based on The Private Label Manufacturers Association’s (PLMA) Q1 nationwide data provided by Circana (formerly IRI and NPD). During the first three months of this year, store brands picked up right where they left off in 2022, with double-digit sales increases and greater market share in…
Inflation Decreases While Food Costs Increase
Even with inflation currently moderating, higher food prices will continue influencing consumers’ spending and eating behaviors this year, reported Circana. Food will always be consumers’ priority in tough and good economic times, whether eaten at or away from home, according to Circana food and beverage and foodservice industry analysts speaking at the company’s Growth Summit, held…
Children’s Food and Beverage Market Continues to Grow
According to Packaged Facts’ new report, Children’s Food and Beverage Market: Trends and Opportunities, the retail market for children’s food and beverage products experienced average annual growth of nearly 8% from 2017 to 2022 due to new value-added product introductions, boosted grocery sales during the pandemic and high levels of inflation that led to price…
Store Brand Sales Rise
According to the Private Label Manufacturers Association (PLMA), private brand sales hit a new record last year, jumping 11.3% to a whopping $228.6 billion in all outlets in the U.S. for the 52 weeks ending Jan. 1, 2023, versus the prior year. Store brands performed so well that they grew at nearly twice the rate of…
Credit Card Swipe Fees to Cost Consumers for Valentine’s Day
Recently reported by the Merchants Payments Coalition (MPC), rising swipe fees banks charge merchants to process credit and debit card transactions could potentially cost consumers over $500 million in higher prices for Valentine’s Day items this year. “There’s nothing romantic about swipe fees,” Doug Kantor, MPC executive committee member and National Association for Convenience Stores (NACS)…
Customers to Spend Big for the 2023 Super Bowl
With the Super Bowl slowly approaching, people are preparing for the big game by buying decorations and their favorite snacks. In fact, according to a report published by Advantage Solutions, customers are planning to spend upwards of $100 on food and beverages for the game. Advantage Solutions surveyed over 1,000 adults to see what they…
C-Stores Find Foodservice Inspiration
Heading into 2023, three macroeconomic challenges will have a profound impact on overall restaurant industry performance, according to a recent Dining Industry report by Bounteous; these are labor, supply chain and inflation. Average operator profit margin in the restaurant vertical was 21% prior to the pandemic, but declined to 13% in 2022. As more convenience…
Experts Share Findings on FDA Tobacco Regulatory Operations
The Reagan-Udall Foundation engaged an independent expert panel to evaluate the operational aspects of the U.S. Food and Drug Administration’s (FDA) tobacco regulatory program, as directed by FDA Commissioner Robert Califf’s public statement on July 19, 2022, according to the National Association of Tobacco Outlets (NATO). In the statement, Commissioner Califf stated that “the agency…
Deloitte Gives Outlook on the Retail Industry in 2023
Deloitte has released its 2023 retail industry outlook report exploring retail trends to help retailers elevate their business strategy beyond traditional cost-cutting. The report is based on a series of interviews with 50 senior retail leaders, 70% of which are from companies with an annual revenue of $10 billion or more, as well as Deloitte’s…