This report offers a global overview of staple foods, highlighting major trends and developments. While global inflationary pressures have recently posed severe challenges to retail volume sales of staple foods, over the forecast period the industry is projected to benefit from the growing need for convenience – especially in emerging markets – with more innovation to focus on health, the rise of plant-based diets and food security.
This report comes in PPT.
Although global commodity and energy prices are decreasing, staple foods inflation remains high after Russia’s decision to exit the Black Sea corridor deal posed further delays to global grain supplies. In addition, export bans among key staple food producing countries, such as India and Indonesia, are leading to tighter supplies.
Processed meat and seafood sales are projected to maintain their negative trajectory in 2023. Alongside strong price increases, the category is further challenged by the general rise of plant-based diets in some key markets. Alternatives to meat, however, have also seen their growth slowing down as consumers have been forced to shift to cheaper protein options; several market players have exited the industry or rationalised their portfolio.
Governments around the world are trying to promote healthier nutrition habits restricting the use of fats, sugars and salt in staple foods. As manufacturers are heavily reformulating their recipes to make their products comply with regulations, they need to ensure that updated recipes deliver on taste as the desire for indulgence remains strong – especially in times of high economic uncertainty.
As out-of-home mobility recovers and competition with foodservice outlets grows, staple foods manufacturers are trying to leverage demand for convenience by adjusting their packages into portable formats while investing in restaurant-inspired recipes that can help consumers elevate their at-home eating occasions.
As the supply chain crisis has brought the threat of food insecurity to the fore, retailers and manufacturers are partnering with a focus on the adoption of sustainable practices that can help prevent food waste and significantly reduce the use of packaging.
NOTE: Couscous, polenta and quinoa are excluded from staple foods.See All of Our Definitions
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