According to the leading online food industry website www.just-food.com, consumers are trading up to indulgent, premium and speciality foods because they believe they deserve them and are willing to pay more for food that is perceived to offer the best taste experience.
The Institute of Grocery Distribution (IGD) has released the following data, 32% of UK consumers think an indulgent product is of better quality, 27% see it as a luxury item, 26% say a treat, while 5% see it as a reward for being good. These three food categories are growing sectors within the global food market, the consumers becoming more self-indulgent in their eating and drinking habits leading the rate of growth.
There is a common observation in the food industry that they can adopt marketing strategies from the personal care market (cosmetics, toiletries, haircare, and skincare) where growth is driven by premiumisation and the rising importance of self-indulgence. Michael Patton, chairman of Porter Foods, an online retailer and distributor of fine and speciality foods, told just-food:
“The personal care sector has mastered the art of premiumisation. Products such as shampoo – that are relatively cheap to manufacture – are packaged in great-looking, functional packaging, and supported by huge advertising products. The food industry has more of an expensive challenge on its hands when it comes to supplying genuinely high-quality premium products.”
just-foods second edition ‘Global market review of indulgence foods – forecasts to 2013’ report investigates trends in the indulgent, speciality and premium food markets. The report focuses on trends, drivers, innovation and marketing within the three sectors. Forecasts are provided to 2013.
There are many elements that contribute to a product falling into the indulgent, premium or speciality sectors, within this report just-food explains the differences between each sector, the trends that are aiding the growth within the global market, strategies that brands are implementing along with profit opportunities by region and category and information on a sub-sector known as ‘healthy indulgent food market’.
The full just-food report ‘Global market review of indulgence foods – forecasts to 2013’ is available for purchase from just-food’s online research store at http://www.just-
