Naturally Network’s 2024 Natural Products Industry Update
A recap of a webinar held on January 30, 2023
On January 30, Naturally Network convened industry experts to discuss and share insights on the CPG market trends expected to shape 2024. Read on for key takeaways from our CPG heavy-hitters, trend insights from SPINS, as well as a full recording of the webinar. This content is essential for our community as we look to stay informed and adapt to upcoming market shifts. Get ready to be equipped with the knowledge needed to make informed decisions and stay competitive in the year ahead.
Additionally, at the end of this post are links to resources that speakers mentioned; don't miss them! A huge shout-out to our industry experts and partners for making this event and webinar possible.
INDUSTRY EXPERTS
SPINS 2024 Trends Predictions
Scott Dicker, Market Insights Director at SPINS opened the webinar by sharing SPINS’ 2024 Trend Predictions Report: “The CPG industry has never been more dynamic than it is today. Shoppers are constantly educating themselves, innovation and disruption are moving at a rapid pace, and health and wellness are part of popular culture. In SPINS’ new report, we look at how these factors are influencing 2024’s most noteworthy trends and what that means for departments throughout the store. It’s a resource to help navigate what’s happening in the industry right now and plan ahead for the rest of 2024.” Access the full report at this link.
Insights from Industry Experts
The next part of the webinar was a rapid-fire share-out from our esteemed industry experts.
PRICING INSIGHT: Price hiking is not the path to sustainable growth and brands can no longer rely on this, instead they should thoughtfully promote to maintain and increase their consumer base steadily. Erin Flaherty, VP of Sales, SPINS
HIRING TREND: For Marketing roles within CPG organizations, 2023 data reflects an increase in demand for roles that specifically align with Revenue: such as Trade Marketing and Retail Marketing and Influencer Marketing, who can leverage celebrities and influencers due to the rising cost of customer acquisition. We also saw this as an increase in demand for fractional opportunities- and in fact 50% of the workforce by 2027 will be made of Fractional. Sean Conner, Chief Progress Officer, Force Brands
SOCIAL TRENDS: Social media trends affect consumer purchasing behavior. Millennial and Gen-Z consumers are heavy social media users and influencers are impacting their decisions in the aisles; we see this with brands like Prime Energy Drink from Logan Paul, the fastest-growing brand at the moment. Consumers are motivated by Influencers to try different cuisines and tap into viral foods. In addition, celebrity or Influencer-backed brands are gaining traction. Daena Tarnaris, Executive Director, Growth Solutions, KeHE
ORGANIC TRENDS: Organic continues to break its revenue records, by increasing to $67.6B in 2023; proving to be a viable market for economic opportunities. Stephanie Jerger, VP of Operations, Organic Trade Association
CONSUMER INSIGHT: Consumers want more than just pantry items of sauces and spices. They want innovative products with authentic global ingredients and flavor profiles that are easy to make at home. It's nice to see these innovators leaning into their heritage cuisines, instead of allowing others to tell their stories. They're making them more approachable, exciting to recreate and I love that many products coming out this year are shelf stable and frozen. Audarshia Townsend, Content Director, Food and Beverage Insider
On-Demand Webinar
Miss the event or want to rewatch? Check out the full recording below:
Resources + Links
Get up to speed on all things organic at the links below: