Novel and Experimental - Consumer TrendSights Analysis, 2023

Novel and Experimental - Consumer TrendSights Analysis, 2023

Summary

Novel & Experimental is one of the 63 sub-trends that GlobalData covers as part of our TrendSights series of Consumer Insight studies. The analysis covers what the trend is, why it is important, who is most influenced by it and how brands and manufacturers can capitalize. The research concludes by identifying where the trend is heading next and how long it will last.

Brands are engaging with consumers with unusual flavor combinations. For example, McDonald's India is launching novel non-alcoholic beverage varieties through its Mixology campaign and ice cream brand Haagen-Dazs utilizing local flavors in Japan to create unique formulations. It is important for brands to explore new ways of involving the five senses in products, not only taste. Brands are also exploring novel textures such as Frito Lay and Meiji to offer consumers sensory experiences.

Scope

• Consumers are exposed to a wider variety of ingredient choices due to living in a more multi-cultural society. This is a vital driver for consumers to try novel textures and flavors.
• Most categories in packaged consumer goods, foodservice, and retail are showing growth in the Novel & Experimental trend.
• During the 2018-22 period, food received the most revenue from trend investment and non-alcoholic beverages showed the highest growth.

Reasons to Buy

• Consider emerging opportunities and threats in the fast-moving consumer goods market and gain insight into potential future consumer behavior.
• Identify interesting new and emerging concepts, products, and ideas on offer in retail, foodservice, online spaces, and beyond.
• Understand how new concepts and ideas fit into-or challenge-current consumer trends.
• Gain insight and inspiration for innovation programs and new product development.