Premium: The Luxury Consumer Experience in Food & Beverage ProductsMarch 16, 2015
It’s time to trade up! However, we don’t need an expensive car or an exotic vacation to experience luxury. We can have a taste of luxury every day with the growing variety of premium food and beverage products available!
Our increasing fascination with fine cuisine and specialty retail has prompted mainstream dining and retail channels to raise the bar for new premium consumer experiences. The Specialty Food Association defines specialty foods as a combination of some or all of the following qualities: “their uniqueness, exotic origin, particular processing, design, limited supply, unusual application or use, extraordinary packaging or channel of distribution/sale, the common denominator of which is their high quality.”
In this report, we will dig deeper into what’s happening in the marketplace and what consumers believe are the top premium flavors.
PREMIUM AT A GLANCE
· Chocolate & Truffle Mushroom are the top rated premium flavors.
· Meat is the top mentioned premium food.
· Cars are the top mentioned non-food, premium item.
· Quality is the word that best describes premium to consumers.
· 45% of consumers purchase a premium product 1-2 times per month.
NEW PRODUCT INTRODUCTIONS: PREMIUM
Taking a look at the premium trend on a global scale, there was a 10% increase in premium new food and beverage product introductions from 2013-2014. Premium food products account for 78% of premium product launches. Europe and Asia Pacific are the top regions with 39% and 32% of premium products respectively. In North America, premium product launches were declining from 2013-2014, with a 20% decrease in new premium products.
Download the full report to see more data!
· Chocolate is the top global flavor with a premium product claim.
· Archer Farms is the top North American brand with a premium product claim.
PRODUCTS OF NOTE
"Happy Moo, Happy You"
Dreaming Cow Yogurt is a high quality yogurt and Dreaming Cow believes that grass-fed dairy is superior in taste and health benefits. Flavors include: Honey Pear, Vanilla Agave, Maple Ginger, Blueberry Cardamom, Strawberry Pom and Dark Berry Chai.
"Handmade In Small Batches"
The Jelly Queens make gourmet jams and jelllies that are handcrafted from the finest ingredients. Some of the more unique flavors include Blood Orange Lavender and Black Garlic Rosemary.
Post Goodness-To-Go Breakfast/Anytime Shake has no artificial flavors, colors or sweeteners and 15g of protein. Flavors include: Dutch Chocolate, Tahitian Vanilla and Mocha.
Kite Hill artisanal nut-milk based-cheeses are made using time-honored techniques of traditional artisanal dairy cheese-making. The product is made using only a short list of the best ingredients and custom blending of each batch. One flavored product is available: Soft Fresh Truffle, Dill & Chive.
Breakfast In A Bowl
Good Food Made Simple is committed to clean and simple ingredients that you know and understand. They want their customers to have the luxury of a good, warm breakfast any day of the week. Flavors include: Southwestern Veggie, Uncured Bacon & Turkey Sausage, Uncured Canadian Bacon and Chicken Apple Sausage.
Drinkmaple Pure Maple Water is the sap that comes straight from the maple trees. It is a natural hydration that boasts a subtle hint of maple flavor. Containing 46 naturally occurring vitamins, minerals, polyphenols, antioxidants and prebiotics, this refreshing beverage is naturally low in calories, gluten-free, dairy-free, vegan and non-GMO.
CONSUMER SURVEY: PREMIUM FLAVORS
We conducted an online survey of 219 consumers in October 2014 to gain insight into their preferences of certain premium flavors. The majority of the respondents were between the ages of 25-64. We provided a list of flavors and asked respondents to rank them for their overall preference. Below are consumers’ top rated premium flavors.
· Truffle (mushroom)
· Chocolate Truffle
· Tahitian Vanilla
· Saigon Cinnamon
· Macadamia Nut
· Dark Chocolate
· Black Garlic
· Asian Pear
FONA CAN HELP!
Let FONA’s market insight and research experts translate these trends into product category ideas for your brand. They can help you with concept and flavor pipeline development, ideation, consumer studies and white space analysis to pinpoint opportunities in the market. Our flavor and product development experts are also at your service to help meet the labeling and flavor profile needs for your products to capitalize on this consumer trend. We understand how to mesh the complexities of flavor with your brand development, technical requirements and regulatory needs to deliver a complete taste solution. From concept to manufacturing, we’re here every step of the way. Contact our Sales Service Department at 630.578.8600 to request a flavor sample or visit www.fona.com.