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Market researcher Circana, formerly IRI and The NPD Group, recently released its 2024 Food and Beverage Outlook report, which reveals some of the key changes and issues that will affect the industry over the next year.  

Here are three takeaways from the report. 

1. The food and beverage industry will see modest growth in 2024, following three years of decline. According to Circana, high inflation is expected to slow in 2024, which will have a positive affect on industry growth, as will “the macroeconomic environment and growing promotional investments.” Manufacturers and retailers are continuing to innovate and adapt to meet changing consumer interests. 

2. Some areas of the industry will grow faster than others. The beverage and deli sectors will outperform overall food and beverage unit sales next year as consumers look for more healthy protein and energy choices in a convenient, grab-and-go format. Circana says the beverage category has been more innovative than other sectors, leading to greater consumer interest and exploration.  

3. The frozen category must focus on diversity. Circana says frozen products in grocery stores and online should be reevaluated “to ensure a variety of products are available to meet consumers’ needs.” It adds that consumers will be looking to the centre of the grocery store for products that offer value, quality and convenience. 

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