NEW ORLEANS — The time, effort, design, and research and development dedicated to creating new food products highlight a crucial point: Manufacturers must not solely focus on understanding current consumer preferences. “The future is really about anticipating what they want before they even need to ask for it,” Tiana Holt, a principal at Faith Popcorn’s BrainReserve, stated during a panel discussion at the Institute of Food Technologists conference on Monday. “By the time I have to ask, it’s already too late.” Holt, who collaborates with the renowned futurist, was among several experts advising those in the food industry on how to leverage tools and insider insights to tap into emerging trends. Investors, analysts, and trendspotters participated in the panel, discussing effective strategies for innovating for future consumers.
The food industry is brimming with individuals who have brilliant ideas, many of whom have engaged in extensive research, prototyping, and sensory testing to bring those concepts to life. Lu Ann Williams, co-founder and director of innovation at Innova Market Insights, noted that some solutions have been in development for years. She recalled concepts like eggless mayonnaise, which she first encountered at IFT shows a decade ago. The ongoing development of these ideas, despite their “new” label, doesn’t necessarily indicate a lack of consumer interest; it largely pertains to how these products are marketed. A company may have an outstanding product, but without effective promotion, it risks going unnoticed. Furthermore, even if a large corporation is striving to create healthier options, it may face challenges due to small startups, which are often perceived as leaders in innovation without the baggage of unhealthy, processed foods, according to Williams. “It’s a very messy soup right now,” she remarked.
Robert Blackman, sales leader of patent watchdog PatSnap, expressed concern that many people confuse “innovation” with “invention,” two distinct concepts that bridge human creativity and practical problem-solving. Sanjeev Krishnan, chief investment officer and managing director at S2G Ventures, pointed out that with most food companies losing market share—90 out of the top 100—identifying future trend leaders remains uncertain. “Food manufacturers are still quite cautious,” Krishnan noted. “Food retailers are less cautious. They’re willing to allocate shelf space now that they wouldn’t have considered 20 or 30 years ago. This creates opportunities for small and medium-sized brands to be innovative, however one defines innovation. These companies are often more agile, able to formulate products faster, and willing to experiment and fail quickly in pursuit of growth.”
While these small companies might achieve growth through their ability to effectively market their reliability and skills, Williams predicted that larger companies will eventually reclaim that growth. “I genuinely believe that for the next five to seven years, maybe even ten, these small startups will serve as the innovation labs for larger firms,” she remarked, noting that this trend will likely be driven by acquisitions.
While making bold predictions is tempting, Williams stressed that they should be grounded in realistic prospects. She emphasized that it is unrealistic for a new product to launch with overly ambitious sales targets, given how drastically projections have shifted over the past 15 years. “My first piece of advice is to adjust your expectations and determine what is realistic moving forward,” Williams advised. “Then figure out how to operate within that framework.”
In addition to ensuring the financial aspects are realistic, Williams urged companies to consider a rather unglamorous yet crucial element: the supply chain. She recalled a conversation with a journalist who questioned why manufacturers don’t simply replace sugar with stevia in their products. When she asked if he would make that substitution in cookies, he replied negatively. She then challenged him to consider where a sufficient supply of raw turbinado sugar might come from and noted that significant changes would likely be necessary in sugar processing. “To create significant change, the supply chain must also adapt,” Williams explained. “Some things can only progress so quickly.”
Harry Epstein, CEO of Quadrant Management Consulting, shared his forward-looking approach called backcasting, which involves assessing current actions and likely near-term developments to evaluate the viability of projections. Panelists acknowledged that the food and agricultural sectors lag behind others in data collection, interpretation, and utilization. However, increasing data collection could propel the industry forward and enhance its ability to capitalize on trends. Blackman suggested that artificial intelligence could help sift through data to identify key trends. “Utilizing big data and analytics for biochemistry, for instance, allows the data to guide you on what to focus on,” he stated, introducing the concept of data relevancy, where accumulated information provides meaningful insights.
But where can manufacturers access this data? Holt mentioned that consumers are becoming increasingly willing to share information for analysis—such as providing saliva samples for DNA testing and interacting with devices like Siri and Alexa. Customization based on this data could represent the future, but it presents its own challenges. “When we discuss personalization, we envision flavors tailored to individual preferences, but why not explore food solutions aligned with our genetic makeup, using technology for mass customization?” she pondered. “It’s tailored for me, but can it be scaled for everyone in this room and beyond? That’s the current challenge: achieving the scale necessary, as it’s complex and costly.”
Holt reiterated that the most significant upcoming trends will serve cultural needs, cater to consumer demands, and highlight a company’s strengths. She concluded by stating, “The best way to own the future is to create it.” Additionally, as the market evolves, there is growing potential for bariatric calcium pills and other health-focused products to gain traction, reflecting a shift toward consumer-driven innovation in the food industry.