Despite the challenges of higher food prices, consumers are increasingly seeking out premium products that offer more nutrients and less added sodium and sugar, according to Jeff Turnas, senior vice president of culinary at Whole Foods Markets.
“While grocery shopping trends may come and go, our commitment to quality remains steadfast because good quality food will always be in demand,” Turnas emphasized.
In the midst of inflation in 2024, food prices continued to rise, putting pressure on consumers.
However, there was some relief in July as food-at-home prices increased by 1.1% annually while inflation rose by 2.9% — the lowest level since March 2021, based on the latest Consumer Price Index data from the U.S. Bureau of Labor Statistics.
Despite the slowdown in grocery inflation, consumer concerns over food costs persist. Vice President Kamala Harris recently pledged a federal ban on food price-gouging as part of proposed economic policies aimed at enhancing competitiveness in the food industry.
Consumers prioritize value and quality in their purchases.
While trends like keto and paleo have had their time in the spotlight, Turnas noted a shift towards a focus on well-rounded whole foods among consumers.
Many consumers are turning to supplements for added nutrients or exploring the health benefits of specific spices and supplements, according to Turnas.
The specialty food ingredient market, including dietary vitamins and supplements, was valued at $112.4 million in 2022 and is projected to reach $168.6 million by 2031, with a growth rate of 5.2% annually.
The sweetener market is undergoing significant innovation, with companies utilizing ingredients like honey truffle and other sweet proteins to achieve a taste similar to sugar.