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© 2021 INNOVA MARKET INSIGHTS

                        top trends

2020
             for 2021
       Top Ten Trends

                                     provided to james@innovami.com on 23 Feb 2021 16:35 (UTC)
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                                Table of contents
© 2021 INNOVA MARKET INSIGHTS

                                • Trend 1. Transparency Triumphs                               4

                                • Trend 2. Plant Forward                                       13

                                • Trend 3. Tailored to Fit                                     23

                                • Trend 4. New Omnichannel Eating                              33

                                • Trend 5. In Tune With Immune                                 41

                                • Trend 6. Nutrition Hacking                                   50

                                • Trend 7. Mood: The Next Occasion                             55

                                • Trend 8. Product Mashups: When Trends Collide                61

                                • Trend 9. Modern Nostalgia                                    66

                                • Trend 10. Age of the Influencer                              71

                                • Final Considerations                                         76

                                • List of Figures                                              81

                                                                                  2   INNOVA MARKET INSIGHTS
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                                                                   clean living lifestyles   sustainable sourcing   meaningful storytelling
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                                “A clear winner: brands are upping their
                                transparency game to meet evolving
                                consumer demands”
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                                Transparency will triumph in all food & beverage sectors
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                                                                                                                               Transparency Triumphs: from trend to product
                                  “To me product information is                                                                    1
                                                                                                                                                            Foodservice:
                                  of major importance. I want to                                                                                            Burger King is now listing its
                                 know what the product contains”                                                                                            Whopper ingredients on the

                                                    85%
                                                                                                                                                            wrapper, which also carries a
                                                                                                                                                            “no colors, flavors or
                                                of global consumers                                                                                         preservatives from artificial
                                                                                                                                                            sources” claim.

                                                                                                                                US, Sep 2020

                                                                                                                                              Retail:
                                                                                                                        Fleury Michon launched a
                                                                                                                      “zero nitrite” ham with clear
                                                                                                                          messaging (e.g., “as it is
                                                                                                                  preservative free, its shelf life is
                                                                                                                                           shorter”)
                                                                                                                 and Nutri-score labeling on-pack.
                                                                                                                                                                 France, Jan 2020

                                Sources:   Innova Database; Today; Innova Nutrition & Health Survey 2020 (average of UK, US, Spain, France, Brazil, India, Germany, Mexico, China and Indonesia)

                                                                                                                                                                  5     INNOVA MARKET INSIGHTS
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                                 Transparency Triumphs: 5 key trends in food & beverage
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                                          CLEAN                          SOURCED                          WASTE                     SUSTAINABLE                         HUMAN
                                          LIVING                         LOCALLY                         NO MORE                     PACKAGING                          WELFARE
                                  Brands are complying with             Three in five global        To diminish food waste,     Plastic is the most frequently   Brands take responsibility to
                                    consumer demand for             consumers say they prefer        brands in the food &         used packaging material,          create a better world and
                                  cleaner labels by creating         buying local or regionally   beverage industry continue    accounting for almost half of        this no longer translates
                                 products that are GMO free,        produced goods to global       to find creative solutions      global product launches        solely to how their products
                                   natural, organic and free       and imported goods (Innova       considering ingredient      (Jan to Oct 2020). To attain      affect the world. Brands are
                                      from additives and            Consumer Survey, 2020).          sourcing and usage.         sustainability goals, brands    increasing their efforts and it
                                                                                                                                                                   is not uncommon for them
                                   preservatives. The clean            In response, brands        Products previously labeled       now substitute plastic
                                                                                                                                                                      to incorporate human
                                label definition is evolving to   increasingly launch products     as “waste” find their way      packaging for sustainable
                                                                                                                                                                   welfare missions as part of
                                encompass a greater variety          consisting of only locally    back to the food industry     alternatives such as paper,           their brand identity.
                                           of claims.                  sourced ingredients.       across different segments.        PCR, biodegradable or
                                                                                                                                   compostable materials.

                                        US, May 2020                    Australia, Aug 2020            Sweden, Sep 2020                France, Jul 2020                   US, Feb 2020

                                 Source: Innova Database

                                                                                                                                                                 6    INNOVA MARKET INSIGHTS
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                                Clean label consumer demand is evolving to encompass more factors
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                                 Now
                                                   Human/animal welfare         •   Innova Market Insights has been on top of the clean
                                                  Supply chain transparency         label trend, tracking the evolution of different
                                                   Plant-powered nutrition
                                                                                    aspects of this consumer-driven movement.
                                                     Sustainably sourced
                                                                                •   A major shift we are seeing in food & beverage is
                                                    Real/recognizable
                                                   Short ingredient lists           from a focus on mainly health driven factors (with
                                                  Dairy/meat alternatives           natural, no additives, nothing artificial and organic as
                                                 Sugar/salt/fat reformulation       key claims on-pack) to clean label, including ethical
                                                         GMO free
                                                                                    and environmental factors over time.
                                                    Minimally processed         •   Claims related to human and animal welfare,
                                                                                    increased focus on supply chain transparency, plant-
                                                              Natural
                                                                                    powered nutrition and sustainable sourcing are just a
                                                           No additives
                                                          Nothing artificial        few examples of how the clean label trend is evolving
                                                             Organic                to a broader definition.
                                 Then

                                Source: Innova Database

                                                                                                                           7   INNOVA MARKET INSIGHTS
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                                   Clean label: a movement with regional differences in featuring claims
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                                                         Figure 1 | Selected claims as a percentage of total food and beverage launches, by region (2020 YTD)
                                     In both Europe and North America, the plant based                                        Europe
                                     revolution continues to gather pace alongside the
                                     growing movement toward more ethical and                                      Ethical*                         18.9%
                                     sustainable lifestyles. These themes are becoming key                         Organic                      14.9%
                                     pillars of trust under the clean label umbrella.            No Additives/Preservatives                   13.4%
                                                                                                       Vegan/Plant Based                     12.3%
                                                     North America                                         No Added Sugar
                                                                                                                 GMO Free
                                                                                                                                     6.2%
                                                                                                                                   4.4%
                                                GMO Free                               20.8%                        Natural        4.2%
                                No Additives/Preservatives
                                      Vegan/Plant Based
                                                                                     19.0%
                                                                                   17.4%
                                                                                                                                                              Asia
                                                  Ethical*                       15.6%                                           No Additives/Preservatives                 11.7%
                                                  Organic                      13.5%                                                               Ethical*        4.4%
                                                   Natural          5.0%                                                                            Natural        4.3%
                                          No Added Sugar           4.5%                                                                            Organic        3.6%
                                                                                                                                       Vegan/Plant Based        1.9%
                                     In Europe and North America, “natural” claims have                                                          GMO Free       1.9%
                                     come under fire due to their vague profile. More                                                      No Added Sugar       1.8%
                                     specific clean label claims are taking the stage, often
                                     in combination with free from claims that are more        In Asia, clean label NPD mainly focuses on health driven factors, with no additives or
                                     easily understood by consumers.                           preservatives claims topping the list. There is potential growth in ethical claims, which are
                                                                                               blowing over from Western regions. However, given the greater importance placed on health,
                                     In North America, GMO free claims continue to lead        companies looking to gain share in Asia should prioritize marketing the health benefits of their
                                     due to the growth of the non-GMO movement.                products over the ethical or environmental impact when looking for complementary marketing.

                                   Source: Innova Database
                                           2020 YTD = Jan 2020 – Oct 2020
                                           *Ethical claims relating to animal welfare, human welfare or environment                                                  8     INNOVA MARKET INSIGHTS
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                                Tracking the provenance of ingredients for a transparent supply chain
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                                   Industry responds to demand for sustainable sourcing                   Leveraging blockchain and AI technologies

                                                    Average annual growth in food & beverage                              Digital Sandwich: UK
                                                                                                                          consortium leverages
                                    +12%             launches tracked with a claim related to
                                                        sustainable sourcing or farming                                   blockchain and AI technologies
                                                         (Global, CAGR 2015-2020 YTD)
                                                                                                                          to enhance traceability
                                                                                                  08 Dec 2020 – With transparency crowned as the Top Trend for
                                                           Olam Cocoa hits 100%                   2021 by Innova Market Insights, technologies that offer supply
                                                           traceability target across             chain traceability are growingly visible. In this space, a
                                                                                                  consortium of UK companies under Digital Sandwich has
                                                           global supply chain                    snapped up £4 million (US$5.3 million) in funding to enhance
                                                                                                  the level of visibility in ingredient supply chains for commercial,
                                                       22 Sep 2020 – Olam Cocoa has achieved
                                                                                                  pre-packaged sandwiches through an open platform.
                                                       100% traceability of directly sourced
                                                       cocoa across its global supply chain, a                               The platform can track the
                                                       commitment first started five years ago.                              provenance of ingredients for a
                                                       The company can now track                                             wide variety of sandwiches – from
                                                       approximately 12% of the world’s cocoa                                peanut butter and jelly to the
                                                       beans back to an individual farm or                                   Scandinavian “open” or even the
                                                       community.                                                            classic tuna melt.

                                Sources: Innova Database; Food Ingredients First
                                         2020 YTD = Jan 2020 – Oct 2020
                                                                                                                                             9    INNOVA MARKET INSIGHTS
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                                Packaging technologies are key in the move toward a sustainable future
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                                  QR codes: traceable ingredients for 100% transparency                       Digital watermarks: pioneering smart packaging recycling

                                                                                                                                              23 Oct 2019
                                                                                                                                              “Recycling HolyGrail 2.0: Berry to
                                                                                                                                              manufacture Digimarc Barcodes for
                                                                                                                                              plastic hyper-sorting”
                                                                                                              09 Sep 2020
                                                                                                              “PepsiCo pilots invisible digital             18 Sep 2020
                                                                                                              watermark technology to boost                 “Wipak joins HolyGrail 2.0
                                                                                                              recycling”                                    digital watermark recycling
                                                                                                                                                            project”
                                                                                                              AIM facilitates the HolyGrail 2.0 project,
                                                                                                              in which more than 85 companies and
                                                                                                              organizations have joined forces.
                                                                                                                                                               Wipak has been working in
                                                                                                                                                               close collaboration with digital
                                                                                                                                                               watermarks expert Digimarc®,
                                One Degree Organic Foods Gluten Free                                                                                           since 2013, pioneering
                                Sprouted Cinnamon Flax Granola                                                                                                 innovative solutions and
                                US, Aug 2020                                                                                                                   packaging applications that
                                                                                                                                                               utilize the Digimarc Barcode®
                                Claims: USDA organic. NSF logo.
                                                                                                                                                               to help their customers
                                Traceable. All ingredients are from
                                farmers known to One Degree. Non-
                                                                                                                                                               contribute to circular
                                GMO Project Verified.                                                                                                          economies and meet their
                                Non-glyphosate. 100% transparency.                                                                                             sustainability goals.

                                Sources: Innova Database; Packaging Insights; One Degree Organic Foods; AIM; Wipak

                                                                                                                                                                  10      INNOVA MARKET INSIGHTS
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                                Climate impact labeling and tax are fast re-emerging themes
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                                      Pressure has been mounting on big industry players                               Climate-related claims: NPD in action

                                 Food brands considering adding                                                              Average annual growth in food & beverage
                                 carbon footprint to packaging
                                 alongside fat and sugar content                                                    +12%      launches tracked with a claim related to
                                                                                                                              carbon footprint or reduced emissions
                                                                                                                                  (Global, CAGR 2015-2020 YTD)
                                 23 Dec 2019 – Leading food manufacturers are considering adding the carbon
                                 footprint of products such as Bisto gravy, Mr Kipling cakes and KitKats
                                 alongside the sugar and fat content in a bid to better respond to the climate
                                 crisis.

                                    Healthcare professionals call for policy-driven guidance

                                                            UK health coalition rallies for
                                                            climate tax on food according
                                                            to its carbon footprint
                                 05 Nov 2020 – A coalition of UK health professionals is calling for a food tax
                                 to be levied on all food producers according to their products’ carbon
                                 footprint. Should industry fail to take voluntary action, the UK Health Alliance
                                 on Climate Change (UKHACC) argues that the levy must be enforced on
                                 food with a heavy environmental impact – such as beef and dairy – by 2025.
                                                                                                                       US, Jan 2020                Belgium, Sep 2020

                                Sources: Innova Database; inews; Food Ingredients First
                                         2020 YTD = Jan 2020 – Oct 2020
                                                                                                                                                    11   INNOVA MARKET INSIGHTS
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                                Storytelling endures as a key strategy to achieve transparency
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                                • Innova Market Insights continues to see huge consumer interest in brands backed by unique stories that stand out and communicate
                                  their business’ best practices in strategies such as sustainable sourcing, responsible manufacturing and employee treatment.

                                                               3 in 5                    Global consumers say that they are interested in “learning
                                                                                         more about where their food comes from and how it is made”

                                  Danone Aux Fruits d’Ici: focus on ingredient provenance                       DESi POPz confectionery: handmade in rural micro-units

                                          France, Feb 2020

                                  •   Danone recently launched their new Aux Fruits d’Ici yogurt line.
                                  •   By being transparent regarding the heritage of ingredients,
                                      including production location, Danone plays into Innova’s #1 trend       Go Desi Real Aam Desi Popz
                                      for 2020 – Storytelling: Winning with Words.
                                                                                                               India, Sep 2020

                                Sources: Innova Database; Danone; Go Desi; Innova Lifestyle & Attitudes Survey 2020 (average of UK, US, Spain, France, Brazil, India, Germany, Mexico,
                                         China and Indonesia)
                                                                                                                                                                   12    INNOVA MARKET INSIGHTS
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                                                         rising mainstream appeal   plant based indulgence   emerging alternative proteins
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                                “Mainstream appeal for ‘plant based’ is driving
                                expansion to more market categories and regions”
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                                Evolution of plant based through the lens of Innova’s Top Ten Trends
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                                                        2019                                           2020                                           2021

                                              The Plant Kingdom                        The Plant Based Revolution                               Plant-Forward
                                        The plant based market shows no signs of       Plant based eating is moving from trend      The “plant based” definition is ever-evolving.
                                       slowing down. Brands are greening up their       to food revolution status. With the meat      Plant based products appeal in different
                                      portfolios to attract the mainstream consumer.          and dairy substitute markets            regions and categories, while consumers
                                          For many, going plant based is about            representing key battlefronts in this      demand an extra level of sophistication. As
                                       achieving a healthy and sustainable balance       consumer-driven revolt, the industry is    consumers are powering up on plant protein,
                                       between animal and plant ingredients, rather     taking up the challenge to deliver more     opportunities and challenges in this space are
                                      than adopting an all-or-nothing way of eating.   “clean label” meat and dairy alternatives.        attracting attention in the industry.

                                Source: Innova Taste the Trend

                                                                                                                                                            14    INNOVA MARKET INSIGHTS
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                                Consumer appeal for “plant based” continues to grow
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                                         Rising mainstream appeal for “plant based”                                                     “Plant based” can mean different things to consumers

                                                                                                                                                                           …global consumers considers
                                        “Which claim do you prefer when buying
                                          alternatives to meat and/or dairy?”                                                                              1 in 3          a plant based diet to be
                                                                                                                                                                           “meat and dairy reduced”

                                     Vegetarian                 Vegan               Plant based                                          Figure 2 | “What do you consider a plant based diet?”

                                         6 in 10 global respondents chose “plant based”                                                                                                                 32%

                                                                                                              % of global respondents
                                                                                                                                                             24%
                                                                                                                                                                                         21%
                                      Average annual growth in food & beverage                                                                17%                          17%
                                            launches with selected claims
                                                   (Global, CAGR 2015-2020 YTD)

                                        +2%                    +16%                    +51%
                                    Vegetarian claims         Vegan claims         Plant based claims                                     Strictly vegan     Strictly   Mostly vegan     Mostly     Meat and dairy
                                                                                                                                                           vegetarian                  vegetarian     reduced

                                Sources: Innova Database; Innova Top Ten Trends Survey 2019 and 2020 (average of UK, US, Spain, France, Brazil, India, Germany, Mexico, China and Indonesia)
                                         2020 YTD = Jan 2020 – Oct 2020
                                                                                                                                                              15    INNOVA MARKET INSIGHTS
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                                Plant based expansion: a global phenomenon with regional differences
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                                → Earth                                                             Netherlands, Apr 2020                               In 2020, OmniPork and
                                                                                                                                                        OmniEat launched in 210
                                                      US,                                                                                               stores across all China
                                                 Aug 2020
                                 US, Mar 2020

                                                                                   UK, Jan 2020     Germany, May 2020
                                                                                                                                   Thailand, May 2020
                                → Space
                                                     “Out of this world
                                                     meat cultivation:
                                                     Aleph’s new ‘steak                                                     Plant based
                                                     in space’ program                                                        version of
                                                     takes off”                      Brazil, Sep 2020
                                                                                                                             traditional
                                                                                                                                  bakso
                                                               21 Oct 2020
                                                                                                                                       Indonesia, Aug 2020    Australia, Oct 2020

                                Sources: Innova Database; Food Ingredients First

                                                                                                                                                         16     INNOVA MARKET INSIGHTS
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                                Plant based innovation is moving beyond established categories
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                                    Beyond dairy alternative drinks and meat substitutes                                    Plant based innovation continues to diversify

                                Figure 3 | Fastest growing subcategories within food & beverage launches                                 Plant                       Specific
                                featuring a plant based claim (Global, CAGR 2015-2020 YTD)                                             powered                    meat substitutes
                                                                                                                                        snacks

                                 Ready Meals                                                    +145%

                                 Mayonnaise – Dressings & Vinegar                          +132%
                                                                                                                   Fish alternatives
                                                                                                                                                 Plant based
                                 Fruit Based Snacks                               +115%                                                           probiotic
                                                                                                                                                    drinks             Cheese
                                 Pizza                                          +114%                                                                                alternatives

                                 Sweet Biscuits/Cookies                    +83%

                                 Meat Substitutes*                +82%
                                                                                                                    Egg alternatives    Ready-to-eat meals
                                Source: Innova Database
                                        2020 YTD = Jan 2020 – Oct 2020
                                        *Established category for “plant based”, but greater product variety/specificity is expected                         17   INNOVA MARKET INSIGHTS
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                                Why plant based? Health, variety, sustainability and taste are key drivers
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                                    Health remains biggest consumer driver                         Sustainable future: Weighing up the pros and cons of plant protein

                                       “For what reasons would you consider                                       “Today’s crop managements systems are too
                                             plant based alternatives?”                                          unsustainable to adopt a 100% plant based diet”

                                      IT IS HEALTHIER
                                                                            53%                       Plant protein:                                                    % of consumers
                                                                                                      a sustainable
                                                                       of global consumers
                                                                                                       alternative?                France

                                                                                                                                  45%                                   China
                                   IT BRINGS VARIETY                        35%                                                                                        70%
                                       TO MY DIET                      of global consumers
                                                                                                       U.S.
                                                                                                     37%
                                       IT IS BETTER                         32%                                                                Spain

                                                                                                                                              38%
                                     FOR THE PLANET                    of global consumers                                                                                  Indonesia

                                                                                                                 Brazil                                                      51%
                                    IT TASTES BETTER
                                                                            19%                                 49%               No protein source is inherently
                                                                       of global consumers                                       “sustainable” or “unsustainable”

                                Sources: Innova Database, Innova Top Ten Trends Survey 2020 (average of UK, US, Spain, France, Brazil, India, Germany, Mexico, China and Indonesia)

                                                                                                                                                               18    INNOVA MARKET INSIGHTS
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                                Watch out for more plant based goodness with indulgence at heart
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                                                          Australia, Oct 2020
                                                                                              Japan, Apr 2020

                                                                                                                        US, Nov 2020
                                   US, Mar 2020
                                                                                                                                             UK, Oct 2020

                                                                                                                                   Germany, Sep 2020
                                           US, Aug 2020                    Canada, Apr 2020              UK, Aug 2020

                                Source: Innova Database

                                                                                                                                        19   INNOVA MARKET INSIGHTS
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                                The alternative protein market is evolving amid spurt in protein blends
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                                Figure 4 | Market penetration (2020 YTD) and average annual growth (CAGR 2016-2020 YTD) tracked in food & beverage launches with alternative proteins*
                                           (Global)

                                                      160%
                                                                                                  Mainstream                                                           Established
                                                      140%

                                                      120%
                                 CAGR 2016-2020 YTD

                                                      100%

                                                      80%

                                                      60%

                                                      40%                                         Pea Protein
                                                                   Rice Protein

                                                      20%                         Wheat Protein                                                                        Soy Protein

                                                       0%
                                                             0%                   10%                   20%                       30%           40%         50%                      60%
                                                      -20%        Corn Protein

                                                      -40%
                                                                                                                Market penetration (2020 YTD)
                                 NPL Jan 2020 – Oct 2020 = 12.114
                                Source: Innova Database
                                        2020 YTD = Jan 2020 – Oct 2020
                                        *Alternative Proteins: Plant Proteins, Other/Fermented Proteins                                                      20     INNOVA MARKET INSIGHTS
provided to james@innovami.com on 23 Feb 2021 16:35 (UTC)
                                Alternative proteins: what’s next?
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                                 Figure 5 | Market penetration (2020 YTD) and average annual growth (CAGR 2016-2020 YTD) tracked in food &
                                            beverage launches with alternative proteins* (Global)

                                                        160%        Water Lentil Protein          What’s Next?**                                          Emerging
                                                                   Lentil Protein                 Chickpea Protein                                                         Biospringer launches
                                                        140%                                                                   Fava Bean Protein                           “revolutionary” yeast protein
                                                                                                                                                                           eliminating off-notes from
                                 CAGR (2016-2020 YTD)

                                                        120%
                                                                            Mung Bean Protein                                                                              plant based foods
                                                        100%
                                                                                            Bean Protein                                                                   01 Dec 2020 – Biospringer, a
                                                                         Sesame
                                                        80%                                  Almond Protein                                                                business unit of Lesaffre, has
                                                                         Protein
                                                                                                                             Sunflower Protein                             unveiled Springer Proteissimo
                                                        60%                           Peanut Protein                                                                       101, a complete protein from
                                                                       Flaxseed                                                                                            yeast fermentation for plant
                                                                                      Chia Protein                                                 Potato Protein          based foods, made with a
                                                        40%             Protein
                                                                                                                                                                           patented technology.
                                                                                    Oat Protein
                                                        20%                                                              Hemp Protein
                                                                                                                                                                           The new protein is positioned
                                                                                          Pumpkin Seed Protein
                                                          0%                                                                                                               as a highly nutritious, vegan
                                                            0.0%     0.2%       0.4%       0.6%     0.8%        1.0%       1.2%         1.4%   1.6%    1.8%         2.0%   and gluten free ingredient that
                                                        -20%                                                                                                               boasts “no off-notes,” making it
                                                                                         Mycoprotein
                                                                                                                                                                           highly versatile for food
                                                        -40%                            Lupin Protein                                                                      formulation.
                                                               Quinoa Protein
                                                                                                        Market penetration (2020 YTD)

                                Sources: Innova Database; Food Ingredients First
                                         2020 YTD = Jan 2020 – Oct 2020
                                         *Alternative Proteins: Plant Proteins, Other/Fermented Proteins. **NB: Growth from a very small base                                     21    INNOVA MARKET INSIGHTS
provided to james@innovami.com on 23 Feb 2021 16:35 (UTC)
                                Tech changes everything: how technology can unlock opportunities
© 2021 INNOVA MARKET INSIGHTS

                                    Eat Just’s road to commercialization of cultured meat        A novel technology to create “ultra-sustainable” proteins

                                                            Singapore grants “world’s first”                            Solar Foods' alternative protein
                                                            approval for sale of Eat Just’s                             from air and electricity nets
                                                            cultured meat                                               another €4.3m funding

                                                                                                 02 Dec 2020 – Solar Foods – a food tech start-up producing
                                                                                                 protein using air and electricity from raw materials – has been
                                                                                                 granted €4.3 million (US$5.1 million) of new financing from
                                                                                                 Business Finland.

                                                                                                 This funding supports the start-up’s €8.6 million (US$10.3
                                                                                                 million) development project for commercializing its natural
                                                                                                 protein “made from thin air,” called Solein.

                                 02 Dec 2020 – Cultured chicken meat from Eat Just has
                                 been green-lighted for sale in Singapore as an ingredient in
                                 chicken bites. The island nation is the first to give the go-
                                 ahead to meat being grown in a lab. It follows a rigorous
                                 consultation and review process by the Singapore Food
                                 Agency (SFA).
                                Sources: Food Ingredients First

                                                                                                                                          22   INNOVA MARKET INSIGHTS
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                                                                     my unique lifestyle   functionally healthy   digitally driven solutions
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                                “Personalized nutrition is in the spotlight
                                as consumers look for food & beverage
                                that fit their unique lifestyles”
provided to james@innovami.com on 23 Feb 2021 16:35 (UTC)
                                My unique lifestyle: searching for a tailored approach to eating
© 2021 INNOVA MARKET INSIGHTS

                                                                                                                            “Nestlé launches nesQino – a personalized
                                          “I have found more                                                                solution that reinvents good-for-you drinks”
                                         ways to tailor my life                                                              1
                                        and the products I buy
                                        to my individual style,
                                          beliefs and needs”

                                                                                                                NesQino Timeless Flair Instant Drink Mix
                                                                                                                                with Strawberry Flavor
                                                                                                                                         China, May 2020

                                          64%                                                                    Description: Five sachets of instant drink
                                                                                                                 mix with strawberry, Eastern Europe sea
                                                                                                                   buckthorn, South American chia seed
                                      of global consumers
                                                                                                                    and Swiss probiotics in a carton box.

                                Sources: Innova Database; nesQino; Innova Consumer Lifestyle & Attitudes Survey 2020 (average of UK, US, Spain, France, Brazil, India, Germany, Mexico,
                                         China and Indonesia)
                                                                                                                                                                 24     INNOVA MARKET INSIGHTS
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                                Lifestyle-specific personalized nutrition services are gaining traction
© 2021 INNOVA MARKET INSIGHTS

                                          “How would you prefer to have your                                                            “Keto taps into personalization
                                         nutritional experience personalized?”                                                          and ‘lifestyle’ demand”
                                                                                                                  “Conforming to a ‘lifestyle choice’ is increasingly
                                   46% of consumers Based on my nutritional needs                                 popular with consumers as traditional dieting falls
                                                                                                                  by the wayside. A ketogenic way of eating is one
                                   37% of consumers Based on my lifestyle                                         of the latest manifestations of this as it addresses
                                   34% of consumers Based on my body composition                                  consumer demands for a personalized approach.”
                                                                                                                                                                              14 Jul 2020

                                Average annual growth in food & beverage launches with selected
                                claims (Global, CAGR 2016-2020 YTD)

                                 Keto                                                +173%

                                 Plant Based                           +40%
                                                                                                                UK, May 2020          US, Apr 2020         Mexico, May 2020    US, May 2020

                                Sources: Innova Database; Nutrition Insight; Innova Nutrition & Health Survey 2020 (average of UK, US, Spain, France, Brazil, India, Germany, Mexico,
                                         China and Indonesia)
                                         2020 YTD = Jan 2020 – Oct 2020                                                                                              25   INNOVA MARKET INSIGHTS
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                                Health and lifestyle platforms to watch out for in food & beverage
© 2021 INNOVA MARKET INSIGHTS

                                                                                                                                                                Fading/Stable                  Mainstream/Growing
                                Figure 6 | Selected health and lifestyle positionings tracked in food & beverage launches* (Global)                             Stable/Established             Growing/Emerging
                                                                                                                                                                Established/Mainstream         Niche
                                                                                                          No Additives/Preservatives
                                                                     16%
                                                                                                                                 Gluten Free
                                                                     14%
                                  % share of global F&B (2020 YTD)

                                                                                                                                             GMO Free
                                                                     12%
                                                                                                                                             Vegetarian
                                                                                                   Organic                                                     Halal
                                                                     10%                                                                                               Vegan
                                                                                                                                               High/Source
                                                                                                   Kosher                                       of Protein
                                                                     8%
                                                                                      High/Source of
                                                                     6%                   Fiber

                                                                                                Natural                                                          No Added Sugar
                                                                     4%
                                                                                                                                                                           Reduced Sugar           Plant Based
                                                                     2%
                                                                                                                                                     Sugar            Probiotic
                                                                                                                                   Lactose Free      Free
                                                                      0%
                                                                        -15%   -10%          -5%             0%          5%            10%           15%             20%          25%        30%         35%
                                                                     -2%                                                                              Joint Health
                                                                                                                                       Low Alcohol                     No Alcohol

                                                                                                             Average annual growth (CAGR 2016-2019)

                                Source: Innova Database
                                        Bubble size: # of product launches (Global, Jan 2020 – Oct 2020)
                                        *Excluding Baby & Toddlers & Sports Nutrition products                                                                                          26    INNOVA MARKET INSIGHTS
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                                Digestive health remains a key topic for functional F&B innovation
© 2021 INNOVA MARKET INSIGHTS

                                              Digestive health #1 active health claim                             Toward more specific descriptions of effects on the body

                                Figure 7 | Top health claims as percentage of food & beverage launches         Figure 8 | Average annual growth and share (%) of the selected words
                                           tracked with an active health claim (Global, 2015-2020 YTD)                    mentioned on the package of food & beverage launches featuring a
                                                                                                                          digestive/gut health claim (Global)

                                    Digestive/Gut Health                                                                                                     Gut
                                                                                                                                50%
                                        Energy/Alertness
                                                                                                                                40%        Wellness

                                                                                                               CAGR 2015-2019
                                 Vitamin/Mineral Fortified
                                                                                                                                30%         Comfort     Absorption                Digestion

                                                Omega-3                                                                         20%
                                                                                                                                              Stomach

                                                                                                                                10%                                  Bowel/Intestine/
                                          Immune Health
                                                                                                                                                                        Colon
                                                                                                                                0%
                                                             0%   5%    10%    15%     20%     25%       30%
                                                                                                                                      0%                   10%                  20%            30%
                                                                       % of product launches                                                                     % share 2019

                                Source: Innova Database
                                        2020 YTD = Jan 2020 – Oct 2020
                                        Bubble size: # of product launches (Global, 2019)                                                                                    27    INNOVA MARKET INSIGHTS
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                                Established claims are making room for smaller active health claims
© 2021 INNOVA MARKET INSIGHTS

                                Figure 9 | Selected active health claims as a percentage (%) of food &
                                           beverage launches tracked with an active health claim (Global)
                                                                                                                                         Prebiotic ingredients are entering the mainstream

                                                         40%

                                                                  33%

                                                         30%
                                 % of product launches

                                                                        27%

                                                         20%
                                                                              17%
                                                                                         +5 ppt         +2 ppt
                                                                                             9% 10%
                                                         10%

                                                                                                                      2015-2020 YTD
                                                                                        5%                       6%                                US, Jun 2020                         US, Jan 2019
                                                                                                            5%
                                                                                                       4%
                                                                                                                                       “Our tonics are #notkombucha. While      “Power of 3-in-1: Prebiotics
                                                                                                                                         we love the occasional kombucha,          + Probiotics + Fiber.
                                                         0%                                                                            we’ve soured to all the sugar and have      Prebiotics help feed
                                                               Digestive/Gut Health      Probiotic      Prebiotic                     found another way to help support our     probiotics, which are ‘good
                                                                                                                                        microbiome and overall gut balance:        bacteria’ for the gut.”
                                                                                                                                                   PREBIOTICS!”
                                                                              2015    2019   2020YTD

                                Source: Innova Database
                                        2020 YTD = Jan 2020 – Oct 2020
                                                                                                                                                                                 28     INNOVA MARKET INSIGHTS
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                                Probiotic/prebiotic claims legislation across the world
© 2021 INNOVA MARKET INSIGHTS

                                In Canada:
                                The government of                                                                                                             In Japan:
                                Canada has a list of 17
                                                                                                                                                              The term “probiotic”
                                probiotic species that
                                                                                                                                                              with its health claims
                                can make non-specific
                                                                                                                                                              can be used after
                                health claims, but no
                                                                                                                                                              approval based on
                                strain-specific probiotic
                                                                                                                                                              demonstrated and
                                claims have been
                                                                                 US       Brazil   Turkey      Italy     Spain     Portugal   Finland         documented scientific
                                approved (yet).1                              Jul 2019   Dec 2019 Apr 2020   Jul 2019   Apr 2019   May 2019   Jul 2019
                                                                                                                                                              safety and efficacy.2

                                                                                                                        In the EU:
                                      In the US:
                                                                                          The use of the term “probiotic” or a health claim                      In China:
                                  There are no health claims for                          related to probiotics is not authorized by EFSA.2
                                  probiotics or prebiotics approved yet                                                                                  The CFDA authorizes
                                  by the FDA. However structural or                       The national health authorities of some countries              health claims for
                                  functional claims such as “supports                     tolerate the use of the term “probiotics”, like in Italy       various health effects
                                  healthy digestion,” accompanied by an                   or Turkey.3                                                    after approval with
                                  FDA-mandated disclaimer are allowed.1                                                                                  scientific
                                                                                          Until now the prebiotics that have authorized health           substantiation.2
                                                                                          claims are native chicory inulin and lactulose.2

                                Sources: Thomas L.V.,1 EFSA Panel on Dietetic Products Nutrition and Allergies,2 de Simone C.3

                                                                                                                                                            29    INNOVA MARKET INSIGHTS
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                                Digitally driven solutions are taking personalized nutrition to the next level
© 2021 INNOVA MARKET INSIGHTS

                                           Spotlight on personalized supplements plans       Plant based personalization for stress relief

                                                                                                                                      14 Oct 2020

                                Sources: Persona Nutrition; Baze; Nutrition Insight, myAir

                                                                                                                           30    INNOVA MARKET INSIGHTS
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                                Transparency will be key in paving the way to improved health while
                                considering the ethics of data collection
© 2021 INNOVA MARKET INSIGHTS

                                                                  Figure 10 | “I am willing to share personal data if it improves my health”

                                                                                              % of respondents
                                                0%          10%          20%     30%       40%        50%        60%      70%         80%      90%             100%
                                                                                                                                                                      Davos report flags privacy risks
                                        India                      32%                                 39%                             22%               5% 2%
                                                                                                                                                                      of precision technology as
                                   Indonesia                20%                                44%                                30%                     5% 2%       personalized nutrition grow

                                       Brazil               20%                               42%                               25%                 8%     5%         24 Jan 2020 – […] The Future of
                                                                                                                                                                      Consumption Platform is building the
                                       China              16%                            43%                                    31%                  7% 2%            “Precision Data Collaborative,” a
                                                                                                                                                                      system to ensure the privacy and
                                     Mexico                 19%                         35%                              30%                   9%         7%          transparency needs of consumers are
                                                                                                                                                                      being met while enabling data-driven
                                       Spain          11%                      33%                               32%                    14%          10%              knowledge and innovation to thrive.
                                                                                                                                                                      The collaborative aims to onboard over
                                         US               14%                   28%                              35%                     13%             10%          1 million consumers over the next three
                                                                                                                                                                      years to create the most trusted and
                                         UK           11%                      30%                               36%                    12%          11%              integrated wellness data set featuring
                                                                                                                                                                      biological, physiological and
                                      France         7%                26%                             38%                        15%               14%               behavioral data. As a pilot, this public-
                                                                                                                                                                      private ecosystem will include
                                   Germany           7%                24%                            37%                       14%             17%                   businesses, members of academia, civil
                                                                                                                                                                      society and government.
                                                          Strongly Agree        Agree      Neutral     Disagree        Strongly Disagree

                                Sources: Nutrition Insight, Innova Nutrition & Health Survey 2020

                                                                                                                                                                                     31   INNOVA MARKET INSIGHTS
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                                Trend #3 – Tailored to Fit meets trend #4 – New Omnichannel Eating
© 2021 INNOVA MARKET INSIGHTS

                                                       DNA-inspired recipes                                 My unique lifestyle: digitally driven solutions

                                                           Hungry for heritage: Meal kit                                      AI-powered Chefbot pairs fridge
                                                           provider Gousto offers new                                         and pantry grocery photos to
                                                           DNA-inspired recipe boxes                                          dish up personalized recipes

                                 09 Oct 2020 – Cuisine often ties into a person’s identity, which   13 Oct 2020 – An AI-powered Twitter recipe tool that helps
                                 meal kit provider Gousto took as inspiration to launch its new     users pair the groceries in their fridge, reduce food waste and
                                 DNA-inspired recipe box scheme. In partnership with biotech        come up with personalized recipe recommendations could be
                                 company Living DNA, the recipe box specialist is helping           a source of inspiration for the growing trend of at-home
                                 consumers discover new dishes they have never tried, based         cooking.
                                 on their genes.

                                 By taking a simple swab test,                                         How Chefbot works:
                                                                                                       •   Snap: Users snap a photo of three ingredients
                                 consumers can submit their
                                                                                                           from their refrigerator or pantry.
                                 DNA for analysis and have meal                                        •   Tweet: Users tweet their photo to @KrogerChefbot.
                                 kits customized through a smart                                           Through artificial intelligence, Chefbot identifies ingredients
                                 algorithm, based on the                                                   and then scans thousands of unique recipes on Kroger.com.
                                 countries they are found to                                           •   Cook: Within seconds, Chefbot responds to the user's
                                 have originated from.                                                     original tweet to deliver a list of personalized recipe
                                                                                                           recommendations based on the selected ingredients.

                                Source: Food Ingredients First

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                                                              cross-channel convenience   accessible indulgence   richer experiences
© 2021 INNOVA MARKET INSIGHTS

                                “As foodservice and retail domains
                                overlap, consumers can eat what they
                                want, when and where they want it”
provided to james@innovami.com on 23 Feb 2021 16:35 (UTC)
                                COVID-19 pandemic accelerates move into a delivery-centric industry
© 2021 INNOVA MARKET INSIGHTS

                                • The end of the COVID-19 pandemic is not yet in sight and it is turning retail and foodservice more and more into a delivery-
                                  centric industry. Even once the pandemic levels off and, eventually disappears, consumers are likely to expect every restaurant to
                                  offer a reliable home delivery service accessible via a mobile app.

                                   Comfort is key to delivery: convenient at-home eating                        Shopping from home thanks to virtual reality technology

                                                                                                                                          Virtual reality during COVID-19,

                                                                  2 in 5                                                                  a new way to “walk” down the
                                                                                                                                          grocery aisle
                                     Global consumers say that they did more home cooking
                                                                                                                                                   27 Mar 2020 – Consumers can
                                       using convenient/meal solutions (e.g., ready-made                                                           now shop “in store” from their
                                                  sauces) over the past year.                                                                      homes thanks to virtual reality
                                                                                                                                                   (VR) technology, paired with a
                                                                                                                                                   white-glove delivery service.

                                                                  1 in 3
                                                                                                                                                   Florida-based tech company,
                                                                                                                                                   LifeStyles in 360, says the
                                                                                                                                                   business model aims to help and
                                                                                                                                                   support as many people as
                                      Global consumers say that they ordered more online
                                                                                                                                                   possible during the COVID-19
                                     from restaurants for home delivery over the past year.                                                        pandemic.

                                Sources: Food Ingredients First; Innova Consumer Lifestyle & Attitudes Survey 2020 (average of UK, US, Spain, France, Brazil, India, Germany, Mexico, China
                                         and Indonesia)
                                                                                                                                                                    34   INNOVA MARKET INSIGHTS
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                                Innovative services and technologies riding the wave of delivery demand
© 2021 INNOVA MARKET INSIGHTS

                                        The rise of ghost kitchens                            Drone delivery services                        Local and fresh: online marketplace
                                                                                                                                                          Indian consumers say that they
                                 Ghost kitchens, also referred to as ghost                                                                                did more home cooking from
                                 restaurants, dark kitchens or virtual
                                 restaurants, are kitchens used by restaurant                                                                3 in 5       scratch (e.g., with fresh
                                                                                                                                                          ingredients) over the past year.
                                 brands and virtual brands to prepare meals
                                 exclusively for the online delivery market.                                                                Living Food Company is a managed
                                                                                       Drone deliveries: Just Eat partnership               consumer marketplace that delivers fresh,
                                                                                                                                            clean and tasty food made by farmers,
                                           They offer restaurants the opportunity      pilots high flying, speedy food service              bakers, brewers and other food artisans to
                                           to pool resources and reduce                                                                     consumers in India.
                                           overheads, increasing their capacity        03 Mar 2020 – Food in “under three
                                           to better serve the consumer.               minutes” may soon be made possible with
                                                                                       the aid of drones in Ireland, under a new
                                           Ghost kitchen operators lose all direct     partnership between Manna Drone Delivery
                                           contact with the consumer, limiting         and Just Eat, Ben & Jerry’s and Camile Thai.
                                           the scope for building brand image
                                           and cultivating customer loyalty.           The flying start-up is positioned as the first
                                                                                       aviation-grade B2B drone delivery platform
                                                                                       positioned as a service. Manna and its
                                Ghost kitchen incubators   Neighborhood kitchens       partners will pilot the service this month at
                                                                                       the University College Dublin, tapping into
                                                                                       a need for speed in getting food to
                                                                                       consumers in record time.

                                Sources:   Cloud Kitchens; Reef Kitchens; Food Ingredients First; Living Food Company; Innova Consumer Lifestyle & Attitudes Survey 2020 (India)

                                                                                                                                                                35    INNOVA MARKET INSIGHTS
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                                Cross-channel convenience: New home delivery options
© 2021 INNOVA MARKET INSIGHTS

                                         Collaboration: Just Eat Takeaway and Honig                        Collaboration: Just Eat Takeaway and Pathé Cinema

                                The Kraft Heinz owned brand Honig, known for its meal kits, collaborates
                                 with Just Eat Takeaway to deliver prepared Honig meals at home as a                          “Popcorn is part of film; whether that is in
                                  cheap, yet freshly prepared, alternative in the food service industry.                          the cinema or at home. To let you
                                                                                                                              experience the ultimate cinema feeling at
                                                                                                                                home, Pathé, Pathé Thuis and Just Eat
                                                                                                                               Takeaway have joined forces. From now
                                                                                                                                 on you can have the tastiest Pathé
                                                                                                                                products such as the famous popcorn
                                                                                                                               delivered to your home in Amsterdam.”

                                  Honig French Onion        Honig Basis for        Honig Familiegerecht
                                      Soup Base              Nasi Speciaal           Oriental Wraps
                                 Netherlands, Feb 2020   Netherlands, Mar 2020     Netherlands, Feb 2020

                                Sources: Innova Database; Thuisbezorgd; Pathé

                                                                                                                                               36    INNOVA MARKET INSIGHTS
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                                Accessible indulgence: cutting out the middle man
© 2021 INNOVA MARKET INSIGHTS

                                • Today’s consumers can now        Foodservice                     Retail (US)
                                  directly access many specialty
                                  products that were previously
                                  only accessible via
                                  foodservice.

                                • Since its restaurant debut in
                                  2016, Impossible Foods has
                                  moved to many mainstream
                                  partners and fast food chains.
                                  Impossible’s retail launch in
                                  Sep 2019 marks their next
                                  major accessibility boost.

                                • 46% of global consumers say                                      Douwe Egberts                                  Douwe Egberts
                                  that restaurant branded                                           Café Espresso                                 Café Delicate
                                  products are “a convenient                                               Beans                                  Round Ground
                                  way to attain the restaurant                                                                                    Coffee
                                                                                                      Netherlands,
                                  experience and restaurant
                                                                                                         Sep 2020                                 Netherlands,
                                  flavors at home.”
                                                                                                                                                  Sep 2020
                                • Douwe Egberts is bringing
                                  the café experience back to
                                  retail in the Netherlands with
                                  their latest D.E Café brand
                                  extension.

                                Sources: Innova Database; Impossible Foods; Douwe Egberts; Innova Top Ten Trends Survey 2020 (average of UK, US, Spain, France, Brazil, India, Germany,
                                         Mexico, China and Indonesia)
                                                                                                                                                            37     INNOVA MARKET INSIGHTS
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                                Accessible indulgence: premiumization of ready meals and main dishes
© 2021 INNOVA MARKET INSIGHTS

                                •   Busy lifestyles, as well as the COVID-19 pandemic, accelerate the move of premium and indulgent foods
                                    from restaurants to the comfort of consumers’ homes.

                                             Yujiaweng: Self heating rice with abalone sauce
                                Abalone, a premium food, is usually consumed at high-grade banquets in China.
                                                                                                                                            Crown Food and William
                                                                                Buddha                                                      Saurin partner with Michelin
                                                         Abalone              jumps over            Fish maw           Goose feet           chef to debut “gourmet”
                                                                                the wall                                                    canned ready meals in France
                                                                                                                                            07 Oct 2020 – William Saurin – a
                                                                                                                                            French producer of premium ready
                                                                                                                                            meals – and Crown Food Europe are
                                                                                                                                            joining together with two Michelin
                                             Chenxi: Frozen canned main dishes                                                              star chef Olivier Bellin to demonstrate
                                                                                                                                            a canned ready meal concept.
                                Chenxi has developed a series of canned main dishes alongside its home delivery service of restaurant
                                food.

                                              Shiitake            Abalone

                                Sources: SIAL China 2020; Food Ingredients First

                                                                                                                                                       38     INNOVA MARKET INSIGHTS
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                                Richer experiences: eat what you want, when and where you want it
© 2021 INNOVA MARKET INSIGHTS

                                         Online food and travel experiences crop up                         Restaurant serving in-flight meals craved by customers

                                                           Virtual tours, workshops,                         Thailand’s national airport has opened up a plane-themed
                                                           tastings, and cooking classes                    restaurant for customers who are craving in-flight meals after
                                                           are now stand-ins for food and                                    months of travel restrictions.
                                    17 Aug 2020
                                                           travel experiences
                                            Reimagining the dining-out experience

                                 In the Netherlands, Mediamatic ETEN offers a COVID-inspired extension
                                 of its regular restaurant service. You can dine with your household in a
                                 two or four-person “Serre Séparée”, a private little greenhouse.
                                                                                                                                                              11 Sep 2020

                                Sources: Business Insider; Mediamatic ETEN; World Economic Forum

                                                                                                                                                   39    INNOVA MARKET INSIGHTS
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                                Addressing convenience, richer experiences and accessible indulgence
© 2021 INNOVA MARKET INSIGHTS

                                                                                      From consumer insights to NPD…

                                                                                                                                       “Restaurant branded products are a
                                    “I did more home cooking using                   “When trying new types of food and
                                                                                                                                          convenient way to attain the
                                    convenient/meal solutions over                    beverages, I like having a familiar
                                                                                                                                       restaurant experience/restaurant
                                             the past year”                                        element”
                                                                                                                                                flavors at home”

                                                                                                             “Experience the
                                                                                                            flavors of five US
                                                                                                            restaurant dishes
                                                                                                            from the comfort
                                                                                                                of home."

                                    Fresh Easy Black Label Beef Steak with                                                                Leon Beetziki Tzatziki with Shredded
                                             Vegetable Meal Kit                      Lay’s Nashville Hot Chicken Potato Chips                     Beetroot and Mint
                                            South Korea, Aug 2020                                  US, Jul 2020                                      UK, Mar 2020

                                Sources: Innova Database; Innova Consumer Lifestyle & Attitudes Survey 2020 and Innova Top Ten Trends Survey 2020 (average of UK, US, Spain, France,
                                         Brazil, India, Germany, Mexico, China and Indonesia)
                                                                                                                                                            40    INNOVA MARKET INSIGHTS
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                                                                  prioritizing health   boosting immunity   feeding the microbiome
© 2021 INNOVA MARKET INSIGHTS

                                “Ongoing anxiety stemming from COVID-19 will continue to push
                                consumers toward prioritizing their immune health”
provided to james@innovami.com on 23 Feb 2021 16:35 (UTC)
                                Consumer demand for immune-strengthening products is driving NPD
© 2021 INNOVA MARKET INSIGHTS

                                                                                                                            Germany, Jun 2020

                                         “I am increasingly
                                       looking for food and
                                        beverage products
                                          that support my
                                         immune health”

                                                                                                        Ireland, Jun 2020

                                     3 in 5
                                    global consumers
                                                                                                       France, Oct 2020       Australia, Jun 2020    Indonesia, Sep 2020 UK, Jul 2020

                                Sources: Innova Database; Innova Top Ten Trends Survey 2020 (average of UK, US, Spain, France, Brazil, India, Germany, Mexico, China and Indonesia)

                                                                                                                                                              42    INNOVA MARKET INSIGHTS
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                                COVID-19 crisis opens up opportunities for immune health innovation
© 2021 INNOVA MARKET INSIGHTS

                                                                                                                            Juice for a boost: New Tropicana +

                                                            1 in 3
                                                                                                                                                    “Tropicana is relaunching its
                                                                                                                                                    Essentials range with a punchy
                                                                                                                                                    new design and name –
                                     Global consumers say that their concerns about                                                                 Tropicana + – to better
                                                                                                                                                    resonate with shoppers
                                    immune health have increased in 2020 over 2019.
                                                                                                                                                    looking for added benefits
                                                                                                                                                    from their juice drinks.”
                                               •   In the wake of COVID-19, a growing number of products
                                                   are focusing on delivering additional health benefits.
                                                   Immune health proves itself as one of the key health                                       Tropicana Vitamin Victory Functional Juice
                                                   trends for 2020 and beyond.                                                                Drink

                                               •   A lot of orange/yellow color hues come to the fore on                                      UK, Sep 2020
                                                   product packaging with immune health branding. We                                          Description: Vitamin Victory juice drink in a
                                                   also see colors being used that match the included                                         750ml plastic bottle. Vitamin Victory is a
                                                   immunity-boosting ingredients (e.g., elderberry,                                           mixture of orange, mango, apple and
                                                   blueberry, blood orange, chicory root).                                                    tropical fruits. Contains ingredients that
                                                                                                                                              provide clear functional benefits, including
                                                                                                                                              vitamins.
                                                                                                                                              Claims: With added vitamin C and B6.
                                US, Oct 2020                                                                                                  Supports immune system.

                                Sources: Innova Database; Grocery Trader; Innova Top Ten Trends Survey 2020 (average of UK, US, Spain, France, Brazil, India, Germany,
                                         Mexico, China and Indonesia)
                                                                                                                                                                43    INNOVA MARKET INSIGHTS
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                                Immunity-boosting ingredients will play a significant role next year
© 2021 INNOVA MARKET INSIGHTS

                                                    54%                                                                    Consumer Insights            Product Launch Activity
                                    of global consumers say that, due
                                      to COVID-19, they have spent
                                     time educating themselves on
                                                                                                                          “How important are these      Top 10 ingredient categories
                                    ingredients and procedures that                                                         ingredients for you to      tracked in food & beverages
                                     can boost their immune health                                                        achieve immune health?”         and supplement launches
                                                                                                                           Answer: Very Important       with an immune health claim
                                                                                                                                  Top 10                     (Global, 2020 YTD)
                                              “Which elements do you find most important to achieve
                                                               immune health?”                                           1. Vitamins                   1. Vitamins and minerals
                                                                                                                         2.Minerals                    2.Functional ingredients
                                                                                                                         3.Fiber                       3.Fiber
                                   71% of consumers        Getting enough sleep                                          4.Antioxidants                4.Sugar, syrup & honey
                                                                                                                         5.Oils                        5.Fruit
                                   67% of consumers        Being healthy physically                                      6.Amino acids                 6.Essential oils & plant extracts
                                                                                                                         7.Probiotics                  7.Vegetable products
                                   64% of consumers        Choosing foods naturally high in                              8.Superfood supplements       8.Edible oils, fats & fatty acids
                                                                                                                         9.Prebiotics                  9.Dairy ingredients
                                                           nutrients (vitamins, minerals, antioxidants)                  10.Postbiotics                10.Amino acids

                                Sources: Innova Database; Innova Top Ten Trends Survey 2020 (average of UK, US, Spain, France, Brazil, India, Germany, Mexico, China and Indonesia)
                                         2020 YTD = Jan 2020 – Oct 2020
                                                                                                                                                               44     INNOVA MARKET INSIGHTS
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                                Increased interest in botanical ingredients in the wake of COVID-19
© 2021 INNOVA MARKET INSIGHTS

                                Figure 11 | Botanical ingredients* tracked in food & beverage and supplement launches with an immune health claim (Global)

                                                                                                                                                                                 Fading/Stable              Established/Mainstream
                                                                                                                                                                                 Stable/Established         Mainstream/Growing
                                                                                    16%
                                % share of global products tracked with botanical

                                                                                                                   Turmeric/Curcumin
                                                                                    14%
                                                                                             Lemon      Strawberry                                Apple
                                                                                    12%
                                            ingredients (2020 YTD)

                                                                                             Orange    Blueberry                                  Coconut
                                                                                                                                                                    Elderberry
                                                                                    10%
                                                                                          Grape                                          Ginger                                   Black Pepper          Blackcurrant
                                                                                    8%
                                                                                                                                                          Ginseng
                                                                                    6%                                                 Garlic
                                                                                                                                       Lemon Juice
                                                                                    4%
                                                                                                                                       Carrot Juice

                                                                                    2%

                                                                                    0%
                                                                                      -15%            -5%               5%                15%                 25%                 35%                 45%              55%

                                                                                                                           Average annual growth (CAGR 2016-2020 YTD)

                                Source: Innova Database
                                        Bubble size: # of product launches (Global, Jan 2020 – Oct 2020)
                                        *Fruit; Herbal & Fruit Extracts; Herbs, Spices & Seasonings tracked in product launches with
provided to james@innovami.com on 23 Feb 2021 16:35 (UTC)
                                Supplements is by far the leading category for immune health
© 2021 INNOVA MARKET INSIGHTS

                                                         Representing almost 1 in 2 immune health launches                                   Supplement capsules: gut powered immunity

                                 Figure 12 | Top categories as a percentage of food & beverage and
                                             supplement launches tracked with an immune health claim                                                          Holland And Barrett Gut Powered
                                             (Global, 2020 YTD)                                                                                               Immune Food Supplement 30 Capsules
                                                                                                                                                              Ireland, Apr 2020
                                                         60%
                                                                                                                                                              Description: Gut powered immunity
                                                                                                                                                              contains more than 10 billion live
                                                         50%      48%
                                                                                                                                                              friendly bacteria, along with calcium,
                                                                                                                                                              vitamin C and D, elderberry extract and
                                 % of product launches

                                                         40%                                                                                                  beta glucans. This impressive formula
                                                                                                                                                              supplies the gut with the bacteria it
                                                         30%                                                                                                  needs to function optimally and the
                                                                                                                                                              added vitamins, minerals and natural
                                                                              20%                                                                             extracts support the body’s natural
                                                         20%                                                                                                  immunity.
                                                                                          11%
                                                                                                                                                              Claims: A blend of live friendly bacteria
                                                         10%                                            6%            5%                                      with vitamin C plus elderberry and beta
                                                                                                                                   3%
                                                                                                                                                              glucans. Contains over 10 billion live
                                                          0%                                                                                                  friendly bacteria. Supports digestive
                                                               Supplements    Baby &     Sports     Dairy & Dairy Soft Drinks   Hot Drinks                    health. Immunity support. Suitable for
                                                                             Toddlers   Nutrition   Alternatives
                                                                                                                                                              vegans.

                                Sources: Innova Database; Holland & Barrett
                                         2020 YTD = Jan 2020 – Oct 2020
                                                                                                                                                                            46    INNOVA MARKET INSIGHTS
provided to james@innovami.com on 23 Feb 2021 16:35 (UTC)
                                Making the consumer connection:                                                                           Younger generations prefer functional food
                                                                                                                                          & beverages to classic supplement formats
                                preferred supplement format varies by age
© 2021 INNOVA MARKET INSIGHTS

                                Figure 13 | Preferred form of intake of supplements by age range (Global, 2019)

                                                     Functional foods            Functional drinks                Tablets                   Capsules                  Gummies

                                   18-25                 17%                           19%                         11%                        11%                       24%

                                   26-35                 30%                           28%                         19%                        24%                       24%

                                   36-45                 22%                           25%                         21%                        21%                       21%

                                   46-55                 14%                           15%                         19%                        18%                       16%

                                    56+                  17%                           13%                         30%                        26%                       15%

                                Source: Innova Top Ten Trends Survey 2019 (average of UK, US, Spain, France, Brazil, India, Germany, Mexico, China and Indonesia)

                                                                                                                                                               47   INNOVA MARKET INSIGHTS
provided to james@innovami.com on 23 Feb 2021 16:35 (UTC)
                                Watch out for innovative product launches addressing immunity
© 2021 INNOVA MARKET INSIGHTS

                                Fastest growing market categories tracked with
                                immune health claim (Global, CAGR 2016-2020 YTD)
                                                                                     Flourish Flour addresses immunity
                                                                                     demands with prebiotic fiber as
                                         +17%                            +11%        home baking set to rise
                                       Sports                      Dairy & Dairy
                                      Nutrition                    Alternatives      20 Nov 2020 – The launch of Flourish
                                                                                     Flour provides US consumers with
                                                                                     another farinaceous option that is higher
                                                                                     in fiber and lower in carbs than standard
                                                                                     flour.

                                                                                     “Flourish is the first all-purpose flour
                                                                                     that’s naturally rich in prebiotic fiber to
                                                                                     support good digestive and immune
                                                                                     health – representing an entirely new
                                                                                     value proposition within the all-purpose
                                                                                     flour category,” Pete Levangie, CEO of
                                                                                     Bay State Milling (Flourish’s parent
                                                                                     company), tells Nutrition Insight.

                                      US, May 2020                    UK, Oct 2020

                                Sources: Innova Database; Nutrition Insight
                                         2020 YTD = Jan 2020 – Oct 2020
                                                                                                                                   48   INNOVA MARKET INSIGHTS
provided to james@innovami.com on 23 Feb 2021 16:35 (UTC)
                                Feeding the microbiome: a happy gut for a strong immune system
© 2021 INNOVA MARKET INSIGHTS

                                                                 2 in 5                   Global consumers consider having a healthy gut/microbiome
                                                                                          most important to achieve immune health

                                  Cargill joins Seventure
                                  Partners’ US$298
                                  million fund to advance
                                  microbiome solutions
                                  and immunity
                                  23 Nov 2020 – Cargill is making
                                  a “significant investment” in
                                  Seventure Partners’ Health for
                                  Life Capital II fund. With the
                                  investment, Cargill hopes it can
                                  accelerate product innovation                     US, Sep 2020                          US, Sep 2020                      Australia, Oct 2020
                                  and gain insights into the latest
                                                                      Gut-friendly prebiotic. Supports microbiome         Medium roast.               Contains a special combination of
                                  technologies and trends in the
                                                                        health. Whole food ingredients. Nothing        Supports digestion,           three probiotics including LGG and
                                  digestive and immune health
                                                                       artificial. Aids healthy digestion. Promotes     immune function,                BB-12 to help strengthen your
                                  space.
                                                                      good gut bacteria. Supports immune system.         and gut health.               immune system and digestion.

                                Sources: Innova Database; Nutrition Insight; Innova Top Ten Trends Survey 2020 (average of UK, US, Spain, France, Brazil, India, Germany, Mexico,
                                         China and Indonesia)
                                                                                                                                                                  49   INNOVA MARKET INSIGHTS
provided to james@innovami.com on 23 Feb 2021 16:35 (UTC)
                                                              tapping into improved nutrition   balancing diets   leveraging technology
© 2021 INNOVA MARKET INSIGHTS

                                “Technology is addressing demands for
                                food & beverage with enhanced nutritional
                                value, sustainability or ethical impact”
provided to james@innovami.com on 23 Feb 2021 16:35 (UTC)
                                Macronutrient battles: the rise of balanced nutrition (re)formulations
© 2021 INNOVA MARKET INSIGHTS

                                 ➢ It is hard to predict which macronutrient claims will rise to the top – high
                                   protein for the protein-loving consumer, fiber-rich for digestive health or
                                   sugar reduced for weight and overall health – and the trend is now
                                   evolving toward more complete and balanced nutrition solutions.

                                        “I believe in progress
                                        in food and beverage
                                          through science”

                                                                                                                                           “Rich and wonderful, Chobani® Complete
                                                                                                                                           Banana Cream is lactose free and easy to

                                    4 in 5                                                                                               digest, with 25g of complete protein, 3g fiber
                                                                                                                                                     and no added sugar.*”

                                    global consumers                                                                                                  *Not a low calorie food
                                                                                                                   US, Jun 2020

                                Sources: Innova Database; Chobani; Innova Nutrition & Health Survey 2020 (average of UK, US, Spain, France, Brazil, India, Germany, Mexico,
                                         China and Indonesia)
                                                                                                                                                                 51    INNOVA MARKET INSIGHTS
provided to james@innovami.com on 23 Feb 2021 16:35 (UTC)
                                Natural or tech-driven approach? Leveraging on the best of both worlds
© 2021 INNOVA MARKET INSIGHTS

                                 Consumer dilemma: “I am prepared to compromise on naturalness for a product that fits my dietary needs”

                                 Strongly disagree                 7%      13%                  34%                          33%                  13%          Strongly agree

                                                                                                   “Arla Foods Ingredients develops first
                                                                                                   clean label ambient yogurt concept”
                                                                                                                                                     Nutrilac YO-4575: a 100%
                                                                                                                                                     natural whey protein
                                                         “We brew a banging                                                                          designed to give
                                                                                                                                                     unrefrigerated yogurts a
                                                         alcohol free craft beer to                                                                  premium positioning with
                                                         0.5% but along with no                                                                      all natural ingredients.
                                                         hangover, the interesting
                                                         bit in our beer is from the
                                                         mycoadaptogens.”
                                                                                                                                                                          30 Apr 2020

                                Sources: Innova Database; Fungtn; Food Ingredients First; Innova Top Ten Trends Survey 2020 (average of UK, US, Spain, France, Brazil,
                                         India, Germany, Mexico, China and Indonesia)
                                                                                                                                                                52     INNOVA MARKET INSIGHTS
provided to james@innovami.com on 23 Feb 2021 16:35 (UTC)
                                Tapping into both improved nutrition and cleaner labels
© 2021 INNOVA MARKET INSIGHTS

                                                                Freedom Foods Delicious Berry Flavoured Xo Crunch Puffs Cereal
                                                                Australia, Oct 2020
                                                                Claims: Health star rating: 4 out 5. Made with the combination of
                                                                sorghum, rice and corn to help fuel an active day. Natural flavors        Robertet launches clean-process
                                                                plus a natural color from sweet potato. With psyllium, a natural
                                                                                                                                          curcumin with increased bioavailability
                                                                plant based fiber. Free from gluten, wheat, eggs, nuts and soy. No
                                                                preservatives. Low salt. Non-GMO. No artificial colors or flavors.        24 Nov 2020 – Robertet has launched
                                                                Source of fiber. Low fat. Recyclable packaging.                           curcuRouge, a “groundbreaking” curcumin
                                                                                                                                          that has shown 93 times greater absorption
                                                                                      Ingredients: Rice flour, wholegrain sorghum         than traditional extracts, according to
                                                                                      flour, cane sugar, maize flour, psyllium husk,      forthcoming research.
                                                                                      chickpea fiber, natural color (sweet potato
                                                                                      extract), natural flavor, emulsifier (sunflower     CurcuRouge is highly soluble in water and
                                                                                      lecithin), salt.                                    has one of the highest concentrations of
                                                                                                                                          curcumin on the market (minimum 40%),
                                                                                                                                          allowing use at low doses (225-450mg per

                                                                                                         1 in 3                           day).

                                                                                          global consumers say that they                  Robertet’s curcuRouge comes on to the
                                                                                                                                          market through a strategic partnership with
                                                                                             would consider accepting                     Tadashi Hashimoto, a bioavailability expert
                                                                                            novel food technologies for                   who has 13 years of research experience,
                                                                                              improved “naturality”                       nearly 15 publications and 50 clinical
                                                                                                                                          studies on curcumin.

                                Sources: Innova Database; Nutrition Insight; Innova Top Ten Trends Survey 2020 (average of UK, US, Spain, France, Brazil, India, Germany, Mexico,
                                         China and Indonesia)
                                                                                                                                                                  53   INNOVA MARKET INSIGHTS
provided to james@innovami.com on 23 Feb 2021 16:35 (UTC)
                                Trends are colliding in exciting new functional beverages
© 2021 INNOVA MARKET INSIGHTS

                                                      Functional infusions                                   Naturally sparkling

                                                   Enhanced formulations continue to gain traction. In          Watch out for new opportunities for
                                                   the wake of COVID-19, more beverages focus on                carbonation. While Kombucha and Kefir
                                                   delivering additional health benefits such as gut, skin      have been around for some time now,
                                                   or immune health. Beyond flavor infusion, “water             carbonation through fermentation is
                                                   enhancers” and functional ingredients (e.g.,                 interesting due to the more “clean label”
                                                   probiotics, electrolytes and minerals) are being             approach and the finer bubbles/fizziness
                                                   “infused” into beverages more often.                         effect on top of the probiotic advantage.

                                                                                                                Chobani Probiotic Lemon Ginger Plant
                                                                                                                Based Drink
                                                                                                                US, Sep 2020
                                                                                                                Claims: Chobani Probiotic is a subtly bubbly
                                                                                                                brew teeming with life. Billions of cultures
                                                                                                                are feeding on oats and apples. These
                                                                                                                cultures include:
                                                                                                                S. Thermophilus, Bifido, L. Casei, L.
                                                                                                                Bulgaricus, L. Acidophilus and L. Rhamnosus.
                                                                                                                In the bottle, cultures stay alive and active. In
                                                    Buxton Plant Plus Water Uplift Spring Water                 your gut, they flourish, supporting immune
                                                    With Pomegranate and Basil Flavour                          health and digestion. USDA Certified
                                                    UK, Aug 2020                                                Organic. Non-dairy. Naturally fermented.

                                Source: Innova Database

                                                                                                                                   54    INNOVA MARKET INSIGHTS
provided to james@innovami.com on 23 Feb 2021 16:35 (UTC)
                                                                    holistic wellbeing   elevating moods   adaptogens trending up
© 2021 INNOVA MARKET INSIGHTS

                                “NPD is seeing staggering growth
                                and claims on pack that relate to
                                specific mood platforms”
provided to james@innovami.com on 23 Feb 2021 16:35 (UTC)
                                Holistic health: consumers are looking to balance various health needs
© 2021 INNOVA MARKET INSIGHTS

                                     % of global consumers saying they have taken action to                     Plant based functionality for beauty and better sleep
                                      improve their health and wellbeing, by wellness type
                                                                                                          During COVID-19, health and wellness trends have exploded in
                                                               53%                                        China.
                                                                                                                               “The Wakeup Face”: Coca-Cola’s
                                                                                         Mental health is more                 snackable drink to make your skin glow
                                                                                        important than ever for
                                                                                            holistic health

                                                            Physical
                                                            wellbeing
                                            32%                                   44%

                                                                                                           Plant based
                                                                                                           functionality:
                                                                        Mental and emotional
                                       Spiritual time                        wellbeing                    Ingredients include botanicals
                                                                                                          + collagen peptide + GABA

                                Sources: Innova Database; Weibo; Innova Consumer Lifestyle & Attitudes Survey 2020 (average of UK, US, Spain, France, Brazil, India, Germany, Mexico,
                                         China and Indonesia)
                                                                                                                                                                 56     INNOVA MARKET INSIGHTS
provided to james@innovami.com on 23 Feb 2021 16:35 (UTC)
                                Potential to capture consumers with emerging mood platforms
© 2021 INNOVA MARKET INSIGHTS

                                Figure 14 | Evolution of mood health platforms in food & beverage launches (Global)

                                                                                          Established
                                                                              1.2%
                                 % share of food & beverage launches (2019)

                                                                                                         Energy                 Replenish/Recharge

                                                                              1.0%

                                                                              0.8%

                                                                              0.6%
                                                                                                                       Happiness
                                                                                           Calm/Relax                                    What’s next?
                                                                              0.4%
                                                                                                                                                                                           “Sip into relaxation”:
                                                                                                        Beauty                                                                             PepsiCo launches
                                                                              0.2%                                                                                                         Driftwell beverage
                                                                                                                             Sleep*          Mind                                          with L-Theanine and
                                                                                                                                         Function/Focus         Driftwell Enhanced Water
                                                                                                                                                                Beverage with Blackberry   magnesium to aid
                                                                              0.0%
                                                                                     0%         5%           10%       15%         20%        25%         30%   Lavender Flavor            sleep
                                                                                                                                                                US, Sep 2020                           17 Sep 2020
                                                                                                        Average annual growth (CAGR 2016-2019)

                                Sources: Innova Database; Nutrition Insight
                                         Bubble size = # of launches in 2020 YTD = Jan 2020 – Sep 2020). *Growth from a small base
                                                                                                                                                                                            57   INNOVA MARKET INSIGHTS
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