The effect of the pandemic has been devastating for parts of the F&B industry, especially for the bar and restaurant business. Grocery sales, on the other hand, fuelled by ecommerce have jumped by 10% and it doesn’t show signs of slowing down.
Food & Beverage
In 2020, the food and beverage industry was expected to generate $76.5 billion in revenue, and by 2024, it is expected to reach a market volume of $105.7 billion. This market’s growth rate and volume of consumption will make it more competitive than ever.
So who will win, lose, or draw and what does the future of F&B hold? Despite all uncertainties one thing is clear: technology will continue to play a bigger role. Returning safely also will be key: consumers will dine and shop only where they feel secure. Another unstoppable trend is direct-to-consumer, including online sales. It has grown tremendously during the pandemic, and it will continue to expand.
An awareness of health will feed more healthy, quality food sales: environmentally friendly packaging, snacking and organic foods will keep on growing in this brave new world.
If you run a food and beverage company, you’ll need to tap into some highly efficient ways of reaching out to prospects and converting them. This is where Social Media comes into the picture.
Social media is one of the most lucrative channels for the food and beverage sector: 6 out of the 10 most popular brands on Facebook are in the food and beverage industry.
Another segment specific marketing tactic is to collaborate with Food bloggers, since they command one of the highest degrees of trust online. In fact, 79% of users trust blogs for information about food. Their educational and/or entertaining content provides great opportunity for food and beverage businesses to increase brand awareness and retention, as well as gain new customers. Food bloggers have four times as many followers than any industry.