The baby boomer generation used to be the biggest demographic for food companies to cater toward. Now they are outnumbered by millennials who do not share the same tastes or interests. Businesses in the food industry need to consider adjusting their products and marketing strategies to fit the food buying habits of the millennial generation.
How do companies find out about these generational needs?
Companies in the food industry can market to different generations after researching the in-store purchases, restaurant preferences and eating habits of the general population. This includes the silent generation, baby boomers, gen Xers, millennials and generation Z. Doing analysis shows which groups prefer which products. This shows what advertising and marketing campaigns they need to change to get a wider audience.
After collecting thorough research on age demographics, food ingredient suppliers like CCC Ingredients can help you with your products since they know the food buying habits of the millennial generation. They have sourced items that they know are high in demand or will be in the future.
What unique challenges does this present to the food industry?
Many millennials look for food products that use protein alternatives to animal products like meat, eggs and dairy. Most vegans in Canada are under the age of 35 according to a country-wide survey. They’re three times more likely to read dietary labels than people who are 49 or older. Along with animal proteins, millennials also restrict their consumption of the protein gluten found in wheat, rye and barley.
What are the solutions to some of these challenges?
Companies can make their labels desirable to millennials by adding items that fit different dietary restrictions. CCC Ingredients offers excellent substitutes that will appeal to vegans like proteins made from rice, soy and peas. They also have a number of gluten-free flours manufactured from potatoes, tapioca and various forms of rice. When you clean up your ingredient list, be sure to advertise it clearly to consumers. This way, they are aware of the change. Labels that state that the content is vegan, dairy-free, gluten-free and organic will resonate with buyers right away.
The switch in generational focus could feel like a major shake-up to most companies in the food industry because the food buying habits of the millennial generation are incredibly different. It’s important to remember that shifting to this group is positive for business. They are a massive demographic willing to spend more money on food items. Their dietary habits will also prepare the industry for the younger Generation Z, which is hyper-focused on health-food snacks and meals. It will make for an easier transition in the future.