Food Storage - US - February 2014
“The food storage market is expected to grow slowly into 2018. However, the market does face some challenges. Companies and brands will have to continue exploring new innovation opportunities in order to accelerate market growth and stave off competition from private label, as well as better engage the growing Hispanic population.”
– Gabriela Elani, Home & Personal Care Analyst
Some questions answered in this report include:
- How can companies accelerate market growth?
- How can brands better compete with private label products?
- How will greater outreach and engagement with Hispanics help grow sales?
Though the market struggled in the years immediately following the recession, it has since recovered and is growing slowly. Most products in the category benefit from having a high incidence of household use as these products are household staples that help consumers to store and prepare food. Category growth in the next few years will continue to be driven by this need.
The big challenge for this market is that consumers have a strong cost-savings mindset when shopping for these products, with price being one of their top considerations. Consumers’ desire to save money where possible has kept market growth at a slow pace. In addition, private label plays a big role in this category. Private label products account for the largest portion of sales in the MULO food storage market. In order to accelerate category growth and better compete against private label, market players will have to continue exploring and developing innovative new food storage products that provide users with added functional benefits, such as light indicators to show when food is starting to spoil. Such benefits could influence consumers to spend more money in this category and help brands better differentiate from private label offerings.
The key topics of focus for the 2014 report include understanding consumers’ current approach to cooking, which influences how they use food storage products; their overall usage of food storage products; and their primary shopping behaviors when making food storage purchases.
This report will also explore understanding the attributes that consumers value most when selecting these products. Another key theme is determining what new types of products and attributes consumers would be most interested in seeing in order to give market players guidelines as to which products could help to accelerate category growth. This report builds on the analysis presented in Mintel’s Food Storage—US, January 2013 and previous reports with this same title in April 2011, April 2010, May 2004, and February 2002.
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