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Deloitte Study: The Future of Fresh

Opportunities exist for retailers and manufacturers to realize value in the fresh food category

As used in this document, "Deloitte" means Deloitte LLP. Please see  www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. (PRNewsFoto/Deloitte)

News provided by

Deloitte

Nov 13, 2019, 07:31 ET

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NEW YORK, Nov. 13, 2019 /PRNewswire/ --

Key takeaways

  • Over the last two years, two-thirds of consumers increased spending on the fresh food category.
  • Over 60% of consumers spend up to 30% of their average monthly grocery budget on this category.
  • Price is one of the most important considerations of fresh food purchases, with 92% of consumers citing cost as an important aspect in their purchasing decisions.
  • Eighty percent of consumers actively seek healthier versions of the food they purchase and 77% avoid preservatives and chemicals in their food.
  • When purchasing perishables, 58% of consumers actively consider sustainability aspects, such as local sourcing, recyclable packaging and water neutrality.

Why this matters
To gain deeper insight into fresh food consumers as well as fresh food manufacturers and retailers, Deloitte's "Future of Fresh" study surveyed 2,000 consumers and 153 fresh food industry executives. The survey provides key insights into consumer behavior and how manufacturers and retailers can grow the fresh food category.

Growth in consumer demand, shelf space outpaces fresh food sales
With 2 in 3 consumers reporting more fresh food purchases, retailers are increasing the space allotted to fresh foods in their stores to meet the rise in consumer demand. But despite these trends, total fresh food sales continue to be outpaced in growth compared to overall food sales, creating untapped potential for retailers and manufacturers.

Key quote
"Despite the prominence given to fresh foods in stores, growth rates are not living up to their potential. Retailers should better understand and centralize management of the fresh food category to help address the issue from not only the consumer demand side, but also the manufacturing and retail side."

- Barb Renner,
vice chairman and U.S. consumer products leader,
Deloitte LLP

How Americans shop (or don't shop) for fresh foods
Advanced analysis on U.S. fresh food consumers' attitudes and behavioral patterns revealed three distinct buying personas:

  • Forwards (31%): Consumers who are very committed to health and wellness, actively choose health over convenience, place a high value on sustainability and are more willing to pay a premium for fresh foods.
  • Followers (47%): Consumers who display interest in healthier options and sustainability and have a willingness and ability to purchase fresh foods but aren't as enthusiastic as Forwards.
  • Neutrals (22%): Consumers who show the lowest commitment to health and wellness, prioritizing price and convenience over health.

How retailers and manufacturers are prioritizing fresh foods
Much like consumers, companies in the retail and manufacturing space are also embracing the fresh food category at varying levels. When assessing companies on the criteria of percentage of revenue from fresh foods in relation to the annual budget for technology and supporting processes, four types of organizations emerge: Leaders, Learners, Aspirers and Testers.

Leaders are achieving higher fresh food sales with smaller teams and greater investment in technology and supporting processes. Leaders are more than three times as likely to have a centralized staff for fresh foods (20%) than Learners (6%) and tend to have smaller teams, with 71% having less than 20 people managing their fresh foods categories. Leaders also tend to have a slower growth in fresh food staff with only a 27% annual increase compared to 53% for Learners. Leaders also show more caution when growing their budgets, with a 57% annual increase compared to 79% for Learners.

When it comes to managing fresh foods, manufacturers cite the following challenges: quality control of raw materials on the factory floor (25%), processing (20%), and procurement of raw materials (13%). For retailers, key challenges are spoilage (32%), product pricing (16%), and shelf life (15%). Storage is also a key concern for both manufacturers (20%) and retailers (24%).

Implementation of more advanced technologies is low
Technology can be a key enabler, but most organizations are in their nascent stages of implementing more advanced technologies. For example, only 38% have partially or fully implemented artificial intelligence based warehouse management to monitor fresh food stocks, with 3% using in-store technologies that allow for consumers to access product information using a smartphone. Further, only 9% are using big data and analytics to identify actionable insights and trends and only 4% are using blockchain to track the movement of fresh foods throughout the supply chain.

Across all organizations, the most common barriers to technology implementation include the extent of time required to implement technology (78%) and a lack of skilled workers (28%).

Secondary quote
"Retailers and manufacturers have ample opportunity to stimulate consumer demand by targeting 'Followers' as well as 'Forwards' and highlighting value proposition of fresh food through communication on sourcing, safety, and healthy eating. As companies create additional demand, they should look to implement technologies and analytics that help to deliver on the Fresh promise and improve their costs."

-Stephen Rogers,
executive director, Deloitte Insights Consumer Industry Center, Deloitte LLP

For additional information, visit here. Connect with us on Twitter at @DeloitteCB or on LinkedIn @BarbRenner.

About the Center
Deloitte Insights Consumer Industry Center (the "Center") provides a forum for innovation, thought leadership, groundbreaking research, and industry collaboration to help companies solve the most complex industry challenges.

Technology is changing at a rapid pace, and so are consumers. How will these changes impact the way our clients do business in the future? The Center provides premiere insights based on primary research on the most prevalent issues facing the Consumer industry to help our clients run effectively and achieve superior business results.

The Center is your trusted source for information on leading trends and research that connect insights, issues, and solutions for Deloitte's four consumer sectors: automotive; consumer products; retail, wholesale and distribution; and transportation, hospitality and services.

About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 5,000 private and middle market companies. Our people work across the industry sectors that drive and shape today's marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthy society. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Our network of member firms spans more than 150 countries and territories. Learn how Deloitte's more than 312,000 people worldwide make an impact that matters at www.deloitte.com.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

SOURCE Deloitte

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