Four Trends Driving Product Innovation in 2024 & Beyond

Innovation Inspired by Evolving Consumer Trends

Product innovation can take many routes, and brands looking to consumer trends have no shortage of opportunity for growth. Each year, Sensient’s consumer insights derive colourful inspiration and trends from macro drivers and current market representation. How will innovation manifest in your world this year?

Nourish Her Wellness

In a study done by Nutra Horizons, 21% of women have said their health has declined over the past two years. 63% of women said they want to improve their immune health, 48% want to improve stress levels, and 47% want to improve mental health. On November 13, 2023, the White House announced the first-ever Initiative on Women’s Health Research. The goal of the Initiative is to engage the federal government and private and public sectors to fund women’s health, spur innovation, close research gaps, and improve diagnosis, disease prevention, education, treatment, and more. Additionally, in 2023 alone, women’s health startups saw gains in their average deal sizes, in the percentage of healthcare venture capital funding they raised, and in the attention they received.*

Impact on Product Development

According to Nutrition Business Journal, almost 70% of women are more likely to purchase formulations specifically made for women. Brands can incorporate ingredients to meet the growing demand from women for supplements to improve their immune health, stress levels and overall mental health.

Fuel to Thrive

The desire to be in control of ones health is higher than ever, and consumers expect producers to support them in their efforts to lead healthier lives. Functional food and beverage products are being prioritized within consumers’ nutrition, health and wellness approaches. This approach to healthy living and demand for functional food and drink is being driven by Millennials and Gen Z, reporting the highest engagement with functional food drink.

Impact on Product Development

By 2035, it is projected that the Alt- Protein market will reach $290 billion.** Companies can formulate with plant based sources, incorporating natural flavors and colors to create clean label products. According to Mintel, trending global flavors in the performance nutrition market include: Chocolate (Milk), Lemonade, Peach, Grape, Guava, Coffee, Citrus and Cherry.

Turbulent Times

Uncertainty – long-term effects of the pandemic, economic instability, the rise of generative AI, climate change and geopolitical tensions – is the only certainty there is. Brands, steering away from their sanitized portrayal of reality, must present genuine products and services that fit into the current reality and help consumers deal with uncertainty.

Impact on Product Development

Brands can serve moments of tranquility to consumers through functional, mood-altering products. Consumers are keen on investing in products that can help them prioritize the virtuous cycle of positive mood, stress reduction and better sleep. A surge in purple and blue hues from botanical sources is expected to drive this consumer trend in products.

Fight for the Wild

We are now facing a global extinction crisis with more than one million species on track for extinction in decades. People can halt the crisis by demanding a radical and collaborative approach to address the challenges ahead for saving these species. Brands seeking to support endangered species can demonstrate commitment to environmental causes with themed launches and partnerships with activism organizations.

Impact on Product Development

Brands can generate awareness and collaborate with organizations around sustainability. As a result of environmental, ethical, and health concerns, the market for plant-based products are expanding rapidly. Clean label products, natural colors and flavors will dominate the product innovation in 2024 for nutraceutical market.