Startup companies will continue to shake up the food and beverage industry in 2019, with the powerful pull of local sourcing helping them to successfully compete against the major players, according to Innova Market Insights.
Two in five US and UK consumers say they prefer small brands because smaller companies are more dedicated to their products and have a personal story, according to Innova.
New food and beverage launches tracked with a social ethical claim rose more than 20 per cent globally in 2017, the market researcher says.
Big companies, meanwhile, are going small in their strategy, with the power of local inspiring the food giants to initiate startup investment strategies to help them tap into the thought leadership of the entrepreneurial crowd.
Several multinationals including Kraft Heinz, General Mills, Nestle, Danone, Unilever and Kellogg have launched incubators and accelerators with this in mind.
