Non-alcoholic beverages witnessed the fastest growth with a 2018-22 value CAGR of 3%, unveils ResearchAndMarkets.com.
The “Personalization – Consumer TrendSights Analysis, 2023” report has been added to ResearchAndMarkets.com’s offering.
‘Personalization’ is one of the 63 sub-trends that the publisher covers as part of the TrendSights series of Consumer Insight studies. The analysis covers what the trend is, why it is important, who is most influenced by it and how brands and manufacturers can capitalize. The research concludes by identifying where the trend is heading next and how long it will last.
Personal care, alcoholic beverages, and household care target specific lifestyle groups with functional offerings. These brands are targeting specifically younger generations by highlighting specific solutions (e.g. religion and gender profile). Food, foodservice, and drink brands target particular lifestyle groups due to their growth potential. This includes targeting specific dietary preferences and social communities.
According to the trend, Brands are introducing more specialized and differentiated products to optimally cater to different age, gender, and ethnic groups, as well as the lifestyle benefits sought by more demanding consumers.
In 2022, the food sector held the highest value market share in terms of the product specificity trend. In fact, it was responsible for more than half (58%) of the trend’s sales. Non-alcoholic beverages witnessed the fastest growth with a 2018-22 value CAGR of 3%.
