Icon Foods recently released a market intelligence report, in which its Chief Innovations Officer Thom King shares research and insights on projected ingredient prices, innovations, and other market influences.
Some of the topics covered in the report include:
- Sugar and cocoa price surge: Sugar prices have risen significantly and the cocoa supply chain is strained with prices tripling. Some manufacturers are moving towards using cocoa primarily for confections, while inclusions, covertures, and coatings will start migrating over to palm kernel oil and fibers to stretch out cocoa usage.
- Shift in food trends: The GLP-1 diet, driven by Ozempic users, presents a major opportunity for food brands to develop nutrient-dense, easy-to-digest products tailored for this growing market.
- Logistics improvements and challenges: The Port of Baltimore is fully operational again, but upcoming shifts in global shipping and fuel price increases may affect logistics and freight costs.
- Sweetener market dynamics: Erythritol and allulose prices are currently low, but upward pressure is expected. Inulin and other fibers show stability and potential for cost savings.
Read the full report here.
