Food/Restaurant Industry Update January 2023
Bonji Foods Aficionado Smart Brief: Volume 56
Hi all, welcome back to the Bonji Food Aficionado Smart Brief! Happy Tuesday and we hope you had an amazing weekend! It's been a little while since we've dove into the industry as a whole and taken a peak at some headlines. Of course, we are always offering bits and pieces throughout the chaos, but today, we want to offer some of the headlines that have been catching our eyes in the first month of the new year.
Food and Restaurant Headlines 1. Wheat Futures Look Great, But That Hasn't Been The Case as of Yet A hopeful sign for supply chain issues, but will it truly happen? Financial indicators for wheat and other major ingredient categories appear to be pointing in the right direction. However, as the weeks have churned on, we've seen very little actually happen with supply and prices. It's now been over a year of price hikes for wheat-related products, and for now, it hasn't eased too much. Yet, a couple of cents here and there seem to be pointing us in the right direction for the future.
2. Starbucks Doubles Down on Door Dash Coffee giants have been easing their way onto delivery services over the years, and most of us today can find their favorites on third-party delivery sites. However, Starbucks is making a move to go full force onto Door Dash. Recently announced, Starbucks will offer its entire menu on Door Dash. In addition to full menu availability, they also say that your favorite coffees will be available for delivery in all 50 U.S. States. This past year, Starbucks set up a pilot system with Door Dash in a few major cities. With the success of their trial runs, be on the lookout for delivery options to increase for the massive coffee brand.
3. Molson Coors Takes on Mocktails The “mocktail” industry has been all the rave over the past few months. From Gary Vee to endless TV commercials, everyone is talking about the explosion of mocktails. Although we aren't here to make predictions, it seems that the alcohol and beverage industries are taking notice. As of this month, Molson Coors announced their first ready-to-drink (RTD), nonalcoholic product: Roxie. Available in three flavors, Molson Coors look to take advantage of the hype around mocktails and RTD beverages. In general, RTD cocktails have taken off, eating away market share every day. However, there's still plenty of room for mocktails to play a role.
4. USDA To Crack Down on Organic Label Claims The US Department of Agriculture laid out a few new rules regarding labels claiming an organic seal. The majority of the crackdowns revolve around the use of pesticides, fertilizers, hormones, and genetic engineering. Along with new rules, more certifications are being rolled out as well. Tom Chapman, the CEO of the Organic Trade Association said, “This is the single largest revision to the organic standards since they've been published initially in 2000." Although there are many new regulations, companies will have a year from March 2023 to meet the requirements. With sales doubling on organic foods over the past ten years, it seems they may keep moving up as companies are putting more and more into the organic world.