prepared foods r&d applications seminar presentation 6-26-11 mm(mr)#403_mmandeltort wb1.pdf
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Finding The Next Big Thing:An Inductive AnalyticalFramework
Presented by: Mathew MandeltortCompany Name: Technomic, Inc.Date: 8/3/11
Introduction
Today’s Agenda
Introduction
A “Next Big Thing”
An Inductive Analytic Framework
Trend Markers
Chef Influence
Consumer Awareness
Market Presence
Sourcing & Development
Suggested Methodology
Conclusion
A “Next Big Thing”
Case Study: Greek Yogurt
After the first imports hit the shelves in 1998,Greek Yogurt today accounts for 19% of allyogurt sales
Independent brands currently have 70%market share
Greek Yogurt Sales ($M)
Case Study: Hummus
With barely $5M in sales in 1995, Hummusnow dominates the ‘refrigerated spreads’category
Hummus Sales ($M)
Cautionary Tales
Peruvian is the new Thai
Ancient Grains
Bacon Sweets
Sous Vide
An InductiveAnalytic Framework
A Five Node Model
Trend Markers
Health &Wellness
LifestyleValues
Flavor Profiles
Pomegranate Multiple health benefits: Nutra-ceutical
$10 million funding medical research that showshow pomegranate juice is good for the heart.
Top selling super premium juice
Chef Influence
EarlyAdopters
MenuApplications
Chain Appeal
Offal-ly Good
Variety Meats
Leading Chef:ChrisCosentino ofIncanto
Ethnic outlets
Consumer Awareness
Mainstream Media
Social Media
Demographic & Ethnic Influences
What’s the Buzz?
Market Presence
Ethnic &SpecialtyMarkets
IndependentGrocerystores
Mainstream
Sriracha on the Shelf
Created 1980’sLos Angeles
Huy Fong Foods: Morethan 10 million bottlesproduced annually.
Sell 80% of product toAsian companies, fordistribution throughAsian channels
Only 17 Top 500 Chainsmenu mentions
Sourcing & Development
IngredientSourcing
Breadth ofApplications
RegulatoryLimitations
Got Goat?
3.1 million goats: 820,000were for market (26%).
The average farm herd sizeof meat goats in the U.S. isbetween 28 and 30 goats.
U.S. is more than 750,000head deficient in meetingcurrent demands for goatmeat.
No USDA quality or yieldgrades.
SuggestedMethodology
A Six Step Approach
Menu Mining
Field Research
Raw Data & Text Mining
Initial Screening
Chain Evaluation Perspective
Final Analysis
Outcome
CulinaryComponent Overall
TrendMarkers
MarketPresence
ChefInfluence
ConsumerAwareness
Sourcing &Development
Fregola Pasta
Pho
Bhaji Flour
Chimichurri
Burrata Cheese
Conclusion
Conclusion
Identifying opportunities within trends ismuch more than evaluating a single datapoint or marker
A broad based inductive model helps increasechances of identifying opportunities withintrends
A successful inductive model will include bothaesthetic and pragmatic criteria
Contact
Mathew Mandeltort
Sr. Consultant, Technomic, Inc.
v. 312.506.3917
c. 847.217.5660
f. 312.876.1158
Email: [email protected]
Blog: http://epicureancandidate.wordpress.com/
Leading strategic consultingand research firm dedicatedto the food industry
Over 40 years of food industry focus
Experience in virtually every channeland product category
Broad contact network
Professional staff with directindustry experience
Unparalleled resource center
Sample of Technomic Clients