In this article, we are going to shed light on the 15 fastest growing food brands. Click to skip ahead and see the 5 fastest growing food brands.
Before we delve into this topic, it is tremendously important to understand the economic dynamics of 2020. 2020 has been the most challenging year for many of us as due to COVID-19 our lives changed completely. We had to face challenges that were precedential and adjust to the new normal. The pandemic posed a new set of challenges that required us to take quick and effective initiatives.
While the world entered into this uncharted territory, the global economy took one of the biggest hits and is still recovering and rebuilding. According to the IMF, since the Great Depression of the 1930s, this has been the steepest slowdown. While globally we have commenced building a resilient economy in the post-COVID-19 context, on an individual level many of us are yet to rebound from this setback.
Many companies and business have been able to adapt to this new normal in order to shift from surviving to the thriving phase, but on an individual level, many of us are still left vulnerable. The increasing number of unemployment has shaken and affected many individuals and exacerbated economic inequalities in societies. Moreover, while there has been a decrease in the prices of discretionary goods such as clothes and recreation, the costs of basic goods such as housing and healthcare, etc. rose significantly. All of these factors have brought a notable change in consumer behavior and mindset.
Given the consumers’ price sensitivity, value became one of the main factors in the purchasing decisions. Moreover, research showcase that consumers have started to do proactive health-minded buying as many prefer goods that support overall maintenance of health and wellness. Moreover, in this year many brands rose to popularity for instance Zoom (NASDAQ:ZM), Netflix (NASDAQ:NFLX) and Doordash (NYSE:DASH), etc. gained a significant amount of customers.
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Similarly, a glance at brand growth in 2020 juxtaposed to 2019 indicates that products related to cleanliness have accelerated their consumer appeal and increased their brand awareness. In 2019, among the list of the ‘Fastest-Growing Brands’ by the Morning Consult, many belonged to the food and beverage industry. For instance, brands like Sargento Food Inc, FIJI Water, Chewy.com, Jersey Mike’s Subs, KIND Snacks, Dole, and Impossible Foods were able to successfully have a lift in brand identification. Furthermore, the domination of the food industry can be determined by the fact that in this Morning Consult’s list, 11 out of 20 mentioned products were food brands and delivery services.
Juxtaposed to this, in 2020, due to all the twists and turns because of the pandemic, cleanliness brands like Scotch Brite, Clorox and Ajax rose to popularity especially among the Boomers. Having said that, many food brands were still able to grow markedly in 2020, which we will of course discuss in further detail below as we move towards divulging the fastest growing food brands.
Beyond Meat (NASDAQ:BYND) became public in 2019 and by 2020 its line was available to a number of restaurants and it also partnered with Costco, an American multinational corporation. Moreover, in 2020, Beyond Meat also launched two new products, Beyond Meatballs, and Beyond Breakfast Sausage and by 2021 a new burger recipe is expected to be launched as well. It is also planning to partner with new food services.
2020 was also a good year for both the market leaders of the beverage industry, Pepsi and Coca Cola. Pepsi started 2020 with a new campaign tagline ‘That’s What I Like’ and sponsored the Super Bowl halftime show for the seventh consecutive time. The latter has been a great marketing strategy as it allowed Pepsi to target 100 million audience and sustain its top of mind score. In 2020 new flavors of Coca Cola Zero, such as in orange, were launched in several parts of the world.
Even beer brands such as White Claw Hard Seltzer, Natural Light Seltzer, and Bud Light Seltzer had a great year. Bud Light Seltzer became immensely popular within weeks of its launch. Bud Light Seltzer hit the shelves in mid-January and it became the third most popular spiked seltzer in the market. In this article, we have given preference to the fastest growing food brands in 2020, but we also have taken 2019 into the consideration as many food brands performed really well, with the information being taken from Morning Consult’s report on the fastest growing brands. So let’s take a food that we’ve all loved over the past year, starting with number 15:
15. Hellmann’s Mayonnaise
Shifting towards the fastest growing food brands in 2020, Hellmann’s Mayonnaise is one of the many food brands that were able to have a lift in its brand awareness. Hellmann’s was established in 1913 and is a popular food company that was acquired by Unilever in 2000. According to the Morning Consult’s survey, Hellmann’s Mayonnaise had a brand growth of 3.2 points in 2020.
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