February 2024 Grocery Insight

Grocery Insight February 2024

The 2024 Seafood Expo North America/ Seafood Processing North America Expo Inside • Special Report: Target 2 • Tradeshow Previews: Seafood Expo North America and Natural Products Expo West 4 • Boston Seafood Show Preview: Surimi 6 • Fancy Food Show Takeaways: Maple Syrup 8 • The Future of Sushi 10 • Thought Leadership in Dips 12

Special Report Target

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ince its first store opened in 1962, Target Corporation has continued to surpass expectations on multiple fronts, whether that be its expanding store count, its dynamic growth across channels or its evolving leadership role in advocating for workplace welfare as well as helping to spotlight minority vendors. The company’s amoeboid history features an assortment of subsidiaries and acquisitions before evolving into its current iteration as moms’ favorite destination for some retail therapy. That is simplifying things, however, as the amount of dexterity and agility on the back end that helped usher in $109 billion in total revenue in 2022 reflects a leadership team that is acutely attuned to the whims, values and demands of today’s consumers.

History

While the first official Target store in Roseville, MN didn’t open until 1962— along with locations in St. Louis Park, Crystal and Duluth that same year— the company traces its origins back to 1902 when banker and real estate investor George Dayton purchased what was Goodfellow Dry Goods. The company was renamed Dayton Dry Goods Company and shortened to The Dayton Company by 1911. George Dayton was succeeded by his son, Nelson; the two led the company’s conservative growth through its first 40 or so years.

In subsequent years, The Dayton Company expanded its vision to include a department store format. The company introduced Target stores in 1962, and George Dayton’s grandson Douglas Dayton served as its first president.

Target first crossed state lines in 1966 with the opening of two stores in Denver, CO. In the next few decades, the company opened stores in St. Louis and Houston and entered into states like Oklahoma, California and Arizona in the 70s and 80s. By 1989, Target had 400 stores coast to coast.

The company was renamed Target Corporation in 2000 and counted 1,000 total stores by 2001. Several milestones in the new century centered around Target defining itself as a company in support of diversity, sustainability and PG 2 / GR O C E R Y I N S I G H T

inclusion, establishing the Office of Diversity and Inclusion in 2003, marking the opening of its Compton, CA store in 2007 as historic given the location was completely developed, designed and constructed by Black-owned firms, and in 2019 announcing a series of climate and energy goals.

Acquisitions also continued; in 2015 CVS acquired the Target pharmacy business and in 2017, Target acquired Shipt.

Presently, Target has roughly 2,000 stores across all 50 US states along with a headquarters location in India plus global supply chain and sourcing offices.

Recent Leadership News

Chair and CEO Brian Cornell first joined the company in 2014. Under his leadership, the company’s digital and supply chain capabilities expanded significantly, which was well-timed for the lifestyle changes brought on by the pandemic.

Cornell was honored in 2023 with the John Wooden Global Leadership Award from UCLA, his alma mater. In 2022 he was named the ‘visionary’ by the National Retail Federation. In recent years, Cornell was also named Top CEO of the Year by CNN. This January, Target announced the appointment of Michael Fiddelke as its new COO. Fiddelke, who previously served as the retailer’s chief financial officer, would continue to hold dual roles until his replacement is named.

Fiddelke started his career as a consultant with Deloitte. He joined Target as an intern in 2003.

Last July, Target announced Lisa Roath as its new executive vice president and chief marketing officer. A 17-year Target veteran, Roath most recently served as senior vice president of food and beverage merchandising.

Current Events

CEO Cornell took to the media airwaves in November ahead of the company’s Q3 earnings conference call in which company leadership reported on a slowdown in sales last year.

Fiddelke, in his capacity as CFO, elaborated on the call: “In the third quarter,

total revenue was down 4.2 percent, reflecting a 4.3 percent decline in total sales and a 0.6 percent decline in other revenue. Within the other revenue line, declines in credit card revenue and a few smaller items were nearly offset by growth in Roundel ad revenue.

Among the drivers of our third quarter comparable sales, traffic was down 4.1 percent, combined with a 0.8 percent decrease in average ticket.”

This came following a year of Target garnering headlines that put a sometimes harsh spotlight on the company that has a history of promoting employee wellness and progressive ideals.

In the fall, Target announced it was closing nine stores across four states due to the frequency of shoplifting and the threat to employee and guest safety. Shortly after the closures, Cornell said in media reports, “There is a societal impact here. So, you look at certain cities, where stores have been closing, those jobs go away, the tax dollars are gone, but importantly that local consumer doesn’t have access to the goods that they need.”

Employee safety was also the driver behind the decision for Target to pull some Pride merchandise from store shelves following a backlash last summer. The company has a history of implementing inclusive policies including forming the first GLBT (Gay, Lesbian, Bisexual and Transgender) group in 1992 for employees and as early as 1990 placing sexual orientation to its Equal Employment Policy.

In line with the company prioritizing employee welfare, Target also made news last year for closing its stores over the Thanksgiving holiday.

While the retailer was closed during a time that has traditionally been known for limited sales and deals, it was able to continue serving its customers thanks to the dedication and diligence of the Target team at large and its strong omnichannel business model. This solid but nimble foundation has also helped the company weather a tightening economy along with the occasional harsh headline.

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Trade Show Previews Seafood Expo North America

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eafood Expo North America/Seafood Processing North America (SENA) takes place next month March 10 through March 12 in Boston, MA. The gathering of industry players from more than 45 countries worldwide will present opportunities to discuss and learn about a variety of hot topics like technology and sustainability, while also giving companies the chance to showcase their latest product innovations and/or logistical capabilities.

According to event producer Diversified Communications, organizers have expanded the exhibit hall to a 244,965-square-foot space to accommodate the seafood suppliers, processing and packaging equipment, services companies and professionals from around the world as they demonstrate their latest innovations, products and services and build up their networks with North American buyers. “The presence of exhibitors from more than 45 countries in the exhibit hall demonstrates the significance of the North American market on the seafood industry at large,” said Wynter Courmont, Vice President of Seafood at Diversified

Communications. “Countries including Norway, UK, Ecuador and Chile have increased their presence at this year’s event and we are excited to welcome new exhibitors from countries including Azerbaijan, Malaysia, Mauritania and Myanmar.”

This year’s event will highlight innovations around sustainability and aquaculture from emerging startups and legacy brands on both the processing and seafood side, said organizers.

Companies showcasing innovative sustainability practices include Integrated Information Systems SA, a technology company helping aquaculture producers, Cesit Mensucat, a company that creates knotless nets for the seafood industry and Seawise Innovative Packaging, a company that produces sustainable thermal packaging.

Along with innovations to promote the sustainability of seafoods in the long-term, the Expo also presents an opportunity to examine what consumers are looking for in seafood. Lindsay Robinson, spokesperson for Diversified Communications, shared some of the trends that were identified based

on the event’s product showcase in 2023. “People were looking for quality seafood,” she said. “[There were] lots of innovation with producers recognizing that the consumer is looking for value and variety. There were several new products that were upscale restaurant-style entrees and meals to bring the restaurant experience home.

Some of the upscale ingredients included truffles, macadamia nuts, shitake mushrooms and wild garlic. There was a huge trend in seafood boils that you can make at home, from New England clam bakes and to Maryland and Louisiana crab boils. Products from 2023 offered more variety in flavor profiles and ethnic recipes, like ramen, shrimp toast, hot pot, lo mein and paella.”

Educational sessions will touch on topics such as aquaculture and aquatech, artificial intelligence, consumer trends and insights, corporate social responsibility, food safety and compliance policy, labor issues and governance, marketing and branding, sustainability, traceability and transparency.

the latest flavor profiles and meal and snack solutions. “Expo West [is] the unmissable gathering of the CPG and retail ecosystem,” according to event organizers. “Join us in Anaheim for the ultimate experience, where you can unearth your next big seller among the largest collection of emerging and pioneering brands. Get ready to be a part of something bigger and experience the breakthroughs that are shaping the future.

The chase ends at Expo West, and we can't wait to see you there, empowering your future in the world of natural and organic products.”

The show floor is typically comprised of 29 percent distributors, 27 percent retailers, 23 percent industry members and the remaining demographics represent health practitioners, food service and the press. Based off this year’s registration pacing, registration for this year’s Expo West is expected to reach 70,000 and 72,000. Going off of current per-centages, the total buyer audience

will make up roughly 60 percent of that New Hope Network’s Nutrition Business Journal reports the natural and organic industry is anticipated to exceed $400 billion in sales by 2030. This trajectory is rising largely due to conscientious shoppers who value their health and wellbeing and adopting daily routines that promote and practice social responsibility and sustainability.

Consumer packaged goods companies are encouraged to exhibit at Expo West namely to create new and build upon established business relationships and to promote brand awareness.

Exhibitors are enticed by opportunities to create an unforgettable industry presence, expand distribution, visit with customers and unveil and see new product releases. “Expo West exhibitors are in a unique position to reach a strong buying audience regionally focused on the West Coast,” said event organizers.

Natural Products Expo West

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his year’s Natural Products Expo West promises to unite the industry and offer a destination for industry peers representing distribution, retail and other influencers to engage in an immersive dialogue about sustainability and product innovation.

This year’s show is scheduled for March 12-16 at Anaheim Convention Center. “Expo West is the leading trade show in the natural, organic and healthy products industry,” according to event organizers. “Natural Products Expo provides a valuable opportunity for in-person discovery, drawing buyers from both big box and small independent retailers, who are seeking the hottest products in organic and natural foods, clean beauty and home products, and supplements and ingredients.”

Leaders from the natural and organic realm are encouraged to attend and guide the direction of their respective categories as it relates to encouraging healthier lifestyles and having access to

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From savory to sweet to layered & Spicy, and even, seaworthy.

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Boston Seafood Show Preview Surimi

Key Takeaways

• Seafood companies are emphasizing the versatility, ease-of-use, and sustainability of surimi as a key component of their offerings, particularly targeting convenience-seeking consumers.

• Innovation in ready-to-eat (RTE) seafood solutions is a focal point for companies, aiming to disrupt the category by providing convenient options that appeal to a wide range of consumers.

• Brands are driving growth through innovation while also emphasizing transparency, food safety, and sustainability in their supply chain practices, aiming to build consumer trust and confidence in their products.

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eafood companies are preparing to showcase the versatility, ease-of-use and sustainability attributes of surimi ahead of next month’s Seafood Expo North America/Seafood Processing North America (SENA) in Boston, MA. Representatives of more than 45 countries are expected to gather to discuss latest flavor and technological innovations along with sales and marketing strategies.

According to Aquamar CEO Daryl Gormley, consumers are looking for convenience.

“This is an exciting time for Aquamar as a company and as a brand, because we’re bringing to market the first true innovation seafood has seen in years—a line of RTE seafood favorites that are unique to the category. We want our booth experience to convey that enthusiasm through a celebration of innovation!”

Gormley continued, “At SENA and beyond, we intend to disrupt the seafood category and elevate the refrigerated case in seafood departments everywhere with our innovative RTE seafood solutions designed to meet the needs of consumers who desire to eat more seafood without the hassles of prep,” said.

“We will support our retail partners with meaningful promotion that keeps seafood top-of-mind in general and raises awareness of Aquamar as the goto for delicious, nutritious seafood they can simply heat and enjoy.”

Far from being a new category, surimi is finding new audiences, particularly with younger consumers. “With the Louis Kemp brand, our strategy focuses on bringing new users into the category,” US Value Added General Manager Kent Harrison said in October. “The current surimi consumer is aging, and it is integral to our success that we can build

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that next generation of surimi consumers. Communicating the value proportion to the Millennial and Gen Z consumers is so crucial for Louis Kemp’s future, and we are dedicated to sharing the many wonders of surimi with them.

Surimi is a versatile and sustainable protein source that offers key benefits over land-based protein.”

Trident Seafoods, which produces the Louis Kemp brand, is also driving growth through innovation.

“We are focused on innovating around our core species of wild Alaskan pollock, salmon and cod,” Harrison said previously. “We have three things in mind when we innovate—consumer preference, market commercialization at a scale that keeps costs low for our retail partners and the right branding mix for our key customers—Trident brands or private label opportunities.

We want to bring grocery retailers the next greatest product innovation for the frozen seafood category before they can even identify the need or the consumer demand. Our transparency and supply chain integrity are something that we value—not for any economic reason, but because business should be done the right way, every time. Making sure that each link in the supply chain lives up to our standards of safety and responsibility means that our grocery partners that buy frozen seafood from Trident can rest easy knowing that they are bringing great food made the right way to their consumers.”

The impact of cultivating its reputation for food safety, sustainability and reliability continues to resonate with Aquamar.

“Aquamar is proud of our rich heritage in the ancient art of surimi, which, in the spirit of innovation, our founders were the first to introduce to North

America decades ago,” Gormley said.

“As we complement our surimi offerings with other RTE seafood favorites like mussels, shrimp, etc., that are prepared in the culinary tradition of the great cuisines of the world, we believe we are uniquely positioned to innovate because, absent the need to meet fishing quotas and maintain fleets of vessels, we can concentrate on sourcing the best, most sustainable seafood the world has to offer and add meaningful value in the process.”

Harrison calls out the company’s teams in FSQA, Government Relations and Corporate Responsibility, which have been instrumental in building that transparency and trust.

“With increased focus on doing business the right way, we want our customers to feel confident in the Trident products that they are selling to consumers. Our success starts with the quality of our ingredients, our focus on best-in-class finished products and an unrelenting focus on improving the service to our customers. We know that if we can satisfy customer needs, then our grocery partners are the best way to have more and more people experience wild Alaskan seafood.”

Trident Seafoods’ retailer partners continue to be committed to surimi and its place among proteins, said Harrison.

“During this time of economic uncertainty, they know the importance of a product that offers value in the form of price vs. the rest of the seafood category. Consumers are forced to trade down, and surimi can provide consumers with the value they demand.”

Surimi may not be a new innovation, but companies are keeping things fresh for modern consumers with assurances of ingredient quality and novel applications with an eye toward convenience.

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Fancy Food Show Takeaways Maple Syrup Key Takeaways • Maple Syrup Showcase: The Winter Fancy Food Show featured various maple syrup suppliers showcasing domestically sourced products to meet consumer demands. Exhibitors emphasized expanding production capabilities and experimenting with appealing flavor profiles to encourage product trial and category exploration.

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he Winter Fancy Food Show took place January 21-23, 2024. A variety of maple syrup suppliers dove into the opportunity to showcase their product portfolios reflecting consumers’ demands for domestically sourced and produced pantry items. Other exhibitors used the time to discuss with retailers their ever-expanding production and manufacturing capabilities, in addition to their efforts to experiment with appealing flavor profiles to encourage product trial and category exploration within the maple syrup category.

As for Anderson’s Maple Syrup, when looking at the main things the company wanted attendees to have noticed and experienced at its booth at the Fancy Food Show this year, they highlighted a few key factors. “Made in the USA — we are family run and want to give that small town customer service feel. Conversations and strong relationships is what we strive for,” said President Steven Anderson. “This is challenging in today’s environment with changes and people moving all over the place, but we hope that our reputation for being responsive and willing to work gets passed along. Our real goal is to get in front of more buyers and let them know about Anderson’s Maple Syrup. Success at a show like this is picking up a few new customers but also to connect a friendly face to our brand.”

Anderson’s Maple Syrup emphasized the company strives to meet consumers at a reasonable price point without sacrificing quality or taste. “Every retailer is different; we strive to offer the best prices we can,” explained Anderson.

“Not all retailers choose to pass that along to their customers, but we do our very best and hope the end user can see it and benefit from it.”

The company has focused on providing high-quality, delicious maple syrup since its inception. Anderson’s Maple

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Syrup adds to the conversations circulating around the category by emphasizing the benefits of incorporating the ingredient into your everyday life. “Pure maple syrup sits at the perfect crossroads between nature, healthy food and environmentally positive,” said Anderson. “So, we try to make sure customers and retailers understand that we are a win-win for everyone. Education is the key; there is still a huge percentage of the population that doesn’t know the difference between good pure maple syrup and imitation syrups. So, we start with that and then move onto all the other good stuff. Sometimes the conversation goes the other way though too.

Retail customers ask about healthiness and environmental issues, and we start there and work our way back to our single source miracle syrup.”

Looking at how the company utilizes the opportunities presented at Fancy Food Show, Anderson’s Maple Syrup strives to bring education to the table.

“We tell people about pure maple syrup and its benefits and then we talk about our Family Brand and finally we make sure they leave knowing we are big enough to handle most any order, but small enough to understand and meet or exceed individual retailer/customer needs,” elaborated Anderson.

Another leading company that exhibited at Fancy Food Show, LaPierre Maple Farms has been innovating within the space since it began. LaPierre was one of the first to use a tubed maple water collection system, which was meant to increase harvest. Through the years, the company continued to innovate with the various methods of producing maple syrup and was able to grow immensely, specifically during the 90s.

After some substantial growth, LaPierre acquired Waterloo Small, which boosted the company’s manufacturing abilities. According to the company, this

acquisition created the largest operator in the maple syrup industry, which now has about 200 employees at three plants throughout Canada and the US with approximately 17,000 taps. According to the company’s website, LaPierre has strived to educate consumers on the versatility of maple syrup and maple flavoring in general.

Starting with the mission to produce premium, high-quality maple syrup products, Runamok was founded in 2009 by Eric and Laura Sorkin. The company used its local environment to start its business through tapping in Cambridge, VT. In 2016, the Sorkins sold their first large batch of maple syrup and similarly to LaPierre, began to innovate within the category. The company began to take liberty with the flavor profiles and developments of its products, creating delicious and unique maple syrup products.

At the end of the Winter Fancy Food Show, the SFA announced the surplus of specialty food from the exhibit would be donated to Three Square Food Bank, which is the sole food bank of Southern Nevada. "The Specialty Food Association is proud to continue our tradition of ending each Fancy Food Show with food rescue," said Jennifer Carney, Director, Tradeshow and Event Operations. "Making this bountiful donation is a collaborative effort with our wonderful members, who are delighted to support Three Square and its tireless efforts to feed the local community."

Leaders in the category demonstrated at Winter Fancy Food that maple syrup has continued to be a great substitute, addition and versatile option for consumers to add to their daily meal plan. In order to stimulate development and innovation within the category, exhibitors have continued to expand their manufacturing while exploring new flavors options.

The Future of Sushi

Key Takeaways

• Diverse Consumer Preferences: Consumers exhibit varied preferences for sushi, ranging from traditional raw fish to cooked options with recognizable ingredients like cream cheese and teriyaki sauce. Sushi makers recognize the need to cater to different tastes and preferences to grow the category.

• Innovative Flavor Profiles: Leading suppliers are focused on innovation by introducing new flavor profiles to appeal to diverse palates.

• Accessibility and Convenience: Suppliers also emphasize competitively priced sushi made with responsibly sourced seafood. Value packs and convenient formats like poke bowls cater to time-conscious consumers looking for high-quality, convenient meal solutions.

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here are bold consumers who embrace the novel Asian-inspired taste profiles featuring raw fish, while others enjoy cooked options including more recognizable ingredients like cream cheese, fried onion crisps and the viscous brown drizzle Americans know as teriyaki sauce. Yet for some, ‘sushi’ remains a foreign concept. Leading sushi makers know that in order to move the category forward and grow in appeal, they must cater to an assortment of tastes and preferences. 2024 is throwing extra challenges their way, too, with consumer spending tightening along with a growing awareness and demand for sustainable and transparently sourced seafood. Others might feel intimidated, but sushi makers are inspired to overcome these barriers to growth by tapping into their fonts of creativity, pursuing attention-grabbing partnerships to help develop novel flavors and forms and building value programs to entice both repeat purchases and equally important, first-time trial.

“Our product development team continuously develops innovative recipes that are the envy of the industry,” said AFC VP of Marketing Deborah Bush. “Our Latin Fusion sushi is popular among Hispanic consumers and consumers eager to try unique flavor profiles. This product line blends Latin-inspired ingredients and flavors with Japanese-fusion favorites. Featuring ingredients mango, mango sauce, serrano peppers and Tajin seasoning, Latin Fusion items burst with flavor and bring a new twist to classic sushi rolls.”

Yuzu Teriyaki is another new addition to AFC’s sushi line-up. “It features a unique yuzu teriyaki sauce, with an enticing combination of tangy and savory flavors that consumers love,” Bush

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said. “Several options are available— with tuna, salmon or chicken and prepared with a variety of fresh vegetables.

Choose from a sushi roll with seaweed and rice, or a wrap with tapioca paper.”

Innovation is one of the key brand pillars at Hissho Sushi, said CEO Dan Beem. “We are dedicated to honoring the mastery of sushi while also exploring new flavor profiles that might be more approachable for those new to sushi,” he said. “We are continually innovating to bring crave worthy, exciting, never-before-tasted flavors that appeal to today's diverse and adventurous palates. We will introduce a range of products that feature innovative twists to beloved flavor profiles; think global heat and spice, sweet and spicy, as well as seasonal ingredients.”

The eye candy at the sushi case might have no trouble drawing attention and interest, but—depending on the ingredients used—the price tag of sushi can give consumers pause, and Hissho Sushi is aware of this. “Accessibility is another cornerstone pillar at Hissho Sushi—ensuring premium sushi with 100 percent responsibly sourced seafood is accessible for all,” Beem said. “Due to our widespread franchise distribution model—we operate more than 2,000 sushi bars across a family of brands, which includes Hissho Sushi, Oumi Sushi, Sushi With Gusto, Shizen Sushi—we are able to ensure our premium sushi is priced competitively. Controlling our supply chain also ensures we can keep our prices lower for our customers and profitable for our franchisees. In addition to competitive everyday pricing, we offer further value to our retail partners and customers through promotions, combo deals or offers during key retail moments.”

AFC has identified the still strong desire for convenience as a way to entice purchase. “Many consumers currently shop for prepared meals at supermarkets,” Bush said. “Our mission is to provide time-conscious consumers with a diverse selection of high-quality, unique meal solutions that are delicious, convenient and affordable. We serve the needs of consumers who do not have time to prepare meals each day but would still like to enjoy great tasting, high quality food without dining at a restaurant.”

Value packs allowing for mixing and matching favorites like California rolls, Crunchy rolls, Spicy Tuna rolls and Rainbow rolls are also designed to help feed a household on busy nights. “Our new, 20-piece Value Pack product line offers a generous amount of our most popular rolls, which are perfect for sharing or satisfying a hearty appetite,” said Bush. “Consumers can choose from three value packs, each containing two sushi rolls, with retail prices that are 20 percent lower than each roll would otherwise cost, if purchased individually.”

For consumers looking for a novel format, “Our new, Big Wave Poke Bowls contain 5 oz. of fish, 35 percent more than the 3.7 oz of fish in our standard Premium Hawaiian Poke Bowls. The 35 percent more fish is a bonus for consumers as the Big Wave’s retail price is only 20 percent higher than that of the standard poke bowl,” said Bush.

Leading sushi suppliers understand that though they are servicing a wide array of taste preferences and expectations, all consumers still demand assurances in the safety of the foods they purchase. As such, companies pursue a variety of certifications to vouch for the sustainability and traceability of their ingredients.

Thought Leadership in Dips

Key Takeaways • Consumer Snacking Trends: In 2024, consumers increasingly opt for frequent snacking over traditional sit-down meals due to busy schedules. Dips play a key role in enhancing snack occasions, offering convenience and satisfying cravings between tasks.

• Innovation and Portfolio Diversification: Leading dip manufacturers focus on innovation and portfolio diversification to meet consumer demands. They offer a variety of dip options, including guacamole, salsa, hummus, and bean dips, made from fresh ingredients with unique flavor profiles.

• Plant-Forward Focus: Companies also focus on plant-forward offerings and flavor experimentation to appeal to consumers, particularly younger shoppers.

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runchy and salty snacks seem to taste better when paired with a dip filled with complementary flavor profiles and fresh ingredients. Leading dip manufacturers are going into 2024 intent on further elevating snacking occasions with palatabale and flavor-forward offerings. Consumers appreciate the convenience and efficiency of more frequent snacking compared with traditional sit down meals. Fewer meals and increased snacks fit into their overscheduled routines, and dips are an obvious solution to elevate a snack that satisfies a craving and let people eat in between tasks. As of late, companies are demonstrating to consumers that Mexican cuisine in particular can take on a healthier twist with whole ingredients without giving up flavors and aromas that stir up memories.

“As we begin 2024, we are coming into our busiest time of year as we help our retail partners prepare for The Big Game,” said Tara Murray, VP Marketing for Fresh Innovations which manufactures Yo Quiero! Brand guacamole, cheese dip, salsa, elote and bean dips, to name a few. “So far this year, we are exceeding all our sales projections, and we believe this will continue through the rest of the 2024. Yo Quiero!’s dip destination is really resonating with retailers. We offer not only guacamole and avocado products, but we also offer salsa, queso, bean dip, corn salsa and so much more. Our diversified product portfolio allows retailers to create amazing dip sets which consumers love because they have one, in-store destination to find all their favorite dips.”

Murray attributes Yo Quiero’s continued success to innovation.

“We are a group of industry experts that pride ourselves in staying on top

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of trends and creating great tasting, and category disrupting items,” she elaborated. “Over the last year and a half, we’ve gone to market with top quality corn dips, salsas, bean dips and our brand-new avocado & egg spread. And when it comes to packaging, we listen to our customers and provide solutions that allow them to create excitement on their shelves. For produce departments, we’ve created a lightly branded, clear, square container that matches the look and feel of the fresh cut fruits and veggies in their departments. This allows for a dip destination in produce and a dip destination in the deli department with our round, Yo Quiero! branded cups. Besides innovation, another big key to our continued success is the relationship we have with our retailers. As mentioned earlier, we take the time to listen to their needs and provide solutions to help increase sales. We’ve become a trusted resource and we do not take that for granted.”

“In 2024, we’ll continue to deliver quality, plant-forward dips made from fresh ingredients to help consumers enjoy tasty plant-forward foods,” said Megan Trout, Senior Brand Manager for Lantana, whose portfolio includes hummus, dips and salsa. “This includes a continued focus on our robust hummus line, expanding to additional retailers throughout the US, and honing-in on our unique flavors and ingredient combinations.”

Lantana continues to experience successes largely due to the company making plant-based foods accessible and appealing to consumers and challenging how things have always been done.

“In addition to consumers’ ongoing interest in real plant-forward foods, we’re also seeing them—particularly

younger shoppers—gravitate toward flavor experimentation,” Trout said.

“At Lantana, we like to challenge the hummus status quo by focusing on flavor-forward, unique and crave-worthy hummus and dips that bring unexpected ingredients to the forefronts. It’s why we stand out on deli shelves. Each of our products also holds true to what’s important to Lantana—offering our consumers crave-worthy snacks that happen to be made from plants.”

“Ithaca Hummus has an exciting year ahead with the launch of two new hummus flavors in early spring,” said Founder and CEO Chris Kirby. Ithaca Hummus’ product line offers a variety of flavor profiles including buffalo ranch, everything bagel and roasted red pepper.

“We're dedicated to crafting chef-grade, nature-made flavors that our fans will absolutely obsess over, always keeping a keen eye on our audience's interests and preferences.”

Kirby points to having a solid team in place as one of the reasons for the company’s continued success.

“The Ithaca Hummus team shares the same passion for quality and flavor as our audience,” he said. “We're extremely mindful of the ingredients we choose to make our products with, leaving out artificial ingredients, preservatives and additives."

A growing number of time-strapped households prefer snacking occasions versus sit-down meals. For many of these consumers, the crunchy, salty and savory snacks they prefer pair best with creamy and flavorful dips. Attuned to consumers’ snacking preferences, dips suppliers are ensuring their packaging accommodates snackers on the move or those who need to keep snacking occasions tidy and discreet at their desk.

INDUSTRY CALENDAR

Upcoming Grocery Industry Events 1. Natural Products Expo West March 12-16, 2024 Anaheim Convention Center Anaheim, CA www.expowest.com

2. The Inspired Home Show

March 17-19, 2024 McCormick Place Chicago, IL www.theinspiredhomeshow.com

3. Annual Meat Conference March 18-20, 2024 Gaylord Opryland Nashville, TN www.meatconference.com

4. The Sweets & Snacks Expo 6 2 4

1

3 5

May 14-16, 2024 Indiana Convention Center Indianapolis, IN www.sweetsandsnacks.com

5. IDDBA 2024 1

June 9-11, 2024 George R. Brown Convention Center Houston, TX www.iddba@iddba.org

6. Summer Fancy Food Show June 23-25, 2024 Javits Center New York City, NY www.specialtyfood.com

P.O. Box 2067 • Issaquah, WA 98027 • 425-497-0950 February 2024 Publisher/Editorial Director Davis Johnson

djohnson@executiveinsightproperties.com

Editor Katie Murdoch

kmurdoch@executiveinsightproperties.com

Circulation Director James Anderson

janderson@executiveinsightproperties.com

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