How Millennial Tastes Shape A New Generation Of Food Startups

By Nancy Dahlberg
The Miami Herald

WWR Article Summary (tl;dr) Great article on the thriving food scene in Miami. Specifically, author Nancy Dahlberg takes a look at the plethora of food startups and what the winners are doing to succeed.

The Miami Herald

The craft movement has moved beyond beer. Today’s new food and beverage products are likely to be handmade, creative and adventuresome.

The eats and drinks are local, fresh and healthy too — often organic. And it doesn’t hurt to be a friend of the planet.

The front door is the new drive-through. Food arrives at the home or office with tech-enabled efficiency powering all aspects of the food supply chain.

According to entrepreneurship nonprofit Endeavor, South Florida is ripe for food-and-beverage startups building on these national trends because the critical ingredients are already here: a strong food service sector, culinary culture and an appreciation for green eating.

That last element is key to the nation’s $5.7 billion food-startup investment scene, which is driven by millennials, now the largest U.S. generation.

Millennials’ preference for healthier, “real food” married with convenience is the recipe for success, a 2015 Goldman Sachs report found. They are more likely than any other age group to buy all-natural and organic products, for instance, and are 45 percent more likely to buy these types of products than others. Millennials also are more likely than Boomers or GenXers to favor ethnic and artisanal food and beverage products –.for indulgences, craft doughnuts are the new cupcakes.

“We expect millennials to account for more than 75 percent of growth within the food vertical over the next decade,” the Goldman analysts said. And while the world’s biggest food brands are beginning to embrace the trends, it is the small nimble companies that are most likely to drive innovation, the report said.

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