Despite Rising Food Costs, Shoppers Seek Excitement in the Produce Section
Despite consumer cutbacks in other areas, the price per volume for fresh fruit is up 10.6%, and fresh vegetables 5% for 2023
CONSUMER TRENDS – As part of its monthly survey, IRI asked shoppers about their sentiment of rising food costs. And with inflation at record highs, IRI said it's no surprise that 95% of shoppers are concerned about food cost and inflation. Compared to a year ago, IRI found that 90% of shoppers perceive the cost of groceries and household items to be higher now.
In its latest report, Fresh Produce in the Era of Inflation and Beyond, IRI found that fresh produce is not immune to this dynamic and now faces its own challenges. In fact, the reality is that when it comes to fruits and vegetables, consumer perception about price is close to reality, IRI said.
“In the latest four weeks on a price per volume, both fresh fruits and vegetables are increasing, and it appears that there are no signs that this is letting up,” said Bob Morales, principal and produce vertical team lead
IRI reported that price per volume change for the latest 52 weeks, ending March 20, 2022, vs. a year ago was up 10.6% for fresh fruit and up 5% for fresh vegetables, and that there is no immediate indication that this trend will subside.
With this rising trend, striking the right balance between price increase and a sense of relief vs. frequency and depth of promotions will be (continue reading in IRI Grocery Business Insights)
Where Good Things Grow
Goldenberry Farms® is a grower, packer, and leading shipper of high quality tropical fruit, as well as the owner of various IP, shelf life technologies, and commercial trade brands. The company has growing regions near both Medellin and Bogota Colombia, Ecuador, and the Carribean, exporting via air and sea to distributors and retailers in North America, Latin America, Europe, and Asia. Goldenberry Farms is known for its “Where Good Things Grow” approach to regenerative farming, focuses on soil health to commercially grow fruit naturally with longer shelf life and ideal taste profile.
Goldenberry Farms™ has been designated a “ZOMAC” company, for its commitment to rebuild communities and areas with the development of sustainable tropical fruit and produce. For distribution, licensing, or business opportunities, contact us at info@goldenberryfarms.com