The Checkout: Consumers Eating At Home More, NPD Reports; Creatd Acquires Brave
Welcome to The Checkout: an express lane for the weekly news you need to know, always 10 items or less.
NPD: Bargain Grocery Shopping And Meals At Home Rise As Inflation Sets In
The average cost of an away-from-home meal is nearly 3.4 times more than a meal at home using food purchased in retail stores, according to a new report from The NPD Group and IRI. While inflation has had a greater impact on prices for “food-at-home” (+13.3%) than food purchased in on- and off-premise foodservice channels (+7.6%), consumers are still looking to offset rising costs wherever they can, including shopping for lower cost groceries and cutting back on restaurant visits.
“Even with the impact of elevated grocery prices, dining out is still much more expensive than eating at home,” said David Portalatin, senior vice president and industry advisor for Food and Foodservice for The NPD Group, in a press release. “As we head into 2023, restaurant recovery will be slow and steady, as traffic begins to return to pre-pandemic levels. Current demand suggests that culinary trends are shifting to incorporate more bold flavors inspired by global and regional influences.”
NPD tracked a 8.7% jump in at-home food sales growth compared to this time last year, outpacing the away-from-home food market, set to rise 6%. The report notes that changes to working environments including hybrid and flexible work schedules have led to the majority of food sales at retail to be consumed at home (62.5%). These findings mark NPD and IRI’s inaugural Complete Market report which joins data from both U.S. foodservice and retail following the merger of the two firms earlier this year.
“While the pandemic and recent inflationary pressures shifted demand, restaurants and foodservice outlets offering value, convenience and at-home indulgence are top of mind for consumers and will continue to grow,” said Dr. Krishnakumar Davey, president of CPG and retail thought leadership for IRI and NPD, in a press release.
Creatd Ventures Acquires Plant-based Breakfast Brand Brave
Holding company Creatd Ventures announced yesterday it has completed its fourth CPG brand acquisition, bringing plant-based breakfast brand Brave into its portfolio alongside veggie-based mac and cheese company Camp, beverage maker Dune Glow Remedy and hydration brand Basis.
Brave makes a line of plant-based, superfood-infused overnight oat pouches available in five varieties. The pouches contain a combination of gluten free oats and chia seeds among a range spices and sweeteners including monk fruit and are available in single flavor and multi-pack bundles for $4.75 per pouch. Brave also offers monthly subscription boxes in addition to two nut butter varieties.
“Brave’s health-oriented superfood breakfast mixes are a natural fit within our portfolio as a wellness-rooted brand with multiple opportunities to develop new and innovative SKUs and expand our product offerings for new and existing subscribers,” said Thomas Punch, CEO of Creatd Ventures, in a press release.
Creatd, which was founded in late 2020, the company is focused on acquiring and scaling creator-led e-commerce brands. Punch noted in the release it has “fully consolidated” its supply chain and is working to expand the distribution of its CPG brands in brick and mortar channels.
Justin’s Continues to Support Honey Bees
Nut butter brand Justin’s announced it will support the National Honey Board’s Honey Saves Lives campaign for a third year to continue expanding the goals of its corporate social responsibility efforts.
“Honey bees are responsible for more than 35% of the foods we eat, and our team recognizes how connected and critical these pollinators are to our food system,” said Penny Andino, VP of marketing at Justin’s, in a press release. “We are honored to continue our partnership… as we both share a common mission of protecting honey bees and our food supply. We’re nuts for bees and collectively, we can all help save the pollinators.”
Over the past year the brand has donated $61,000 to support pollinator conservation projects, set a goal to reduce the plastic used for its plastic jar packaging 30% by the end of this year, launched two new Non-GMO Project Verified products and donated to numerous hunger relief and food system education programs.
Luke Bryan Makes Popcorn To Support Tractor Maker
Agricultural machinery and precision ag technology company AGCO has teamed up with country singer Luke Bryan to introduce a limited-edition snack line, Boldly Grown Popcorn, in two varieties: Bold Butter and Chart Toppin’ Churro. The product was designed to promote awareness of the company’s AGCO’s Fendt tractor and the “farming leaders of tomorrow.”
“I’ve sung about farming my entire career, so having the chance to work with Fendt to grow my favorite snack for my fans is pretty special,” Bryan said in a press release. “The strength, agility, precision, reliability, function, and comfort of my Fendt 724 Vario gives me the same confidence in the cab that I feel when I’m performing on the biggest stages.”
The popcorn was made in collaboration with Tennessee-based popcorn company Merritt Pop Co and can be purchased online for $5 per bag. Once the popcorn sells out, Fendt said it will donate $25,000 to the National FFA Organization, a youth career organization for individuals interested in science, business and technology of agriculture.
