Food and drink trend analysis plays a huge role in the world of NPD. But it’s no secret that the flop rate in the FMCG world for new product launches can be as high as 95% in a given year, and that a huge amount of NPD work goes no further than the first presentation stage.
To me, that indicates quite a serious problem.
Thankfully, the world is changing. Technology is fast advancing and with it has come a seismic shift in how we understand the world around us. And, crucially, how we analyse it. Artificial intelligence is starting to come to the fore and the applications for NPD professionals are considerable.
I’m talking about the remarkable AI-based trend platforms that can instantly harness billions of data points across a range of online sets to predict consumer behaviour and provide a real-time understanding of what consumers are looking for in both the retail and foodservice sectors.
At PURE NPD, we’re convinced that this is the next step for food and drink trend analysis. And we intend to prove it.
From this week, we will be delving into the fascinating world of AI-based analysis, starting with a collaboration with Tastewise, a pioneering food trends platform that pairs the largest data-set in food intelligence with proprietary machine learning algorithms to analyse and predict consumer behaviour.
An AI-based answer to pizza innovation
Co-founded in 2019 by former Google executive Alon Chen and Israeli tech entrepreneur Eyal Gaon, Tastewise analyses billions of food data points across social media, restaurant menus and home recipes to provide immediate, location-specific food and drink trend insights.
To break that down, Tastewise has access to data from over 183,000 restaurants and delivery menus, over 2.8 billion social interactions, and over 1.2 million online recipes from the UK.
While the idea of having to harness data-led platforms to find the next big product innovation or marketing push might seem a little daunting to NPD teams, the reality is that they are incredibly simple to use and profoundly game changing in terms of what you can get out of it.
And we have the perfect example. To start us off, we’re launching with an amazing Tastewise report that was the clincher in convincing me that AI-based trend platforms are the future – their report on why oat-based vegan pizzas are going to be the next big thing in the UK.
It really is quite something, and we’ll be following it up with a number of oat-based pizza insight pieces this week as we begin our AI-based journey into the future of F&B trend analysis.