The food and beverage industry is undergoing a significant transformation, driven by shifting consumer preferences and economic pressures. 

Broad Street Licensing Group (BSLG), a market leader in brand licensing that has played a big role in shaping how the market has responded to these changes, is at the head of this change. As of 2024, BSLG continues to have a massive impact on the licensing of food, beverage, and beyond. Utilizing their 27 years of industry expertise and knowledge, Broad Street helps brands adapt to new trends like health-conscious choices, creative flavor mashups, and the growing popularity of foreign cuisines.

Top Food Trends of 2024: Creative Mashups and Fresh Offerings

One of the most notable trends in 2024 is the continued rise of creative mashups and limited-edition collaborations. Consumers are eager for innovative combinations of familiar brands and flavors, and BSLG has been at the center of this movement. “We’ve seen brands like Cheez-It and Oreo exemplify how brands can leverage nostalgia and curiosity to create buzzworthy products that resonate with today’s consumers.” Says Peter Cross, Director at Broad Street Licensing Group. “Cheez-It’s partnership with Hidden Valley Ranch and Oreo’s Sour Patch Kids flavor are prime examples of how brands have been able to captivate the market and we continue to seek partnerships for our clients that can tap into this same idea.”

Beyond these collaborations, the trend toward fresh and less processed food options is gaining momentum. BSLG has been at the forefront in this shift, helping brands capitalize on this “fresh” mindset. By tapping into these trends, BSLG has enabled their clients to meet consumer demand for unique, health-conscious products while maintaining a focus on innovation and quality.

The Impact of Inflation and Consumer Caution on Licensing

While data shows that global food and beverage sales are reaching new heights, consumers are still cautious with their spending, due in part to inflation. BSLG has observed this shift firsthand and has guided their clients to be more strategic with their licensed product offerings. The era of abundant licensed products has evolved, with BSLG advising brands to focus on partnerships that enhance consumer trust and align with their core values.

BSLG’s work with SeaPak and Budweiser on a line of beer-battered frozen seafood is a testament to this approach. By strategically leveraging the strengths of both brands, BSLG has helped create a product that resonates with today’s discerning consumers, offering both brand appeal and quality assurance.

Balancing Health and Indulgence: A Dual Demand

BSLG has also identified a key consumer trend: the dual desire for health-conscious products and indulgent treats. While there is a growing demand for whole foods and fewer processed options, consumers still crave indulgence. BSLG has successfully guided their clients to navigate this complex landscape to offer healthier alternatives while not compromising on flavor.

This balance between health and indulgence is critical in the licensing space, and BSLG’s expertise ensures that brands can effectively cater to both sides of consumer preferences. By offering products that align with health-conscious trends while delivering on taste and enjoyment, BSLG helps its clients tap into a broader audience.

Wellness and Healthy Aging: A Growing Focus

The trend toward wellness and healthy aging is another major force shaping the food and beverage industry. BSLG has been at the forefront of this trend, exploring licensing opportunities that cater to health-conscious consumers. While the majority of high-profile licensing collaborations have prioritized brand recognition over health considerations, BSLG has been instrumental in facilitating partnerships that align with wellness trends.

Despite this, BSLG recognizes that flavor innovation and brand synergy often take precedence in the market. Products like Blue Bell’s A&W Root Beer Float Ice Cream and Sour Patch Kids Oreos are examples of how brands have capitalized on the enduring appeal of indulgent treats, even in a health-conscious market.

The Influence of International Flavors

As consumers become more adventurous in their food choices, there is a growing interest in international flavors and cuisines. BSLG has identified this trend as being very important for their clients to explore with their licensing partnerships that introduce lesser-known international flavors to a broader audience. 

BSLG continues to work with their clients to guide them to authentically represent global flavors and create innovative fusions that resonate with today’s consumers. By staying ahead of the curve, BSLG ensures that its clients can capitalize on the growing demand for diverse and authentic taste experiences.

Licensing as a Lifeline for Restaurants

It is no secret that the restaurant industry has faced significant challenges in recent years, particularly during and after the COVID-19 pandemic. BSLG has been a crucial partner for restaurant brands looking to maintain their presence in consumers’ lives through licensing. By facilitating branded products in grocery stores, BSLG helps restaurant brands reach consumers who may not be able to visit their establishments regularly. “Consumers are not always going to have the time to go to their favorite restaurant, whether it is because they are watching their spending or just don’t have the time,” says Cross “but restaurant brands can extend their presence in their customer’s lives by having a few items in the grocery store keeping these brands at the top of their customer’s minds.”

BSLG’s work with Subway on their nationwide sauce line launch, licensed by T. Marzetti Company, is a prime example of how licensing can extend a restaurant’s brand presence beyond in-store dining. This strategy has proven successful, with BSLG’s guidance ensuring that Subway’s products enjoy strong growth in the retail sector.

The Evolving Role of Licensing in the Post-COVID Market

BSLG understands that the role of licensing in the food and beverage sector has evolved significantly since the pandemic. With a more competitive landscape, BSLG’s data-driven approach ensures that brands are selective about their licensing partnerships, focusing on proven concepts that deliver quick returns.

By helping brands navigate this complex market, BSLG ensures that its clients can continue to thrive in a rapidly changing environment. Whether it’s through strategic partnerships, innovative product development, or tapping into emerging trends, BSLG remains at the forefront of the food and beverage licensing industry, guiding its clients to success in 2024 and beyond.

Broad Street Licensing Group continues to lead the charge in the food and beverage industry’s evolution, leveraging their deep expertise to help brands navigate the challenges and opportunities of a rapidly changing market. As consumer preferences continue to evolve, BSLG’s strategic approach to licensing ensures that its clients are well-positioned for success in the years ahead.

For more information about a licensing partnership, visit the Broad Street Licensing Group website or directly reach out to Peter Cross at peter.cross@bslg.com.