With 2024 just around the corner, we had a look at the array of trend predictions out there in the media for patterns and opportunities. After a close reading of some of the top expert forecasts and reports, we serve you up our slice of prediction pie.
Wagyu is What’s Hot
From the National Restaurant Association’s annual “What’s Hot” survey, Wagyu getting named the top ingredient caught our attention. The sizzle makes sense, as more Wagyu beef – especially from Australia - is available to operators than ever before, and it also fits into a trend of premiumization and food indulgence. According to a Datassential survey, 34% of consumers say they treat themselves to an indulgent food a few times a week. Whether it’s a steakhouse Wagyu tasting flight or a more humble burger or slider, it’s an affordable upgrade opportunity for inflation-weary consumers to splurge.
It’s worth noting here that lamb now has its own entrant in the luxury meats space - new breeds of finely-marbled lamb like ones from Paradigm Foods offer similar eating-quality upgrades and a differentiated offering for restaurants. More on this in future issues!
Operators to Watch: STK, Gibson’s
“Euro 2.0”
From the Datassential trend forecast, this is about established European cuisines like French, Spanish, Italian, and Greek being ready for resurgence and reinterpretation. We’ve started to see this already in the rise of casual French fare (more steak frites, s’il vous plait!) and a new wave of Greek and Mediterranean restaurants taking root.
We love that all of these cuisines are lamb-friendly, and we see a big opportunity for the Mediterranean side of this. With the same report tipping za’atar, tahini, shawarma and harissa as flavors to leverage right now, we see a theme!
Operators to watch: Dalida, Paros
“Menus go granular”
Technomic’s 2024 forecast predicts more specific callouts on menus for transparency and distinctness and as a way to indicate quality and mindful sourcing. As they put it: “This in-depth menu detail will further push quality, premiumization and transparency in the consumer mindset.”
For consumers who know more about food than ever before, and have access to a world of information at their fingertips, this delivers real value to the menu. It’s also how operators can get a return on their investment in better quality ingredients and skill in the kitchen.
It also opens doors to storytelling about grassfed and pasture-raised meats, animal welfare and regenerative agriculture. While not every guest will care about these bona fides, getting more granular with menu descriptions provides a pathway to draw the ones that do, in.
Happy Holidays from your friends Down Under and Cheers to an Aussome New Year!