Food and Agribusiness Market Update August 2024

This document is a market update focusing on the food and agribusiness sector, detailing current trends and economic conditions as of August 2024. It outlines the shift in consumer behavior from dining out to preparing meals at home due to rising labor costs and inflation, which have made eating out more expensive. The report highlights the transformation of private label brands from low-cost alternatives to high-quality competitors, gaining significant market share across various income levels. It also discusses the price increases in Quick Service Restaurants (QSRs) and their strategies to maintain competitiveness amid rising operational costs. The analysis includes data on consumer spending patterns, indicating a notable preference for private label products and discount grocery shopping as consumers seek to save money. Additionally, the report examines the pressures QSRs face from suppliers and their need to adapt to changing market dynamics to sustain profitability.