Trends That Shaped the CPG Industry in 2024: Having a Sustainable Growth Strategy

In a year marked by economic headwinds and shifting consumer behaviors, the consumer packaged goods (CPG) industry demonstrated resilience by embracing core strengths and refining business fundamentals. Suzy Richard, Chief Sales Officer, and Scott Dicker, Director of Market Insights at SPINS, reflected on the key trends that defined 2024 during a recent industry discussion. 

Funding slowdowns, reduced mergers and acquisitions activity, and tighter investment conditions shaped the CPG landscape throughout 2024. “The brands that weathered the storm best were those that stayed true to their core values and business foundations,” noted Richard. She emphasized that in an unpredictable environment, success came from resisting the allure of chasing fleeting trends and instead doubling down on what made brands authentic. 

Rather than making bold, high-risk business moves, leading CPG companies prioritized pragmatic strategies. “Sustainable growth came from the brands that stayed true to the core of their business with logical and sustainable business decisions,” Richard explained. This disciplined approach allowed brands to maintain steady performance despite economic challenges. 

Amid this strategic conservatism, certain product and consumer trends continued to gain momentum. Dicker highlighted the enduring focus on healthspan and functional products, reflecting a growing consumer interest in wellness-oriented goods. Dicker noted we saw a strong emphasis on health-centric and functionality-driven products, a trend that shows no signs of slowing down. 

Global flavors also played a crucial role in product innovation. As consumers sought more adventurous culinary experiences, brands responded by expanding international flavor profiles in their offerings. This blending of global influences with health-forward positioning proved to be a winning combination for many CPG companies. 

As the industry prepares for 2025, staying aligned with these core strategies and evolving consumer preferences will be vital. While macroeconomic challenges persist, Richard and Dicker both expressed cautious optimism that disciplined execution and a commitment to brand authenticity will continue to drive sustainable growth. 

For CPG brands, the path forward is clear: embrace what makes your brand unique, remain adaptive to consumer needs, and pursue steady, well-calibrated expansion. In a market that rewards focus and resilience, these fundamentals could define success in the year ahead.