Wicked Kitchen's Bold Move into Asda: A strategic move, but quick win for both brands!
In the ever-evolving landscape of the grocery industry, strategic partnerships and bold moves can make or break a brand's success. Wicked Kitchen, known for its innovative and plant-based offerings, has recently made waves by ditching its exclusivity with Tesco and joining forces with Asda. This move is more than just a partnership; it's a calculated step towards increasing opportunities to capture market share from private label brands in an inflationary market.With the cost-of-living crisis starting to bite, consumers turning to private label in an effort to reduce their food costs is hardly surprising. In Q3 of our future food tracker we noted a decline in consumer demand for plant based over the past year. Our hypothesis is that this is largely cost driven and that global demand is steadily increasing YOY. With the rise of health-conscious and environmentally-aware consumers across all retailers, those who are engaged are demanding plant based solutions that hit the mark on the essentials of price, flavour, texture and fun!
Flavour, texture and fun!
Enter Wicked Kitchen, a brand that has made a name for itself by crafting innovative, plant-based, and flavour-packed options that resonate with the changing preferences of today's shoppers. Their range has broadened over the years with their expansion cross channel into food service and their exploration of temperature bands. They have managed to become a staple for consumers across multiple needs and occasions and have positioned the brand to be able to play credibly across multiple categories in the future.Asda's decision to bring Wicked Kitchen into its fold is a strategic one. By aligning with a brand that has successfully tapped into the booming plant-based and sustainable food trends, Asda is positioning itself to cater to a broader audience. With a proven track record in Tesco, the opportunity this provides for Asda to tempt crucial battleground customers through leveraging the brand is smart. With the Asda focus very much being on quality and price across the board, they may well manage to steal share of higher value family shoppers.Wicked Kitchen's products are more than just vegan alternatives; they're positioned as culinary experiences that appeal to a diverse range of consumers. From mouth-watering ready meals to delectable snacks, the brand has cracked the code on making plant-based options both accessible and enticing. Placing these products on Asda's shelves gives Asda an instant credibility they might otherwise struggle to attain with their own brand. Not only is this move crucial to migrate customers over but it should help lift their plant based offer & support continued competition and development of their own brand ranges.
Balancing Quality And Affordability
One of the key challenges for private label is striking the right balance between quality and affordability. Wicked Kitchen's products, while premium in quality, are competitively priced, making them an attractive option for price-conscious consumers seeking healthier & sustainable alternatives. Asda's ability to offer these products at a reasonable price point enhances the appeal, creating a win-win situation for both the retailer and their consumers.As Wicked Kitchen establishes a prominent presence in Asda, the ripple effect is likely to be felt across the industry. Competitors will be compelled to re-evaluate their product offerings, and private label brands will need to up their game to compete with the allure of innovative and ethically conscious choices. This move by Asda and Wicked Kitchen sets a precedent for supermarkets to collaborate with niche, trend-setting brands to stay ahead of the curve. We’d love to see this happening with some of the smaller and more agile brands across the retail landscape. It feels like traditional risk averse retailers need to understand the advantage of taking a risk on these smaller brands who often have the creativity and energy to introduce new category norms.In conclusion, we can’t wait to see this partnership play out and we hope it delivers excitement and competition in this space. The role brands can play even in an inflationary market is one of leadership and we need to see more of those smaller, lesser known brands coming in to disrupt the norm.
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