SpendEdge, a leading procurement market intelligence company, has announced the completion of its new article on the disruptive trends influencing companies in the food and beverage industry and offers insights into the strategies to engage and negotiate with the best food and beverage companies in this industry.
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Top Food and Beverage Industry Trends (Graphic: Business Wire)
Why spare your time on this article?
- To identify top trends that will impact your growth prospects in the food and beverage industry.
- To recognize leading players in this fiercely competitive food and beverage industry. While this article will not offer you leaked information into your competitor’s strategies, it will provide you insider information and strategies that you can adopt to gain a competitive edge over your peers.
- To know about the best food and beverage companies and strategies to negotiate with them for cost-effective procurement.
What are the key trends that are disrupting the food and beverage industry?
- The retail experience of shoppers in the mushrooming hypermarkets and shopping malls is incomplete without a convenient gastronomic treat. This trend is encouraging owners of these shopping malls to dedicate a major section to food and refreshments. This is widening the business channels for scores of food and beverage companies. However, the proliferation of e-commerce retail platform is casting a pale gloom on the business prospects of the food and beverage companies.
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- To accommodate consumer’s growing penchant towards organic food, food and beverage companies are re-organizing their inventories to store more organic ingredients. Such organic ingredients are expensive and generally have shorter shelf-lives. This is increasing their inventory-related expenditure, which they are ultimately compensating by hiking the price of the end-products in the food and beverage industry.
“In response to the industry trends, most food and beverage companies are restructuring their business models as well as their inventories,” says SpendEdge’s procurement expert Tridib Bora.
What strategies can you adopt to address these disruptive trends in the food and beverage industry?
- Supply disruptions and volatilities in the price of raw materials create ample challenges for not only buyers but also for suppliers in the food and beverage industry. In this context, food and beverage companies are expected to maintain a secure, reliable, and high-quality sourcing and procurement process of raw materials. They must target the maximum possible efficiencies in operations and meet the new and emerging requirements of consumers.
- Inadequate packaging and inefficient logistics have not only resulted in product recalls but have also tarnished the brand reputation of buyers in the food and beverage industry. Suppliers are expected to deliver under a fixed schedule with proper assistance and supervision during transit. This ensures that the functional attributes of the product remain intact. In the food and beverage industry, buyers must ensure that they partner with suppliers who adopt innovative packaging materials that facilitate the improvement of the shelf-life of products due to their anti-microbial and anti-moisture properties.
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