The pace of change in the food industry is faster than ever, and it keeps accelerating. Much of the pressure comes from constantly changing consumer preferences—these days, if it takes you 18 months to launch a new product in response to a consumer trend, you’ve probably already missed the window.
The industry continues to face pressure from other areas as well. E-commerce is stealing market share from traditional retailers, with online food and beverage sales forecast to increase by 32% annually. The labor shortage is driving an increase in automation, and consumers are becoming a lot more interested in sustainability and corporate social responsibility.
We asked food processors and their suppliers about the trends and challenges they anticipated would take off. This report examines areas of overlap and disconnect between processors and their suppliers, assesses how their predicted trends have played out so far, and explores the top opportunities for growth.