The COVID-19 pandemic has impacted all of our lives and many of our livelihoods. While keeping the food supply running is arguably the most essential activity right now, the industry has still faced its fair share of challenges.
We surveyed 324 respondents representing all segments of the food industry, from processors and packers to equipment manufacturers, service suppliers, and packaging solutions providers. We asked what challenges they’re facing, how their business is adapting, and how big of a revenue impact they expect for the rest of the year.
Here are a few highlights:
- The pandemic has exacerbated the workforce challenges already present in the food industry: 41% of processors/packers and 20% of equipment/service suppliers said that their current biggest challenges involved issues such as employee safety and productivity.
- As a whole, processors/packers expect the revenue impact of COVID-19 to be minor through the end of the year. Equipment and service suppliers see a large negative impact in Q2, recovering only somewhat through the end of the year.
Almost three-quarters (72.5%) of processors/packers said they had changed their business strategy or operations in response to the pandemic. The most common changes related to focusing on core products, boosting the retail channel, and keeping employees safe.
- More than half (54%) of respondents expect the food industry to emerge from the pandemic stronger than it was before.
For more insights, download the full report.