Food and Beverage industry outlook
The food manufacturing industry is the largest industry in the world. Across the EU, food and beverage expenditures average 12.9% of household consumption. And in the U.S., the industry produces one dollar in every six of the U.S. industrial output, generating more than $700 billion a year in revenue.
The Food and Beverage industry continues to face a demanding market environment that requires companies to adjust and actively manage change that may impact sales and performance. At the same time, advances in technology and analyzing data are helping companies drive growth, streamline operations and engage better with consumers.
Points of interest in Food and Bev industry
Information to consumers on labeling:
There is a need for more clarity and specific details. Consumers, retailers, industry and regulators are all driving more transparency in labeling. INCO and FSMA involve some labeling changes in E.U. and U.S. to better inform consumers about what they eat and drink. Many businesses are opting for food and beverage software to perform labeling and assist them in offering new labels to consumers.
Once considered a small niche area, the market is starting to expand with the main supermarkets introducing “free from” aisles as well as their own branded products and a number of innovative and exciting start-ups making waves in the space.
Meeting the needs of the millennial consumer has also become a key focus. Formal mealtimes are continuing to decline in popularity and growing numbers of foods and drinks are now considered to be snacks. Quick, healthy foods are tending to replace traditional meal occasions and more snacks are targeted at specific moments of consumption, with different demand influences at different times of day.
Food and Beverage industry challenges
The food and beverage industry faces a number of challenges that other process manufacturers do not have to manage as acutely.
Lascom food industry software solution
In this context, innovation is the new key word in FMCG. For many years, Food and Beverage companies increased growth and margins by improving efficiency in production processes. But now, productivity is not enough, and innovation is rising as the new way to lead the marketplace.
A single core repository makes product information management easier and specification management more efficient. Lascom repository also incorporates additional collaboration features such as creation wizard, mark-ups and reviews, alerts, electronic signatures, etc.
Access our guides and whitepapers for your industry :
- Agri-food compliance: a global phenomenon. How can we adapt to it ? – White Paper
- Collaboration as a Key to Success in Retail – White Paper
- What has changed due to INCO? – Infographics