It is becoming more difficult to be a successful food company. Despite industry-wide revenue growth, major players are seeing their sales shrink, their production costs rise and competition from small brands intensify.
The global pandemic has exacerbated the impacts of changing consumption trends and made it more urgent to tackle some of these issues.
Once, it was beneficial to be big, to have an integrated supply chain and costly capital equipment as a defensive barrier against smaller competitors, those small competitors are now using digital tools, novel routes to market, and other innovations to undermine those defensive barriers, respond to consumer demands and take market share from established incumbents.
There are six key megatrends that will shape the industry for the next 30 years, new research by Lux Research claims. Companies must recognise and adapt to these trends to