Predictions from March 25 – April 28, 2020
All industries are facing brand new hurdles due to the current coronavirus pandemic, and suppliers within the food and beverage (F&B) industry are no exception.
In looking towards the future, many are speculating how current consumer behavior and trends will lead to long-lasting changes for F&B companies.
– March 25, 2020 (via Deloitte)
Food and beverage companies have to evaluate the likely long-term impacts on the F&B industry. Within the consumer products F&B space, out-of-home consumption has plummeted while at-home has spiked. These disruptions pose undeniable challenges to the F&B sector. Check out the key questions executives and boards should ask in order to make progress and plot practical next steps.
2. “New trends that food and beverage companies expect post the COVID-19 period: Infiniti reveals key lessons from China’s recovering F&B industry”
– April 23, 2020 (via MarketWatch)
F&B companies in China have started to resume operations. It’s clear that changing consumer behavior will have a similar impact on the F&B sector in the rest of the world. Increased demand for easy-prep meals, product safety, and online buying are trends that the U.S. food and beverage industry will need to solve for.
3. “COVID-19 Threatens To Reverse Progress Toward Fresh, Artisanal Eating And Bountiful Food Industry Jobs”
Our nation’s food systems are struggling to catch up to rapidly changing safety regulations and disproportionate buyer demand. From food waste and shortages to manufacturing costs, the current crisis highlights these immense challenges to the American F&B supply industry. Some food industry experts envision big changes to how F&B suppliers in the United States will produce and sell in a post-pandemic environment.
As people continue to explore and learn how customer expectations are shifting as a result of the coronavirus, it will become more pressing for the F&B industry to solve new challenges.