There are a variety of opportunities for growing F&B businesses, staying on top of changing customer needs, understanding millennial preferences, leveraging new packaging, employing key technology, and acquisition strategies will all be essential in this competitive marketplace. We provide important insights on top trends to consider this year.
This year, many companies will add new product lines to their existing foods and drinks. Yet, rather than developing these newer products within the business’ existing operations, we are seeing companies acquire businesses that are producing the type of foods they are looking for. These acquisitions are frequently done at a lower cost than spending the time in internal R&D to create these newer products. In a sense, acquisition is the new R&D for many F&B companies wanting to enhance their product offerings.
For many businesses, food safety and preventive efforts will continue to be top of mind this year. Consumers want to know their food producers are green, charitable with their excess product, control their water consumption, use alternative energies like solar power, and reduce wasteful packaging. While these important sustainable measures can be costly to operations, companies must leverage efficient green systems and be aware of cost-saving tax credits.
With Amazon’s acquisition of Whole Foods, the demand for online delivery and subscription food services will continue to grow as busy consumers show their preference for doorstep delivery. Customers order their choices from their devices, and delivery is provided within hours or available for pickup at neighboring locations.
Not forgetting that consumers will research before they buy more than ever. With a quick search on their smartphones, consumers can make informed and speedy choices about the products they consume. Successful F&B businesses will use digital and social platforms to connect with consumers, providing robust product research avenues. Harnessing the internet of things and big data are important parts of that overall strategy as well.
To learn more about the trends surrounding the food, beverage and other consumer products industries, contact one of our 11 worldwide offices today.