Submitted By Zennk111
The food manufacturing industry is rife with change as companies increase automation, face new FDA regulations and deal with the ever-changing public sentiment surrounding food and wellness.
As the economy continues to slowly improve, a wave of significant change is moving through the food and beverage industry redefining how companies grow, operate, and manage risk. Rapidly advancing technology is driving much of the transformation, providing opportunities to explore new ways of doing business, and to better understand and engage with consumers. However, technology does not come without challenges, exposing companies to new areas of risk and vulnerability
From tech-savvy millennial to aging boomers, the ways in which consumers gather information about what they want to purchase, the factors influencing their purchase decisions, and their loyalty to a brand or product are all up for grabs. On top of that, food and beverage executives are confronting the cost and impact of the many risk and regulatory issues that government and other regulatory bodies are putting into place.
The respondents to KPMG’s 2013 Food and Beverage Industry Outlook survey indicate the most significant impact is being made by engaging consumers through digital channels and social media.
In this customer-driven environment, data and analytics are proving to be increasingly valuable. Technology is driving change throughout the food and beverage industry, opening new doors of opportunity as well as new areas of risk and concern for companies. Survey respondents report that social media such as Facebook and Twitter, and consumer engagement through mobile and online channels, are having the most significant impact on their business.
Technology is driving change throughout the food and beverage industry, opening new doors of opportunity as well as new areas of risk and concern for companies. Survey respondents report that social media such as Facebook and Twitter, and consumer engagement through mobile and online channels, are having the most significant impact on their business.
Online shopping represents a key opportunity where there is a need to continue working with retailers in order to better manage supply chain efficiencies and create more effective channels to market. Opportunity of acquiring a business to enter new markets.
One of the most important factors forming the backdrop to this changing landscape is the strength of the Irish economy. However, while forecasts indicate that disposable income and the economy as a whole will continue to grow, the rate of growth per head is expected to slow to about 2% per year to 2015. In spite of the dangers that exist, the Irish economy is basically robust and can look forward to an average growth rate in GNP per head of around 2% per year out to the end of the next decade.” ESRI Medium-Term review 2007.
The average household size has fallen to 2.85, in contrast to a figure of 4.0 in 1966. The average age at which women give birth is rising, and fewer couples are having children than ever before. Women enjoy a life expectancy of almost 82 and men just over 74. Ireland also faces the challenge of an increasingly ageing population – as does most of Western Europe (Figure 6).
Global issues such as climate change and resource shortage are affecting the wider operating environment of the food and drink industry. The scenarios and the vision recognise that by 2020 environmental stresses and associated legislation will play a prominent role in the world at large.