New Research Reveals Increase in NPD and Innovation for Food Brands Despite Outdated Internal Manual Processes, Rising Costs and Ingredient Sourcing Bottlenecks
Brands Are Ready to Act, But Are They Prepared?
Amid signs of progress after a few challenging years for the food and beverage supply chain, brands are planning to dial up product innovation efforts to meet consumer demand (42%), combat rising costs (46%), and stay competitive (51%). Even with their enthusiasm, however, 56% of brands reported a lack of internal tools to manage product formulations and recipes, highlighting a clear need for solutions to help automate and streamline work.
Other key findings from TraceGains' latest report include:
"Our research reveals a clear imperative for brands to invest in product innovation as numerous transformative shifts coalesce across the industry forcing them to act," said Paul Bradley, Senior Director, Product Marketing. "While it's evident that brands require robust tools and solutions to navigate these challenges, a significant gap still exists in internal resources that may hinder their progress. At TraceGains, we're committed to empowering brands with the technology and insights needed to thrive in this fast-moving industry."
To learn more about how food and beverage companies can streamline and automate their efforts around product innovation, visit https://www.tracegains.com/.
Survey Methodology
From February 5, 2024, through
February 22, 2024, TraceGains conducted an online survey of 261 food and beverage leaders at small and large food brands worldwide.
About TraceGains
TraceGains is revolutionizing the food and beverage industry with advanced and integrated digital solutions for compliance, nutritional calculation and labeling, and new product development. Trusted by over 1,200 global clients, including half of the global top 100 food and beverage manufacturers, the TraceGains network connects brands via a vast ecosystem of 73,000 supplier locations, along with a comprehensive database of half a million ingredients and products. Enriched with global horizon scanning and ESG information, TraceGains offers streamlined processes and automated insights to navigate the complexities of the global food and beverage markets.
View original content:
