Technology-the ROI driver for Food and Beverages Industry
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Patrick Dolan, National Managing Partner - Market Development & National Line of Business Leader, KPMG LLP
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Trends that are Impacting the Food and Beverages Industry
The food and beverages industry has a plethora of business opportunities, and companies need to leverage emerging technologies to stay on top of the competitive marketplace. Here are a few trends that are having a significant impact on the food and beverage industry:
Changing customer preferences: consumers today want functional foods that enhance their gut health, improve brain skills, and benefit their physical appearance. The generation Z consumers require transparency into the entire process of food processing.
Factory automation: Robotics is the new buzz in the food and beverages industry. Companies are increasingly relying on automation to improve operational efficiency. For example, a robotic arm can spread pizza sauce on crust. Robots are also used to make hamburger patties. Automation will eliminate the chances of human error and assure consistency in food processing.
Innovation and differentiation: Innovation is the key to success for food and beverage companies, with the availability of so many channels for the sale of food products like in-store, farmer’s markets, and various online channels. Many companies are leveraging technologies to mitigate the challenges posed by multiple channels of sale.
Cannabis compound callouts: The demand for cannabis products is on an all-time high. Companies are offering tetrahydro cannabidiol (THC), a compound found in cannabis, in a drinkable form. Terpenes, a compound that gives cannabis its aromas are likely to be used in food and beverages to add unique fragrances.
Food safety and transparency: Companies have started giving utmost importance to food safety as consumers demand to know more about the food they eat. Businesses are relying on technologies like blockchain to keep track of the entire lifecycle of food processing, helping them to pinpoint safety issues immediately. According to a survey by RSM, 12 percent of middle-market food and beverages companies have started using blockchain technology, and the number is expected to grow at a much larger pace in the coming years.
Check out: Top Food & Beverages Tech Companies