Food Manufacturing Needs to Change to Keep up With Demand
It has been calculated that around £30.4 million a year is being wasted by food manufacturing companies each year. The reason behind such a large amount of waste? The failed launches of new products. New research has been carried out by Bridgethorne, a grocery store analyst who has found that a significant amount of money is wasted each year designing and creating products that arenât destined to fly off the shelves.
A report has also been released by E Fundamental, the digital analytics firm. The company has found that in excess of £2.1 million is wasted by online grocery platforms and 63% of the products that were analysed as part of the research has errors in their listings. It is thought that more work needs to go in to ensuring that new products are given the best chance of success before they were listed on the shelves or online.
The food manufacturing market is becoming more and more competitive and suppliers who are working in this industry need to prove the role a new product can bring to a market can then lead to category growth. It is vital for companies working in the food manufacturing industry that suppliers demonstrate new products will increase sales while also help to increase the overall market share of the retailer.
Manufacturers also need to look at the ratings and reviews that have been left by consumers in order to gain a better understanding of their demands and learn more about what product will be successful. Also the discussions that are taking place in recipe forums can be helpful when working out the common challenges that are faced by home cooks and the role that is played by food in their lifestyles and the food trends at any given time.
The changes will mean that food innovation pipelines will need to become faster and more agile in order to respond to a quicker and more immediate shopper and consumer demand.
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