Accelerate Every Stage of New Product Development

Reduce Time-to-Market

The food and beverage industry is under immense pressure to innovate faster while juggling regulatory requirements, consumer preferences, and a volatile supply chain. However, companies that master the art of efficient and effective R&D processes will foster collaborative commercializaion and be poised to beat the competition, every time.

In this eBook, we’ve outlined common causes for delays at each stage of new product development and how to avoid them. Discover how your team can accelerate and improve every stage of new product development to achieve better, faster innovation.

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What’s slowing product development?

More than ever, in the food, beverage, and dietary supplements industries, change is a constant. Increasingly empowered consumers are pushing for products that align with their values, and personal health goals, not just their tastebuds. Supply chains continue to become more complex, with greater supplier diversity proving to be both a blessing and a curse for organizations seeking to keep cost-effective products on shelves while continuing to innovate on new offerings. And hovering over all of this is the broad category of sustainability, with consumers, regulators and leading brands all converging around a need to create a safer, more ethical, and more globally sustainable supply chain.

Innovation can’t wait

The identification and qualification of suppliers, items, and ingredients remains labor-intensive and slow for most teams. And once a supplier is selected, companies have limited visibility into performance. Documents sit in files, and teams can’t mine them for business insight.

Incomplete information and poor collaboration can have a significant impact on product development and innovation. When you can’t see what others on your team and across your supply chain are doing, status is unclear, and progress stops. Poor collaboration causes inefficiency, waste, and mistrust between teams and supply chain partners. And this problem gets much worse when you’re operating globally.

With new products failing more often than not, many R&D teams struggle to keep up. Companies that want to compete must create better products faster, and this requires a new approach.

A Sneak Preview

Five Trends Impacting Food, Beverage, and Supplements Innovation

Current trends reflect evolving consumer preferences, a continually volatile global supply chain, and a shifting regulatory and geopolitical landscape. As businesses look ahead, organizations must remain agile to meet the shifting needs of the consumer against a backdrop of industry evolution.

      1. SUSTAINABILITY—Environmental, sustainability and governance initiatives have been in the headlines for several years now, but they’re increasingly moving from aspirational goals to serious regulatory requirements and consumer demands. With Scope 3 emissions reporting requirements becoming real, carbon footprint is moving to the fore, driving an array of potential changes.
      2. TRANSPARENCY—Consumers and regulators alike are increasingly concerned not just with the products that they consume, but with how those products were manufactured. Beyond environmental sustainability, topics like ethical sourcing and fair labor practices are starting to make an impact.
      3. PLANT-BASED—The continued movement toward plant-based materials has come to encompass far more than vegan meat substitutes. Animal-based products are under fire from multiple fronts, from animal welfare to global carbon and water footprint. But increasingly, plant-based alternatives to non-renewable packaging and shipping products are becoming part of the industry conversation.
      4. NUTRITION—ADM research reveals that 31% of consumers purchase items tailored for their health, and 50% prefer foods and beverages that naturally contain beneficial ingredients. At the same time, however, labeling accuracy remains important, especially in the face of an increasingly complex landscape both for materials sourcing and manufacturing.
      5. MATERIAL COSTS—90% of TraceGains Industry Survey respondents reported paying higher prices for ingredients in the last two years, and the only surprise about that number is it wasn’t higher. Upward shifts in raw material prices (and logistics costs, and energy costs) have been universal, driving R&D teams to consider low-cost alternatives to pricey materials wherever possible.

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