The past few years have shook the world and will have a long lasting impact on many industries. The food industry wasn’t spared and is currently undergoing a change of identity at a speed we never witnessed before. The covid-19 pandemic helped accelerate trends and the adoption of a wide range of new innovations. Food delivery and digitalization for example transformed from a trend to a common necessity in just a few days.
The new competitive landscape is characterised by new business models and channel innovations focused on convenience and technology. While many companies who failed to adapt to the new normal disappeared, many others were able to fully leverage the situation and grow stronger from it.
Further, The preferences from consumers shifted towards healthy, local, plant-based, and environmentally responsible products which called for radical shifts in the whole value chain. Companies are rethinking how to source, package and distribute their products.
There are endless possibilities to reinvent yourself in the situation of today and many are already doing so. However, companies that fail to innovate right now will doubtlessly be left behind.
The first and most significant trends we identified fall into the category of convenience.