Market Report: Digital Recipe Transformation

Changing consumer preferences, challenging macroeconomic conditions and ever-intensifying competition define the new normal for consumer businesses. This operating environment is putting tremendous strain on business operations with shortening product lifecycles, escalating costs and unpredictable demand.

Demand volatility increased by 50% in 2020 and continues to rise as consumers look for healthier, organic products and they shift to brands involved in sustainability initiatives. The challenge is further compounded by unprecedented supply disruption due to the pandemic, shipping lane closures or the war.

Current trends that call for immediate technology advancements:

• Need for new, varied product assortments and enhancements to meet region-specific demands.
• Declining brand loyalty has increased the proliferation of new brands with advanced supply chain capabilities.
• The growth of private label products has forced brands to create new products in shorter time spans.
• Increased costs of raw materials, natural resources and shipping/freight charges call for resilient and flexible supply chains.
• Supply disruptions have forced companies to develop alternate recipes

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