Processed Food Industry Overview
The global processed food sector has witnessed excellent growth over the years and is expected to do so in the coming years. The increasing demand for ready-to-eat food products, changing lifestyle, and increase in the population of working women are likely to aid the processed food industry growth. However, seasonal deficiency of raw materials, storage constraints, transportation issues, and rising competition are increasing challenges for companies operating in the processed food industry. Owing to such challenges, processed foods manufacturers are in the need to alter their business strategies to stay relevant in today’s competitive marketplace.
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The client is a processed food supplier and manufacturer based out of North America.
Our client, a processed food manufacturer and supplier, wanted to revamp their business strategy in order to keep up with the growing customer demand and competition. However, they lacked the capability and resources to gather comprehensive insights into the market trends, competitors’ offerings, and industry developments. They were in search of a partner who could provide them with required competitive data and insights. They choose to partner with Infiniti Research to leverage their expertise in offering competitive intelligence solution.
Top challenges faced by the company were:
Processed food industry challenge #1: Deficiency of raw materials
High costs and seasonal deficiency of raw materials delayed the company’s production process. This subsequently resulted in low supply. The client noted that leading companies in the food industry were dependent on other countries to meet their raw material requirements. The client, therefore, wanted to closely monitor competitors’ initiatives and take strategic approaches to tackle this challenge.
Processed food industry challenge #2: Storage constraints
The company’s inadequacy of infrastructure facilities to store raw materials posed major challenges for the client. They wanted to understand how their competitors’ efficiently managed storage requirements.
Processed food industry challenge #3: Transportation issues
As perishable food items should be shipped with proper packaging to keep away from breakages and damages all through transportation, the client wanted to analyze their competitors’ supply chain activities and undertake strategies to ensure smooth transportation.
Processed food industry challenge #4: Technological developments
The company followed conventional production strategies, where the first-rate of agricultural and food merchandise was being inspected by means of human evaluators. However, this manual inspection was time-consuming. The client, therefore, wanted to identify the cost-effective technologies leveraged by the top companies in the processed food industry to automate this process.
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The experts at Infiniti Research followed a four-phased approach that involved:
Market scanning and monitoring analysis to analyze the US processed food industry developments and market changes. This phase of the engagement also involved analyzing factors impacting processed food demand.
Competitive benchmarking analysis to compare the client’s offerings with that of the top companies in the US processed food industry.
Inventory management solution to identify warehouse and transportation issues in the US processed food industry.
Technology assessment to identify the latest technologies and processes in the US processed food industry.
With Infiniti’s competitive intelligence engagement, the client was able to gather comprehensive insights into their competitors’ product offerings, services, supply chain initiatives, and marketing activities. The experts also helped the client to keep pace with the US processed food market changes and demand fluctuations.
By closely monitoring competitors initiatives, the experts helped the client to identify areas where they lacked in comparison to their competitors. In addition, the client was able to analyze their competitors’ infrastructure facilities and revamp their warehouse accordingly. This helped the client to tackle storage challenges. Moreover, by undertaking robust packaging techniques, they were able to transport perishable food items without damage.
The experts also helped the client to identify cost-effective technologies leveraged by their competitors. This helped them to automate their processes and speed up production and distribution activities. In addition, the client was able to better plan supply chain activities, tackle storage and transportation issues, and gain a competitive edge in the US processed food industry. Within one year of leveraging our competitive intelligence solution, they were able to enhance market share by 23%.
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