The global food industry is witnessing a robust growth, owing to the altering customer preferences, a sharp move toward online shopping, and increase in the global population. To keep pace with the growing demand, prominent food products manufacturers are relying on innovations to enhance their production capabilities and improve the supply chain efficiency. Moreover, with the growing concern for food safety, businesses are planning to refine their existing packaging techniques to improve the quality in the products offered. As spending on food constitutes a major share of the consumer’s wallet, leading renowned food suppliers are looking for promising solutions to deliver quality, affordability, and safety in their product offerings.
Here are some of the factors contributing to the growth of the food products space:
- Shift toward nutritious choices: With the rising concern to eradicate illnesses, consumers are shifting toward a healthy The popular belief that fast food has a lot of negative effects on health is further compelling companies to bring in more organic products into their existing product portfolio. Moreover, prominent companies are planning to re-invent their product offerings to keep pace with the customer preferences.
- Stringent government regulations: As government regulations become more stringent, organizations need to retain the nutritional choice in their food products. In the US, the FDA has necessitated organizations to offer reliable products while maintaining the quality of the food products.
The Business Challenge
- Client– A renowned food products supplier
The client, a renowned food products supplier, wanted to outline the demand for products and services and identify the potential ways to enhance their product offerings in the market. With the help of industry best practices, the client wanted to gain relevant information about the company’s markets and make informed business decision. The food products supplier also wanted to identify the niche and profitable market segments and modify and tailor their marketing efforts around the customer needs.
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To identify the key competitors and devise effective marketing strategies, the market intelligence experts at Infiniti carried out extensive research comprising interviews and discussions with prominent stakeholders in the food products space. To gain better visibility into the food products supplier space, market intelligence experts at Infiniti also compiled information across various reliable resources such as trade shows, newsletters, paid industry databases, and magazines.
The Solution Benefits and the Business Impact
The market intelligence solution offered by Infiniti helped the food products supplier ascertain the demand for products in the market and identify the competitors’ positioning of the products. The solution also offered real-time insights into the market information to minimize the risk of investment decision being wrong. Moreover, the client was further able to keep ahead of the competition and establish and maintain a distinctive corporate identity. The market intelligence solution also benefited the client to tailor products and services based on the customer requirements.
The future of food products supplier will be marked by the entry of new players offering innovations in food products and packaging materials. Also, leading organizations will offer healthy and organic products to meet the relentless demand from health-conscious customers.