Ready-to-Eat Food Market Overview
The evolving global economy and a steadily increasing need for employment have made convenience the primary focus for consumers. With digitization, travel, accommodation, communication, and leisure have become convenient and easy to access. Additionally, with delivery services and mobile applications, everything from groceries to fully prepared meals from favored restaurants is a single online transaction away. The food and beverage industry has increasingly felt the pressure of consumer needs and demands to create an alternative to microwavable, packaged, ordered food, or more. Therefore, the ready-to-eat food market has grown exponentially in recent years.
However, without a risk assessment, most companies face severe challenges and disruptions. Although increasing urbanization, rising health consciousness, and the growing working population have led to a surge of growth and profit in this market, the ever-increasing demand has also made it challenging for companies to ensure supply chain efficiency and stay ahead of all market dynamics and risks.
Overcoming challenges in the difficult ready-to-eat food market requires a comprehensive understanding of the potential market and supply chain risks and brilliant risk mitigation strategies. Request a free proposal to learn how Infiniti’s risk assessment solutions can help your business.
Risk Assessment Engagement Overview
Risk assessment solutions aim to help companies gain a comprehensive overview of their market and its challenges. It also provides market players with in-depth insight into current and potential risks in their market and enables efficient risk management strategies. In this engagement, Infiniti’s risk assessment experts helped a ready-to-eat food manufacturer identify market and supply chain risks and develop strategies to overcome them. Our experts leveraged a risk analysis, market trends analysis, and industry best practices assessment to help the supplier.
The client is a renowned ready-to-eat food manufacturer based out of the United States, distributing across North America.
As the ready-to-eat food market continues to grow at a substantial rate, the manufacturer struggled to address major challenges along the supply chain that caused significant losses. These challenges included issues with supply continuity, contamination risks, and consumers’ changing preferences. Various complexities, including limited suppliers and inventory capacity shortages, were becoming evident along the supply chain and limiting growth for the client. Additionally, without proper storage, the client risked contamination of their products during transit, consequently risking severe backlash from their consumers. In an industry as versatile and consumer-centric, changing consumer preferences may cause further inventory and supply chain challenges. To address these varying issues, the ready-to-eat food market client chose to partner with Infiniti Research and leverage our expertise in offering risk assessment solutions to identify, evaluate, and mitigate all potential risks in the market and supply chain.
Consumers’ changing preferences can be the most significant challenge and risks in a consumer-centric market, such as food and beverage. Request more information to learn how businesses can stay a step ahead of consumers and competitors with our solutions.
Our Integrated Risk Assessment Approach
Infiniti’s risk assessment experts worked closely with the manufacturer’s team to identify the industry’s major challenges and develop a comprehensive approach to address all current and potential risks. The four-phased process included the following:
- A risk analysis was conducted to identify risks along the supply chain for the ready-to-eat food manufacturer. The process aimed to address the dangers of limited suppliers and inventory capacity shortages and offer comprehensive solutions to mitigate the risks.
- The experts conducted a market trends analysis to identify upcoming trends in the food and beverage industry and identify factors influencing consumers’ changing preferences to help the manufacturer prepare for forthcoming changes and mitigate the risk of sudden changes.
- To address the risk of contamination, Infiniti’s risk assessment experts utilized an industry best practices assessment to assess competitors’ and industry leaders’ strategies, storage alternatives, and supply chain plans and help the client adapt their approach accordingly.
Leveraging Infiniti’s risk assessment solutions helped the ready-to-eat food market client identify and overcome the various challenges within the market and supply chain. The risk analysis helped the manufacturer mitigate the risk of limited suppliers by identifying more partners and local suppliers to prepare for potential challenges, crises, or logistical mishaps. The client also implemented improved inventory management solutions to reduce wastage and increase the functionality of their inventory.
By understanding upcoming market trends and constant factors that influence consumers’ preferences, the manufacturer adapted its offerings as per demand. Additionally, the client was able to keep track of future market trends and changes and ensure that their offerings kept pace with consumers’ changing needs. Further, after conducting the industry best practices assessment, Infiniti’s risk assessment experts recommended investment into temperature-controlled transit vehicles for their products, particularly ready-to-eat food that may spoil. The client invested their resources as per Infiniti’s risk assessment experts’ insights, reduced losses, and costs, increased revenue, established themselves as an industry leader in the United States, and gained significant market share within two years.
Attempting to address the various supply chain risks in the ready-to-eat food market? Speak with our risk assessment experts to learn how our solutions can help you identify, understand, and mitigate risks with in-depth insights and data-driven recommendations.