Top Three Things to Know About the Food Service Industry
The food and beverage (F&B) industry is an essential part of several economies across the globe. Food and drinks are an extremely important part of numerous cultures and demand a social/personal space in the hearts and minds of the consumers. The food service industry is highly fragmented yet immensely competitive across the globe. The food […]
The food and beverage (F&B) industry is an essential part of several economies across the globe. Food and drinks are an extremely important part of numerous cultures and demand a social/personal space in the hearts and minds of the consumers. The food service industry is highly fragmented yet immensely competitive across the globe. The food and beverage industry has transformed the eating habits and food preferences of consumers with a highly customer-centric approach and a global network. The global market space for food service and beverages has witnessed phenomenal growth over the years and is dominated by category captains who influence the retail space and consumer preferences. The food service industry is highly competitive with several players, big and small, competing for consumers’ attention. As a result, the food and drink manufacturing companies opt for multiple channels and different go-to market strategies to capture the market and expand their global footprint.
Food Service Industry – Things to Keep in Mind
The food service industry has been growing at a breakneck speed with the introduction and advancement of food processing and related technologies coupled with the ever changing regulatory compliance landscape. However, there are a few things a distributor, manufacturer, or any stakeholder in the food and beverage supply chain must know, which are as follows,
- Technology is crucial – Consumers and regulatory authorities across the globe are increasingly emphasizing on food safety and traceability, and regulating food processing and manufacturing in the industry. As a result, players in the food service industry have adopted various supply chain technologies like mobile apps, Internet of Things (IoT), and big data analytics. These mobile and Internet enabled devices have revolutionized the operations and improved supply chain management for food service companies. Big data and IoT enables players in the food service industry to track and manage the food products at various stages in the supply chain
- Ensuring Regulatory Compliance – Today, consumers and regulatory bodies are raising concerns over food safety and packaging standards, resulting in a complex set of food safety standards and packaging frameworks that dictates food production, packaging, distribution, and consumption across the globe. The food service industry leverages technology to improve food quality, track the manufacturing processes and ensure food safety
- Complex Supply Chain – The food service industry has a very complex supply chain that includes everyone right from the suppliers to the manufacturer, distributor, and retailers. The entire journey of ensuring the product reaches the end consumer entails a complex process of passing through different channels and specialized players
The food service industry is a multifaceted web that consists of a complex supply chain, food and beverage manufacturers, regulatory bodies, and technology to ensure that the product is made available to the end consumer.