Last year, the food and drink industry was valued at $120 billion in the UK alone. But while the industry is highly profitable and productive, it is also highly competitive and diverse.
This results in a dynamic environment characterized both by persistent challenges and a myriad of opportunities. While issues such as technology adoption and new customer acquisition continue to represent significant barriers to growth, the industry can feel optimistic about new innovations in production, along with globalization and the access to new markets it enables.
All types of companies along the supply chain – from manufacturers, distributors and suppliers to wholesalers and retailers stand to be affected by current and future developments. And, although these companies may hold different business objectives and motivations, they nevertheless work in unison to ensure the continued success of the industry and the satisfaction of everyday consumers.
However, ensuring the continued success of the food and drink industry requires a deeper understanding of the trends, challenges and opportunities these companies must navigate in 2017 and beyond.
This report, compiled by leading sales performance software provider, sales-i, is designed to provide visibility into these patterns, as well as insights into current and future market conditions.
In total, 168 UK and US-based food and drink companies of all shapes, sizes and turnovers were surveyed. Key findings include:
- Sixty-one percent (61%) of companies say product innovation will be a major opportunity for the future
- Almost half cite finding and retaining new business (48%), as well as new technology adoption (49%), as a major challenge
- More than a third (37%) believe increasing globalization will be a promising possibility in the run up to 2020
- More than a quarter (28%) are optimistic about new advances in sales, marketing and advertising campaigns
- After presenting key findings in areas related to business growth, technology, sales and customer relationships, the report examines the outlook for the food and drink industry looking ahead to 2020. It concludes by discussing how companies can overcome ongoing challenges and take advantage of new opportunities.
The Food & Drink Industry in 2017 and Beyond
This report discusses the state of the food and drink industry, challenges and opportunities for growth in the industry, and the look ahead.