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There is no shortage of opportunity and substantial challenges in the food and beverage industry. Regular legislative changes, distribution complexity, food safety issues, and international competition, mean companies in the food and beverage industry regularly face a range of issues concerning:
Through personal, customised service backed by the resources of one of the largest international accounting networks, RSM's team of highly skilled professionals can help your business navigate these challenges and embrace emerging opportunities.
There are a variety of opportunities for growing these businesses, but staying on top of changing customer needs, understanding millennial preferences, leveraging new packaging and employing key technology and acquisition strategies will all be essential in this competitive marketplace. From bowl based packaged foods to cost conscious consumers, what should businesses focus on?
For decades, RSM's assurance, tax and consulting professionals have been helping consumer focused companies improve their performance through the most challenging business cycles. Our clients include local, national and internationally recognised companies with diverse organisational structures operating in a variety of sectors, including apparel and textile, retail, personal care, entertainment, consumer services, publishing, printing, distribution, household products, and furniture and fixtures manufacturing, to name just a few.
To keep up with changing consumer tastes, especially related to the health and wellness trend, many companies add product lines or introduce healthier products and ingredients to their foods and drinks. Yet, rather than developing these newer products within the business’ existing operations, companies are acquiring businesses that produce the type of healthy foods or ingredients they’re looking for. It is essential that companies are diligent in weighing up these tempting acquisitions, ensuring smart investment decisions are made based on sound market assessments rather than fleeting food fads.
Strategically investing in new technology will continue to take centre stage. As today’s digitally savvy audience continues to increase, so should the role of technology in a company’s growth strategy. To stay competitive, companies will need to leverage emerging mobile and social platforms to connect with consumers and ensure their product and brand strategies are aligned with consumer preferences.
The health and wellness movement continues to grow among consumers and their food preferences reflect that. Likewise, shifts in eating patterns, cravings for new flavours, exotic choices as well as convenience and fresh food options also continue to grow among hungry consumers. Staying on top of these shifting preferences is essential for successful food and beverage companies.
Along with food safety, customers want to know their food producers are green, control their water consumption, use alternative energies like solar power, reduce wasteful packaging and more. Yet, sometimes, these important sustainable measures can be costly to operations. To achieve increases in productivity, improved labour utilisation and enhanced equipment utilisation these Companies must leverage efficient green systems and be aware of cost saving tax credits for the area in which they operate.