Food and Beverages: Food & Beverages is the crucial sector in the Fast-moving consumer goods industry, contributing nearly ~50% of the market business.
The global food and beverages market is expected to grow from USD 6690.84 Bn in 2020 to USD 7532.01 Bn in 2023 at a compound annual growth rate (CAGR) of 3.0%
The food and beverages market comprises sales of beverages, pet food, and tobacco products by entities (organizations, sole traders, and partnerships) that produce drinks, food, pet food, and tobacco products
Supply chain transparency
Consumers want to know everything about the product’s provenance and the manufacturing process. It has compelled companies to improve supply chain visibility to retain the customer base. With the farm-to-table movement, consumers can know where the product has been sourced and under what conditions.
Most customers buy what they see. It makes packaging an integral component of the food and beverage industry. Companies not only need to grab the retail shelf space but also entice customers to buy their products. Hence, they must find creative, innovative, and sustainable ways of packaging to develop their packaging designs
Food producers are mostly using blockchain and other Internet of Things (IoT) technologies to track the handling of food ingredients and finished products throughout the value chain. Blockchain additionally provides improved traceability in the case of a recall or other safety issue
Industry 4.0 technologies
Food & Beverages manufacturers are moving toward “smarter” operations that increase supply chain and manufacturing efficiencies. IoT technologies include sensors that gather data on machine performance through cloud-based software programs.