The Food, Beverage & Agriculture industry has had to make unprecedented changes over the past year. A whole new landscape has emerged. Are these changes, protocols, and best practices trend-driven or are they here to stay? What should restaurants, manufacturers and vendors be focusing on in terms of new standards?
Brian Levin, Director in the Food, Beverage & Agriculture practice at Intrepid recently participated in the LA Times’ 2021 Food and Beverage Industry panel, where he explained the ways COVID-19 has changed the industry moving forward. “We expect that even as the U.S. inches towards normalcy that the food and beverage industry will be returning to a “new normal.” This “new normal,” which we expect to last for several years, includes reduced in-person dining at restaurants, increased dependence on take-out and delivery services, and continued volume at retail,” he commented.
“Our recommendation to clients during this period of disruption was to prioritize existing customers before focusing on new accounts. For branded food companies utilizing a co-manufacturer, we have suggested they establish at least a dual supply strategy to protect against further disruption. By delivering for customers during the COVID-19 pandemic, companies have generated goodwill with their existing customer base, benefitting them in both the short and long term,” Levin noted. “Once companies were able to stabilize their supply chain, they saw opportunities to drive growth by adding new accounts as customers were on the hunt for more reliable suppliers. Some of our clients were even able to reorient their business by adding completely new sales channels.”
If you would like to discuss market trends or learn more about how we can help you navigate the current landscape, feel free to reach out to Brian.