Food and Beverage Industry Overview
Companies in the Canadian food and beverage industry are investing in technologies to reach global markets. However, increasingly stringent regulatory frameworks and the ongoing commodity price supercycle are compelling companies to optimize supply chains to protect their profit margins.
Business Challenges Faced
The client, one of the fastest-growing companies in the food and beverage industry, was facing challenges in keeping up with new and changing regulations. The rising regulatory burden due to industry-specific regulatory bodies, Codex Alimentarius, and government regulations was creating complexities for the client and resulting in excess spend. This was not only reducing available funds for capital spend and new product development but was also making it difficult for the client to compete with US-based products. Also, factors such as unexpected demand patterns and slow-moving supply responses were increasing prices for commodities and making it difficult for the client to compete in a global marketplace. The client, therefore, decided to leverage SpendEdge’s solution to identify compliance risks and ensure the availability of raw materials despite an increase in commodity prices.
Key objectives the client aimed to achieve through this engagement were:
- Ensure strict regulatory compliance, supply-chain transparency, and traceability to address changing labeling requirements in Canada.
- Develop a high-performing supply chain to ensure the availability of commodities during supercycles.
Conducting food and beverage industry analysis is vital for companies to identify compliance risks and address them. Request a proposal to access our solution portfolio for free.
Our Research Approach
The detailed food and beverage industry analysis helped the client to gain detailed insights into industry-specific certifications such as SQF and BRC and identify compliance risks. This helped the client stay on top of recent regulatory and CFIA fees notices amendments that were creating additional burden as they had to update product specifications. Moreover, the food and beverage industry analysis report empowered the client to align with existing standards and reduce compliance cost.
In addition, the proprietary commodity price forecasting and spend analysis solution helped the client to gain an overview of key suppliers in the market and understand the changing pricing landscape. This helped the client to capture, structure, and improve business decision-making capabilities. The spend analysis solution which offered a comprehensive global commodity pricing overview enabled the client to protect profit margins and formulate category sourcing, procurement, and supplier negotiation strategies at any level of granularity. The solution offered empowered the client to gain operational efficiency, ensure compliant purchasing, realize cost-savings from commodity purchases.
Want to know how comprehensive food and beverage industry analysis helped the company to address different compliance and supply chain challenges?Contact Us
The food and beverage industry analysis helped the client to identify compliance risks and devise strategies to mitigate them. This reduced compliance costs for the client by 23%. The food and beverage industry analysis coupled with commodity price forecasting and spend analysis solution significantly improved the performance of their supply chain and ensured availability of commodities during supercycle.
Reducing compliance costs requires companies to identify compliance issues by conducting detailed food and beverage industry analysis. Request a free demo from our experts to gain 7-day free trial.
Food and Beverage Industry Analysis: Import of Consumer Oriented Products
Insights obtained by conducting food and beverage industry analysis are mentioned below.