New Research Reveals Increase in NPD and Innovation for Food Brands Despite Outdated Internal Manual Processes, Rising Costs and Ingredient Sourcing Bottlenecks
WESTMINSTER, Co., March 25, 2024 /PRNewswire/ -- TraceGains, a pioneering force in integrated compliance, nutritional calculation and labeling, and new product development (NPD) software for the food and beverage industry, today released its latest survey report, R&D and Product Innovation in the Food and Beverage Industry. Based on responses from more than 250 global food and beverage leaders, TraceGains found that despite outdated manual processes being a challenge for many brands, 76% are planning to up their NPD spend in 2024, a 12% jump over last year when 64% invested in product development. Brands are also walking the talk when it comes to ESG initiatives. Following a rise in ESG awareness from 64% in this August 2023 report, 44% are now prioritizing supply chain traceability, 42% are using sustainable ingredients, while 48% believe sustainable packaging will be a large innovation driver in the months ahead.
- Brands recognize that harnessing AI is critical to stay competitive: more than one-third (36%) are already testing the waters for NPD.
- More than half (60%) of brands think "better for you" formulations will be the main innovation driver in the months ahead.
- To learn more about how food and beverage companies can streamline and automate their efforts around product innovation, visit https://www.tracegains.com/ .
- From February 5, 2024, through February 22, 2024, TraceGains conducted an online survey of 261 food and beverage leaders at small and large food brands worldwide.