Current challenges and their impact on the Food and Drink Industry
The food and drink industry has had to face many challenges. Covid-19 was probably one of the biggest it has ever faced. Before it all happened, other challenges were already changing the face of the industry, such as reducing the environmental impact, rising costs, and an increasingly globalised food & drink market.
The Covid-19 crisis has brought many concerns and challenges in the UK. Half of the food consumed in the UK is from overseas, with 30% coming from the EU. With international travel highly restricted, and many actors from the supply chain reducing their production activities, supermarkets had to rethink the way they work with stock, suppliers and how to safely work in a high-risk environment.
Two other concerns of food producers are Brexit and the US-China trade war. There is a big concern about the impact of this on additional tariffs and changing standards that could shake the industry.
Environmental concerns are also reshaping the industry. Consumer tastes and demands are changing. The number of vegans and vegetarians is steadily growing and more and more consumers are becoming ethically conscious, being more aware of the impact of the food and drink they eat and the packaging it’s wrapped in . With Covid-19 on top of it, new consumption trends are emerging – consumers are focusing on the essentials, looking for healthier options, reducing their sugar intake and looking for products to boost their immune system. Green farming practices and manufacturing processes, reducing plastic waste, providing healthy, organic, better for you products, are becoming increasingly important.
This white paper by Money Corp “Food and Drink Industry: Embracing the global market during a period of extensive change” will help you understand these current challenges and their impact on the industry.
You will also get a better understanding of how these events (along with economic statistics, political changes and business confidence) impact the cost of international payments.
- The impact of Covid-19
- Brexit and the US-China trade war
- Environmental innovations
- Updated logistics strategies
- How to manage your foreign exchange risk
- Insight into currency tools and market developments
If you would like more information or export support, please complete the contact form below and one of our team will come back to you.