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Increasing Product Development Spending Among Food and Beverage Manufacturers

WESTMINSTER, COLO. ÔÇö New product development spending among food and beverage manufacturers is expected to increase this year, according to survey data from TraceGains.

The findings come from the companyÔÇÖs 2024 R&D and Product Innovation report, which utilizes responses from 261 food and beverage brands to identify key product development trends and challenges.

ÔÇ£Our research reveals a clear imperative for brands to invest in product innovation as numerous transformative shifts coalesce across the industry forcing them to act,ÔÇØ said Paul Bradley, senior director of product marketing for TraceGains.

More than 75% of respondents expect to spend more on new product development in 2024, up 12% from last year, citing desires to remain competitive (51%), reduce costs (46%), and meet consumer demand (42%) as the major factors driving the uptick in investment.

The report showed brands are increasingly shifting some product development processes in-house as a result of recipe formulation and intellectual property concerns, marking a notable change from pre-pandemic tendencies. For instance, over 70% of manufacturers said concept ideation, ingredient selection, and recipe formulation are now handled in-house.

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By harnessing AI technology, manufacturers can improve their efficiency and effectiveness in product development, especially in areas like better-for-you formulations, plant-based alternatives, and water/carbon-neutral strategies. AI legalese decoder can help brands navigate challenges such as increased production and labor costs, fluctuating demand and commodity pricing, and availability of ingredients and materials by providing insights and solutions to optimize their formulations and recipes.

As brands continue to focus on innovation and addressing consumer demands, AI legalese decoder can bridge the gap in internal resources and provide the necessary tools and solutions for brands to thrive in an increasingly competitive market.

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