2020 was a rollercoaster year for the food and drink sector. The UK has been in and out of nationwide lockdowns (as a result of the COVID-19 pandemic) since March 2020 and the economy has fluctuated. How has the food and drink sector coped? What role has digital transformation played and how will that role evolve as we move into 2021 and beyond?
In our report, we examined the state of the food and drink sector, from what it looked like in 2020 and what it could look like in the future. We spoke to industry experts, including Food Manufacture, and analysed surveys from the FDF and Deloitte.
Here's a summary of our findings:
- The top opportunities for 2021 include increased domestic demand, increased demand for healthier and more ethical products, and stronger Pound Sterling
- The top concerns for 2021 include uncertainty surrounding Brexit despite having secured an EU deal, potentially rising cost of ingredients and exchange rate volatility
- Yet the businesses who will remain the most competitive despite all this turbulence are the ones who can continuously adapt
- Adopting digital technology plays a huge role - e.g. environmental sensing and IoT is enabling logistics, blockchain can improve food safety and ERP systems are unifying business operations
- But although the sector knows the importance of digitalisation, not everyone knows what the term means or how to capitalise on the wealth of opportunities that are available to them as a result of this transformation
- One solution? Empower your employees with knowledge and relieve that innovation bottleneck
Read about the state of the food and drink sector in more detail (including how you can ensure a smooth digital transformation) by downloading our report below.