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As one of the most basic human needs, food and drink have always been at the forefront of commerce. From small corner stores to large multinational corporations, the food and drink industry is one of the most significant sectors in the global economy.
However, as with any industry, the food and drink sector is not without its risks. From supply chain disruptions to changing consumer tastes, businesses in this industry face a variety of challenges. To navigate these risks successfully, companies must stay informed, agile, and adaptable.
BusinessRiskTV.com is a leading online resource for businesses looking to mitigate risk and maximise their potential for success. In this article, we will explore some of the risks facing the food and drink industry and the strategies that companies can use to manage them.
Supply Chain Risks
One of the most significant risks facing the food and drink industry is supply chain disruptions. With many companies relying on global supply chains to source their ingredients, any disruption in the chain can have severe consequences.
For example, extreme weather events such as hurricanes, floods, and droughts can damage crops and disrupt transportation. This can lead to shortages of key ingredients, which can result in increased prices or even production delays.
In recent years, the COVID-19 pandemic has highlighted the vulnerability of supply chains. As countries implemented lockdowns and travel restrictions, the movement of goods was severely impacted. This led to shortages of certain products, and in some cases, companies were forced to halt production entirely.
To mitigate these risks, companies in the food and drink industry must have a robust supply chain management strategy in place. This may include diversifying suppliers, investing in alternative transportation methods, and developing contingency plans for emergencies.
Changing Consumer Tastes
Another risk facing the food and drink industry is changing consumer tastes. As consumers become more health-conscious and environmentally aware, they are demanding products that align with their values.
For example, there has been a significant shift towards plant-based and organic products in recent years. This has led to the rise of companies such as Beyond Meat and Impossible Foods, which have developed plant-based alternatives to meat.
To stay competitive, companies in the food and drink industry must be able to adapt to changing consumer preferences. This may involve investing in research and development to create new products, as well as marketing strategies that resonate with consumers.
Food Safety Risks
Food safety is another critical risk facing the food and drink industry. With the potential for contamination or spoilage, any lapse in food safety protocols can have severe consequences for both consumers and businesses.
In recent years, there have been several high-profile cases of foodborne illness outbreaks, including the E. coli outbreak in romaine lettuce in 2018. These incidents can have a significant impact on consumer confidence, leading to decreased sales and reputational damage.
To mitigate food safety risks, companies in the food and drink industry must have rigorous safety protocols in place. This may include regular testing of ingredients and finished products, as well as thorough training for employees.
Regulatory Risks
The food and drink industry is highly regulated, with numerous laws and regulations governing everything from labeling to food safety. Non-compliance with these regulations can result in fines, legal action, and reputational damage.
To mitigate regulatory risks, companies in the food and drink industry must stay up to date with the latest regulations and ensure that they are in compliance. This may involve investing in regulatory compliance training for employees and working with regulatory experts to ensure that all products and processes are in compliance.
Brand Reputation Risks
In the age of social media, brand reputation has become more critical than ever before. Any negative publicity, whether it’s a product recall or a social media backlash, can have a significant impact on a company’s reputation.
To mitigate brand reputation risks, companies in the food and drink industry must be proactive in managing their brand image. This may involve investing in brand monitoring tools to track social media mentions and engaging with customers on social media to address any concerns or complaints.
Additionally, companies should have a crisis management plan in place in case of a negative event, such as a product recall. This plan should include strategies for communicating with customers and the media, as well as steps for minimising the impact on the brand’s reputation.
The food and drink industry is a critical sector in the global economy, but it is not without its risks. From supply chain disruptions to changing consumer tastes, companies in this industry must navigate a complex web of risks to remain successful.
To mitigate these risks, companies must stay informed, agile, and adaptable. This may involve investing in supply chain management, regulatory compliance, and food safety protocols, as well as staying up to date with the latest consumer trends and social media monitoring.
By taking a proactive approach to risk management, companies in the food and drink industry can minimise the impact of potential risks and maximise their potential for success. With the help of resources such as BusinessRiskTV.com, companies can stay informed and take the necessary steps to protect their businesses and their customers.
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8 July 2022 – Failing Food Supply Chain Food Insecurity And Cutting Livestock Globally
Is it really the best thing for the planet on the balance of risks, socially responsible and good governance to cut food supply and increase food insecurity at the time of rising food inflation?
Many countries are boosting energy energy production from coal fired power stations, and at the same time we are trying to control harmful emissions from farting and burping livestock!
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Have our global leaders really got a handle on risk management?
2 June 2022 – Australia is poised for a third year of near-record wheat production in 2022 as good weather boosts planting across its grain belt, easing concerns over tight global inventories.
Australia was world’s second largest wheat exporter in 2021/22. It has nearly finished this year’s wheat planting on about 14.45 million hectares (35.7 million acres), an all-time high, encouraged by high wheat prices and ideal growing conditions, according to estimates from brokerage IKON Commodities.
Control oil and you control nations; control food and you control the people
Henry Kissinger
26 May 2022 – Fertiliser maker Yara says world faces extreme global food supply shock.
Global fertiliser production depends heavily on natural gas and the EU receives 40 percent of its gas from Russia.
In March, Yara curtailed its ammonia and urea output due to the surge in gas prices but has fully restored production since.
David Beasley, the executive director of the United Nations World Food Programme, said this month even before the war in Ukraine some 276 million people were hungry globally.
The direct impact of Russian sanctions due to war in Ukraine started by Russia, has removed at least 15 percent of global fertiliser supply and the indirect impact was even more severe due to disruptions of supply chains and the impact of gas price rises. We need to work on an emergency response for the most vulnerable. For that we urgently need to unlock funds of the world food programme (WFP), which has a 10 billion dollar funding gap
Tore Holsether, CEO of Yara International, one of the world’s largest suppliers of plant nutrients, told Reuters on the sidelines of the World Economic Forum in Davos.
Some 25 million tonnes of corn and grains are stuck in Black Sea ports because of the war in the Ukraine and Russian grains and fertilisers exports are also disrupted by sanctions.
The UN classifies over half a million people in Ethiopia, southern Madagascar, South Sudan and Yemen in the most severe phase of acute food insecurity.
10th May 2022 – Agricultural Industries Confederation (AIC) says application of fertiliser in April in UK is down around a third on last year largely due to a 5x rise in cost of fertiliser in the UK.
April, for the UK, is the most important month. The high cost of fertiliser in the UK and around the world, has resulted in around half of the year’s expected supply of fertiliser remaining unsold, even though the planting season is almost over, the AIC reports.
Farmers in UK are now left hoping that favourable weather can make up for lower fertiliser usage. Others are gambling that gas prices will fall, making fertiliser more affordable. However, market prices suggest prices will be higher this winter.
The Agriculture and Horticulture Development Board (AHDB) estimates that higher prices for fertiliser, and therefore animal feed, will lead to a 5 per cent reduction in the UK dairy herd this winter. That implies a rise in farm gate milk prices.
Arable farmers are expected to begin being more severely impacted this winter, when supplies of fertiliser built up last year are fully depleted. That would risk pushing up wheat prices beyond current record levels.
Food prices and shortage of food supply is going to be bad this year, but next year will be even worse.
Quarter of Europe’s fertiliser potash and phosphate comes from Russia. Europe’s food production to reduced by Russian invasion of Ukraine.
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What are the problems in food and beverage industry?
What happens when food prices increase – starvation in 3rd world countries and faster inflation in 1st world countries.
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Russia and Ukraine produce 14% of the world’s wheat supply and 53% sunflower oil and seeds, according to the United Nations, and the loss of commodities due to the war has resulted in soaring food prices and uncertainty about the future of food security globally, especially in 3rd world economies
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19th April 2022 – Today global finance leaders are meeting to focus on growing crisis over food insecurity and runaway global food price inflation
The International Monetary Fund IMF and World Bank meet in Washington will discuss how to tackle the biggest jump in food prices on record. A United Nations UN report in March 2022 says globally the number of undernourished people could increase by 8 million to 13 million people into 2023. The effect on the poorest regions including Asia-Pacific, sub-Saharan Africa, and the Near East and North Africa will be increased deaths and catastrophic suffering and social unrest. The social unrest at rising food prices in 1st world countries could be extensive and threaten national security.
14th April 2022 – Severe outbreaks of bird flu in the United States and France are restricting global egg supplies and raising prices for eggs. The war in Ukraine is disrupting shipments to Europe and the Middle East.
Bird flu has wiped out more than 19 million egg-laying chickens on commercial U.S. farms this year in the worst outbreak since 2015, eliminating about 6% of the country’s flock, according to Reuters calculations of federal and state government data. France, meanwhile, is suffering its worst outbreak ever in which about 8% of egg-laying hens have been culled.
When poultry are infected, entire flocks are culled to contain the disease, which is often spread by wild birds.
The deadly virus and war are the latest challenges for egg suppliers also grappling with labour shortages and high costs for energy and grain used for animal feed.
Higher egg prices eat into profits for bakeries and food companies grappling with increased costs for flour and other goods. World food prices jumped nearly 13% in March to a new record high as the war in Ukraine, a major exporter of wheat and corn, pushed up grain prices, the U.N. food agency said.
Egg prices are expected to stay elevated, producers said, as it will take months to resume operations on infected farms. Infections also hamper work at facilities that process shell eggs into products like dried eggs and liquid eggs used in food items such as cake and pancake mixes and egg sandwiches.
The supply of eggs is particularly bad as Bird Flu has hit a couple of large producers of eggs at the same time. In addition, the war in Ukraine is disrupting supply chains for Middle East buyers. This double whammy of disease and increase supply chain issues is creating significant problems for consumers of eggs and food manufacturers already hit with shortage of cooking oil and wheat as well as increased energy costs.
What are the problems in food and beverage industry?
7th March 2022 – Global Food Crisis Is Here And Now
The war in Ukraine will result in massive food shortage globally that will cause food prices to spike and global inflation to rise further following energy price increases upwards.
Certain countries dependent on grain from Ukraine will not get it. They will try to get replacement from elsewhere pushing up price of grain. Around half the world depends on food fertiliser. This will spike in price as suppliers of fertilisers are forced to supply less due to war in Ukraine. Apart from Bill Gates, now the biggest farmer in America, most people will suffer from the global food crisis that is not yet painful in shop prices but will soon become so as food producers pass on massive costs of producing food and seize on benefits to them of falling food supply.
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