Euromonitor has published a white paper – “How To Find Success In The B2B FMCG Ingredients Industry” - which examines how the fast moving consumer goods ingredients industry needs new market research tools.
Euromonitor has published a white paper – “How To Find Success In The B2B FMCG Ingredients Industry” - which examines how the fast moving consumer goods ingredients industry functions, its ongoing evolution, connections to the end-consumer and how this evolution drives the need for new market research tools.Regardless of size, location, stature, industry, Euromonitor believes that many companies struggle to answer strategic questions: + How do we differentiate ourselves from the competition? +Do our best ideas travel fast enough across geographies? + Will our innovations pay off and generate more revenue for our clients? +What are the preferences amongst consumers that will ultimately drive adoption of our changes / ideas / innovations? + How do we take advantage of dominating industry trends? None of these questions are new, the company notes, but the competitive environment is. Due to globalisation and increasing business complexities, organisations have never been slower to act, Euromonitor says, and minimising risk has never been more important. Getting the right answers depends on the available tools and how well equipped companies are at using them, notes the white paper. One such tool is market intelligence. While ingredients companies have long based decisions on intuition or common sense and relied on strong relationships with partners, they now face increased demand from customers wanting more from their ingredients suppliers, Euromonitor says. This leads towards greater investments in manufacturing facilities, country expansion, acquisitions or mergers; all towards actions requiring serious evaluations of current and future market conditions.The global ingredients industry is complex, requiring analysis from multiple angles, the company continues. Noting that no clear distinction exists among companies as ingredients often have multiple applications. This multidisciplinary approach means that an ingredient geared towards food can quickly transfer to non-food, Euromonitor believes. Moreover, it says, ingredient companies are interrelated so much so that a competitor may become the customer, and vice versa. The white paper analyses the ingredients industry from an end-product perspective with an agricultural background, focusing on broad conclusions, suggestions and applications for players across the ingredients industry. It can be downloaded from the Euromonitor web site.