The food and beverage industry is changing rapidly and the actions companies take this year are likely to play a major role in defining their future.
The explosion of AI during the past year has provided new capabilities for food developers in arenas such as ingredients, nutrition and sustainability.
Once steady categories such as meat and breakfast foods are facing declining demand as consumer tastes change. At the same time, the once fast-growing plant-based category has witnessed a sharp pullback in consumption, fostering uncertainty within the space as to how it should respond.
Alcohol also is seeing its fair share of challenges. Younger consumers are imbibing less, causing major disruption across the alcohol industry as longtime giants pivot to nonalcoholic and other trendier offerings. Innovation is resurfacing as a priority for several companies within the food space as a way to boost sales and keep their portfolios relevant.
Here are some of the biggest storylines that will play out this year in the food and beverage sector.