What's Happening?
A report from PwC highlights the need for structural changes in the food industry, as traditional business models are becoming outdated. Many companies face discrepancies between financial reporting and operational structures, leading to inefficiencies. The report suggests embracing new capabilities like agentic AI to stay competitive and address challenges such as climate change and consumer preferences.
Why It's Important?
Structural inefficiencies can threaten the survival of food businesses, impacting their ability to adapt to market changes and consumer demands. Embracing new technologies and business models is crucial for maintaining competitiveness and addressing challenges like climate change and health trends. The report underscores the need for innovation and agility in the industry.
What's Next?
Food businesses are expected to reimagine their operations and embrace disruptive technologies to improve efficiency and competitiveness. The focus will be on integrating new capabilities and addressing structural issues to ensure long-term viability. Companies may need to reconsider their market strategies and product offerings to align with changing consumer preferences.
