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Summary
Product development teams navigated the pandemic, the post-pandemic supply chain crisis, then a year of soaring ingredient prices. Now they appear ready to swing for the fences, making “really new” product development – not cost control or safe line extensions – their top priority this year, according to results from our 53rd Annual R&D Survey.
It appears they’ll have the money to do so. Product development department budgets are up for 32% of our respondents, the highest number in at least 10 years. A full year after the big cost increases for ingredients and all other things, ingredient prices – the big takeaway from last year’s R&D Survey -- appear to have stabilized.
Among other observations from the survey:
+ 58% are worried about reformulating without some of the ingredients that are or may be banned by some states (such as red dye No. 3, titanium dioxide, brominated vegetable oil).
+ “Only” 23% are using artificial intelligence in their processes. That’s still remarkable progress.
+ 62% think front-of-pack labeling proposals will affect their priorities this year.
+ 64% do not think the GLP-1 weight-loss drugs (Wegovy, Saxendra) will have any impact on their companies’ sales.
We'll analyze all the results from the 14-question survey in this Aug. 20 webinar.
