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Results From Our Annual R&D Survey: Gain insights on what new consumer trends product developers are chasing

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August 20, 2024 

2:00 PM ET / 1:00 PM CT / 11:00 AM PT / 6:00 PM GMT 
Duration: 1 hour 

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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.

Moderator

Dave Fusaro | Editor in Chief | Food Processing

Dave has been editor in chief of Food Processing since 2003. Before that, he was editor in chief of Dairy Foods and managing editor of Prepared Foods, so he’s been covering the food and beverage industry for 30 years and has visited dozens, maybe 100 or more, food and beverage plants.