According to a TraceGains survey, 58% of CPG companies list supply chain disruptions as their biggest challenge. More than six out of ten leaders claimed to have changed six product recipes. 9 out of 10 said they paid more for products in the last two years, and many increased their prices in return. After the supply chain, the main concerns included labour and material costs, as well as uncertainty in planning and forecasting. To combat the uncertainty, 70% of leaders said that they would increase their supplier diversity. This has given a new chance to big ingredient companies like Ingredion, Kerry, and International Flavours and Fragrances to be a one-stop shop for manufacturers. Despite all the challenges, even during these times, where 35% of respondents felt that their innovation had slowed down, 36% were insistent that it had accelerated.

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