Long-term market foresights will secure tomorrow’s successful brands.
DuPont Nutrition & Biosciences has taken another step in advancing innovation in the food industry through a new partnership between its Food & Beverage platform and the Institute for the Future (IFTF). The collaboration seeks to drive far-sighted food and beverage innovation that anticipates shifts in market needs.
Food manufacturers have been relying on DuPont’s trend-tracking capabilities to inspire and enable new product development. By partnering with the IFTF, DuPont aims to strengthen the ability to co-create innovation with its customers, and build on long-term forecasts that look at 10 years and beyond.
Birgitte Borch, global marketing leader, Food & Beverage, DuPont Nutrition & Biosciences, explained how the foresight of IFTF will support stronger food brands: “Short-term product development strategies are common in the food industry, where consumer demand constantly changes. It’s not unusual that new food and beverage launches are a knee-jerk reaction to a trend that appears out of the blue.
“Along with IFTF, we will be looking into trend development beyond consumer behaviours and developing strategic foresight with scenarios that impact the food industry in the short- and long-term, to help them get ahead of the markets. This will help our customers navigate in uncertain times and understand the impact on the value chain with a holistic view of the challenges and opportunities. Our work with IFTF will allow us to be prepared with the right solutions, ingredient technology and application concepts, and enable our customers to be more proactive in their product development strategies.”
IFTF’s forecasts are based on a review of social, technological, economic, environmental and political factors.
“Through our partnership with IFTF, we can better understand how these trends will evolve in the future,” Borch added. “This is key to building and maintaining success in fast-moving markets, and will increasingly be part of the conversations we have with food manufacturers.”