Study finds 30% of F&B execs expect another pandemic in the next 4 years
COVID-19 has given food and beverage companies worldwide a crash course in operating during a pandemic. However, for most of them, their education and preparation doesn’t stop there. According to a new study by AIB International, 78% of food and beverage executives say they are actively preparing for a future global pandemic, with 30% expecting another one within the next four years and 50% expecting one within the next decade.
AIB International commissioned the study to better understand the impact of the pandemic on the food and beverage manufacturing sector and assess preparedness for future pandemics. Research Strategy Group surveyed 325 senior-level North American executives at leading food and beverage manufacturing companies, retailers, distributors and other supply chain partners.
“Even after the past year of disruption, almost half of respondents indicated they are still not adequately prepared with a plan for the future. Combined with the fact that 30% believe another global pandemic will occur in the next four years—and a full 50% say within the next 10 years—that lack of preparedness is startling,” says Anne Coulter, managing director, Research Strategy Group. “Further, 62% of respondents experienced an increase in operating costs due to the pandemic, while the average increase among these companies was 20%.”
“This research highlights the dramatic impacts felt by so many companies in the industry due to a lack of preparedness. Despite the understandable ‘crisis fatigue’ from grappling with COVID-19 over the past year, it’s clear that now is time to prepare for the future and elevate critical planning to a best-in-class standard,” says Steve Robert, global vice president, product innovation at AIB International. “Should a future pandemic occur, improved preparedness will help offset some of the costs and disruption that so many operations have realized over the past year.”