Annual review: Industry resilience shines through as inflation, war and supply chain disruptions dominate 2022
23 Dec 2022 — The Russian invasion of Ukraine dominated headlines this year, immediately impacting food supply chains and escalating problems with wheat, oil, and other commodity supplies throughout 2022. As war raged on, the number of food businesses pulling out of Russia grew while concerns over food availability and the dampening of breadbasket production also spiked.
Food inflation was – and continues to be – everywhere. However, innovation hasn’t declined this year, with NPD flourishing across many F&B categories. Moves in cultured meat gathered pace with commercialization edging ever closer. Also, the plant-based space still showed growth in many quarters – although there are roadblocks on taste and texture to overcome – while personal and environmental health continued its stronghold over product development and consumer purchasing decisions. Meanwhile, a new trend emerged, as Innova Market Insights spotlighted “Redefining Value” as its Top Ten Trend for 2023.
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