Digitizing New Food Product Development
Developing, marketing and selling new food products is one of the most challenging and uncertain aspects for food companies, big and small. Developing a new food product, from ideation to commercialization, involves a multitude of considerations including consumer research, product experimentation & formulation, marketing, regulatory hurdles, packaging considerations and many others.
In addition, consumer product preferences are changing faster than ever. New generations of consumers are more in touch with smaller food brands, have closer ties to a digital native experience and are make purchasing decisions more closely tied to health, nutrition and social preferences. For large food companies in particular, these changes amplify the importance of staying up to date on trends and to incorporate more data into their product development cycles.
Food companies are awakening to their current challenges, and new technologies are coming online to help bring data into the product development cycle, from understanding customer data & trends to quantifying sensory information to automation of product formulation. With these advances, can food product development become more science than art?”