The COVID-19 pandemic has disrupted global food supply chains and threatened food security for millions of people. The full impact of pandemic on supply chains is still unknown and won’t be known until COVID-19 is controlled.
We are facing a period of uncertainty and after the pandemic it will take time for consumer confidence to build. There is a strong possibility that consumption patterns and buying habits may change permanently and the food industry must rethink how it does business. As we return to our new normal, the industry will need to adapt and change.
In the face of this challenge food companies need to:
The immediate aftermath of the pandemic has seen the collapse of food service, a surge in retail and huge disruption to the food supply chain. The major trends in the immediate future are likely to be:
Recent events are a catalyst for companies to revisit supply chain strategy and accelerate investment in security and capability to secure the short and long-term future.
Our KPMG Food Assurance team is a dedicated cross-functional team of experts which helps food organisations with supply chain governance. The team brings together a wide range of disciplines including technologists, sustainability practitioners, legal professionals, customs and taxation specialists and assurance professionals to help food organisations to enhance supply chain governance.
In a time where there is so much flux, we want to help you for what's next. Contact David Meagher, KPMG Head of Food and Agribusiness to speak about how we can support you through these uncertain times.