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Deloitte.
2024consumerproducts
industryoutlook
Asprice-takingrunsitscourse,theindustrymayturnto‘profitablevolume’
2024consumerproductsindustryoutlook
Contents
Executivesummary3
Methodology4
WhatsetProfitableGrowersapart5
Theprice-focusederaislikelyover7
Theprofitablevolumeplaybook8
Volume8
Profitability9
Anagendaforaction12
Outlookdeepdives13
Authorsandacknowledgments21
2024consumerproductsindustryoutlook
Executivesummary
So,whatnewgrowthformulamightcutthetension?Ifpricehas
runitscourse,companiesmayneedtopivottovolume.Butnotallvolumeisequal.CompaniesthataspiretoProfitableGrowerstatusin2024mightconsiderprofitablevolume.Thatmeansexecutingaplanthatcarefullygrowsvolumewithaninnovativeandmore
profitableproductmixwhileretainingasmuchpricingaspractical.
Whatfollowsisourprofitablevolumeplaybook,derivedfrom
financialperformanceandearningstranscriptanalysis,subject-matterspecialistinterviews,andaglobalsurveyof250consumerproductexecutives.Itscomponentsincludemovestoboostbothvolumeandprofitability:
Volume
•Targetedadvertisingandpromotion
•Precisiongrowthmanagement
•OpportunisticM&A
Profitability
•Arebalancedmix
•Strategicinnovation
•Enhancedoperationsandsupplychain
Ofcourse,thesefactorsareintertwined:mixaffectsprice,price
affectsvolume,andsoon.Thekeyisfindingtherightbalanceamongthemtodriveprofitablevolume.Eachleadershipteamacrossthe
C-suiteshouldownpartoftheagendatohitthemark(seefunction-basedquestionsinDeloitte’s‘
agendaforaction
’).
Whilewinningapproachesto2024mayrevolvearound
fundamentalslikeprice,volume,andmix,leaderswillalsolikely
confrontnewerchallengeslikeGenerativeAI,GLP-1(i.e.,thenewweight-lossdrugs),oremergingregulationsliketheCorporate
SustainabilityReportingDirective(CSRD).Ouroutlookconcludeswithaseriesof
deepdives
thatincludeamacroeconomicoutlook,aviewfromeachoftheindustry’ssubsectors,executive
perspectivesonGenerativeAIandGLP-1,areviewofemergingregulations,adatabankofadditionalsurveyresults,andaviewofthemegatrendsaffectingtheindustry’slong-termfuture.
Forthepastfewyears,theplaybookfor
consumerproductcompanies—spanningfoodandbeverage,householdgoods,
personalcare,andapparel—reliedonprice-taking.Inputcostsrosedramatically,1so
pricehadtofollow—tonear-unprecedentedlevels.2Companiesdidalltheycouldto
controlcoststolimitpass-through,3andpremiumization4helpedjustifywhattheycharged.Butthenameofthegamewasprice.
Thatstrategyseemstohaveworkedforseveralcompanies.Lookingatthehighestperformersamongtheglobaltop100companiesintheconsumerproductsindustrybyrevenue,weseesomewereabletoraisepricesasmuchas,ifnotmorethan,others,withsmallerhitstovolumeandmoremargingrowth(see
methodology
).Thelargergroupofthese“ProfitableGrowers,”whichoutperformsonfive-yearrevenuegrowthandreturnonassets(ROA),revealsimportant
lessonsaboutpricingpower,revenuegrowthmanagement(RGM),innovation,supplychainsmarts,andawillingnesstopruneand
refreshtheirbusinessportfolioandproductsetperpetually.
Thoselessonswilllikelybeimportantin2024,buttheworldis
changing.Furthersignificantpriceincreasesmightnotbepossibleinanuncertaineconomywhereretailersarepushingbackand
consumersareunwillingtopaymoreandoftentradedown.5Theindustrymayneedtolookforanewapproach.
Navigatingawayfromprice-takingtoadifferentgrowthformulamaybecreatingtensionintheindustry’sviewoftheyearahead.Theconsumerproductexecutiveswesurveyedarequitebullishontheindustry’sprospectsandtheircompany’sstrategyand
performance.However,theiroptimismstartstowanewhen
pressedontheirabilitytosucceedonthespecifics—areaslike
unitvolume,pricing,orabilitytogrowmargins.Theyarealso
decidedlyrealistsregardinggeopoliticsanddon’tfeelparticularlyoptimisticabouttheglobaleconomydespiteastrongerendingto2023thanmanyexpected(see
themacroeconomicoutlook
fromDeloitteGlobalChiefEconomist,IraKalish).
3
2024consumerproductsindustryoutlook
4
Methodology
Weanalyzedaworldwidesetofthelargest100publicconsumerproductcompaniesby
revenue,drawnfromS&PCapitalIQandfilteredforindustrydefinitionalfit(e.g.,excludinghigh-endluxury,tobacco,conglomerateswithlessthan50%ofrevenuefromconsumer
products).Wethenusedafive-yearcompositepercentileindexofbothtop-linegrowthandefficientuseofassets(measuredinreturnonassets)toassessrelativesuccess.
Deloittealsoconductedaglobalsurveyof250consumerproductsexecutivesspanning
foodandbeverage,householdgoods,personalcare,andapparel.Allrespondentswere
seniordecision-makersatcompanieswithmorethan$500millioninrevenue(mostabove$5billion).Theyweresourcedproportionallytoroughlymatchthegeographicmarketsandsubsectorsinthetop100globalconsumerproductscompanyfinancialanalysis(figure1).
Surveyquestionsweredevelopedthroughananalysisoftrendingtopicsfoundincompanyreports,earningscalltranscripts,andanalystreports,aswellasthroughexploratorysurveysandinterviewswithfinancialanalysts,investors,andDeloitteleaders.Wealsodeployed
manyofthesesamemethodstodeterminewhathigh-performingcompanies(onrevenueandROAindexes)weredoingdifferentlyfromthelower-performingcompaniesinour
financialanalysis.
Figure1:Top100globalconsumerproductcompaniesbysubsectorandgeography
Restof
Europe
12
pe
UK
4
France
5
Restof
APAC14
Others4
APAC
31%
Japan11
North
America
40%United
States35
China6
Canada2
Mexico3
Beautyandpersonalcare10
Fashionand
apparel
13
Foodandbeverages
67
Householdproducts
10
Note:Onecompanywasremovedfromsubsequentanalysisgivenrecent(2022)listingandoutsizedgrowth.Weanalyzedaperiodoffiveyearstogetagoodcoverageofpre-pandemic,pandemic,andpost-pandemic/highinflationperiods.
Source:Analysisofthetop100consumerproductcompaniesbasedonFY22revenuefromS&PCapitalIQ.
2024consumerproductsindustryoutlook
5
WhatsetProfitableGrowersapart
Weanalyzed100consumerproductscompanies6fromaroundtheglobetoidentifythosethatoutperformedtheirpeersonrevenuegrowthandROAacrossthefiveyearsthroughfiscalyear2022(figure2).Thelatterhalfofthis
periodwascharacterizedbyprice-taking,aspandemic-drivendemand,supplychainwoes,andhighinflationacrosstheeconomysettheconditionsforhigherprices.
Figure2:Assessingcompaniesonfiveyearsofrevenuegrowthandreturnonassets
Foodandbeverages
Fashionandapparel
Beautyandpersonalcare
Householdproducts
Sizeofbubble=FY2022revenue
Revenuegrowth:FY2018–2022compositepercentileindex
Under-utilizedgrowers
Profitablegrowers
Underperformers
Efficientperformers
100
90
80
70
60
50
40
30
20
10
0
0102030405060708090100
Returnonassets:FY2018–2022compositepercentileindex
Note:Onecompanywasremovedfromsubsequentanalysisgivenrecent(2022)listingandoutsizedgrowth.Weanalyzedaperiodoffiveyearstogetagoodcoverageofpre-pandemic,pandemic,andpost-pandemic/highinflationperiods.
Source:Analysisofthetop100consumerproductcompaniesbasedonFY22revenuefromS&PCapitalIQ.
Notably,theupper-right-quadrantcompanies—theProfitableGrowerssoughtoutbyinvestors—comefroma
cross-sectionofcategories,countries,andsizes,makingtheirexampleapplicableacrosstheindustry.Theyalsooutperformedonotherimportantdimensions,includingtotalshareholderreturn(TSR),price-to-equityratio(P/E),andprofitmargin7(figure3).
2024consumerproductsindustryoutlook
6
Averagerevenuegrowth:FY2018–FY2022
6.9%
Figure3:Bythenumbers
Under-utilizedgrowersProfitablegrowers
Numberofcompanies21
Avg.annualrevenuegrowth11.6%
Avg.ROA4.1%
Numberofcompanies26
Avg.annualrevenuegrowth11.6%
Avg.ROA9.6%
Avg.EBITDAmargin
Avg.ROIC
Avg.forwardP/EAvg.5-yr.TSR
12.3%3.6%16.51%
Avg.EBITDAmargin
Avg.ROIC
Avg.forwardP/EAvg.5-yr.TSR
20%8.6% 21.210.3%
Numberofcompanies31
Avg.annualrevenuegrowth2.2%
Avg.ROA3.7%
Numberofcompanies21
Avg.annualrevenuegrowth3.2%
Avg.ROA8.4%
Avg.EBITDAmargin
Avg.ROIC
Avg.forwardP/EAvg.5-yr.TSR
14.5%1.9%19.4
-1.4%
Avg.EBITDAmargin
Avg.ROIC
Avg.forwardP/EAvg.5-yr.TSR
20.2%5.8%19.80.9%
UnderperformersEfficientperformers
6.3%
Averagereturnonassets:FY2018–FY2022
Note:Average=averagerevenuegrowthorROAforFY2018–2022fortheuniverseselected.Onewasremovedfromanalysisasanoutliergivenrecent(2022)listingandoutsizedgrowth.LatestdateforTSR&Fwd.P/E:Dec31,2022.Source:Analysisoftop100CPGcompaniesbasedonFY22revenuefromS&PCapitalIQ.
ProfitableGrowers’keystosuccess
Acloselookatfinancialreports,calltranscripts,analystassessments,andsurveydataforcompaniesmostclosely
alignedtotheprofiles8highlightsseveralvitalcharacteristicssharedbyProfitableGrowers.Whilethesestrategies
ledProfitableGrowerstosuccessduringthefiveyearsthrough2022,severalofthemwilllikelyremainpowerful
componentsoftheprofitablevolumeplaybookgoingforward.Incontrast,lower-performingcompaniesinourfinancialanalysismadedifferentmoves:
ProfitableGrowers
•Morepricingpower.ProfitableGrowerscouldraisepricesasmuchasormorethanothercompanieswhilebettermaintainingvolumeandincreasingprofits.9
•Moreinvestmentintheircorebrandstogainpricingpower.ProfitableGrowers’five-yearaveragepercentageofrevenuespentonsalesandmarketingwasmorethan110basispointshigher
thanothers.10
•ImprovedRGMsystems.Inoursurvey,66%ofcompanies
alignedtoourProfitableGrowersprofileinvestedinRGMsystemsversus49%ofcompaniesnotgrowingbothrevenueandprofit
(i.e.,allothercompanies).Inadditiontohelpingsetpricing,thesesystemsgaveProfitableGrowerstheanalyticstoadjusttheirprice-
packarchitecture(68%didso,comparedto51%ofallothercompanies).
•Embracedaproductinnovation-drivenstrategytosupportpricesandmargins.11
•Focusedonsupplychainstabilityandenhanceddatacapabilities(73%versus60%).
•Perpetualportfoliotransformation,quicklydivesting
underperformersfromentirebusinesslinestoindividualSKUs.12
Othercompanies
•Failedtorespondtotheconsumer-demandpivotfrom
goodstoservicesspending.Theyendedupwithconsiderableexcessinventory,withbothretailersandintheirwarehouses,thattheythenhadtodiscount.
•Failedtoinvestappropriatelyininnovation,withmoremarketmissesandlessbenefitfrompremiumization.
•Poorprocurementmanagementandhedgingstrategiesleftthesecompaniesrelativelyexposedtohighercommodityprices.
•Stuckinslowergrowthcategorieswithmoreprivate-labelcompetition.
•MoredifficultyincorporatingacquisitionsthanourProfitableGrowersexperienced.
2024consumerproductsindustryoutlook
7
Theprice-focusederaislikelyover
Surveyedconsumerproductcompaniesareshiftingawayfromprice:Just2%emphasizepricefor2024,andhalfdon’tthinktheycancountonpriceasasourceofgrowth(figure4).Weseethreereasonswhysignificantprice-takingislikelycomingtoanend:
Consumersarelesswillingandabletopay.13Someareforcedtobecomemore“choiceful”withtheirpurchases.14Industryexecutivesinoursurveycalledoutconsumerbifurcationintohavesandhave-nots(46%)anddecreasedwillingnesstopayhigherprices(33%)astwoofthetopthreemostsignificantconsumerchallengesfor2024.Fewexecutivesthoughttheycouldcontinuetoraisepriceswithoutmateriallydecreasingconsumerdemand.
Higherpricescreatednewcompetitionfromunexpected
substitutes.Pricehasincreasedsomuchonmanyitems,especiallyinfoodandbeverage,thatconsumersmaybelookingtofulfill
oldneedsinnewways—creatingunexpectedcompetitionfor
consumerproductcompanies.Forinstance,ifadeliveredpizza
fromarestaurantisascheapasorcheaperthanonefromthe
grocer’sfreezeraisle,spendingmayshift.Almostsevenin10foodandbeverageexecutives(68%)expectincreasedcompetitionfromfastfoodandquick-serverestaurants.(Formoresubsector-specificfindings,see
Dive2
.)
Retailersmayhavehadenoughofpriceraises.Throughthe
heightsofinflation,retailersletsignificantpriceincreasespass
throughwithsomesympathy.Butthatleniencycouldhavebeenaonce-in-a-generation(relatively)freepass.15Fourin10executivesinoursurveyagreethatretailerswouldpushbackonanymeaningfulpriceincreasesin2024.
Figure4:Theindustryshiftsfrompricetoprofitablevolume
Q.Ittakesacombinationofprice,volume,andproductmixtodriveprofitablegrowth.Knowingthateachcomponentisimportant,whichofthethreewillreceivethemost
emphasisinyourstrategyfor2024?
Raiseprice
2%
Increaseunitvolume
36%
Shiftthemixtomoreprofitableproductsandpacksizes
62%
Source:BasedonDeloitte’sanalysisofexecutivesurveysforthe2024ConsumerProductsIndustryOutlook(N=250).
2024consumerproductsindustryoutlook
8
Theprofitablevolumeplaybook
Theprofitablevolumeplaybookisaboutcarefullygrowingvolumewithaninnovativeandmoreprofitableproductmixwhileretainingasmuchpricingaspractical.
Volume
Inthepastfewyears,volumesufferedfromhigherpricesandreducedadvertisingand
promotion.16Somecompaniesfacedsupplyandproductionconstraintsthatmade
promotionalspendingunproductive.Butnow,sevenin10(72%)executivessaidtheymustincreasetheirunitvolumetomeettheir2024performancegoals.
Additionally,sixin10executivesinoursurveyrecentlymadeasignificantexpansionintheirproductioncapacity.Companiesthatexpandedproductioncapacitylikelywillhaveadditionalincentivetodowhatittakestokeepvolumeshightospreadthatcost.
1.Targetedadvertisingandpromotion
In2024,weexpectthependulumtoswingbacktomorespendingonmarketing.Overthecomingyear,68%oftheexecutiveswesurveyedsaidtheircompanieswillincreaseadvertisingandmarketing
spendingasapercentageofrevenue,while64%willbedoingmorepromotionalspending.Two-thirdsofexecutives(66%)planto
emphasizetheircompany’sexistingcorebrandsintheirmarketingovernewbrandintroductions—atooltomaintainpricingpower.
Amajorityalsoplantoincreasetheproportionofmarketingdollarsspentondigitalmediumsaspartoftheireffortstoincreasevolume.Digitalmediumsalsoenablewhatour“
Futureoftheconsumer
industry
”researchidentifiesasashiftfrommasstomicro—fromasupply-drivenapproachtoonedrivenbydemand(formore
information,see
Dive3
).Highlypersonalizeddigitalmarketingandpromotionshouldyieldhigherreturnoninvestment(ROI),akeyconsiderationwhensomeresearchsuggeststhatreturnonad
spendingisnowhardertocomeby.17
It’sworthnotingthatsomeanalyststhinkcompaniesmaypanic
aboutvolumeandpromotetoomuch.Wedon’tsharethatconcern.Forward-thinkingcompanieswillshowrestraintandmanagetheirvolumegoalswithfinesse.
2024consumerproductsindustryoutlook
Figure5:Mentionsofrevenuegrowthmanagementinearningsdocumentsfortheglobaltop
100consumerproductscompaniesbyrevenuehavedoubled.
Mentionfrequencyamongthetop100consumerproductscompaniesbyrevenue
160
140
120
Numberofmentions
100
80
60
40
20
0
RGM
Q1
2018
Q2Q3Q4Q1
2019
Q2Q3Q4Q1
2020
Q2Q3Q4Q1
2021
Q2Q3Q4Q1
2022
Q2Q3Q4Q1
2023
Q2Q3
Source:Deloitteanalysisofearningscalltranscriptsforthetop100globalconsumerproductcompaniesfrom
2018throughQ32023.FrequencycountswereobtainedthroughAlphaSensequeries.
2.Precisiongrowthmanagement
ManyconsumerproductcompaniesgainedsharperrealizationoftheneedforRGMduringthetumultofthepastfewyears,during
whichtimementionofRGMinearningscallsdoubled18(figure5).
ThedriveforvolumewillputRGM,partofthenewageofalgorithmsandautomation,moresquarelyunderthespotlight.
RGMcapabilitiescanincludepricesettinginthecontextof
competitorsontheshelf,targetedpromotionstrategies,white-
spaceexpansion,changestotheprice-packarchitecture,retailer
profitabilitymanagement,andconsumerperceptionshapingaroundcategories,amongothers.19Almostsixin10executivessurveyed
haveimprovedtheircompany’sRGMcapabilitiesoverthepastthreeyears.Thesamenumbersaysthecapabilitywillplayasignificant
roleintheirsuccessin2024.
GenerativeAImayplayaroleintheseefforts,asRGMwasoneofthetoppotentialusecasesforthetechnology,foundinoursurvey,amongthoseidentifiedbytheDeloitteAIInstitute.20
(SeeDive4
)
3.OpportunisticM&A
Afteradownturnindealmaking,2024couldseethereturnof
M&Aactivity—especiallybyProfitableGrowers.Morethanhalf
(55%)oftheexecutiveswesurveyedthinktherewillbegrowthin
theindustry’stotalacquisitionsintheyearahead.And89%say
expandingbyacquisitionisapriorityfortheircompanyin2024.Infact,morethanathird(36%)ofProfitableGrowerssaygrowthby
acquisitionisoneoftheirverytoppriorities(relativeto28%ofothercompanies).
Therearegoodreasonswhyactivitymightbepickingup,despiteconcernthatUSantitrustauthoritiesappeartobetakinga
moreaggressiveapproach.21Economicuncertaintyandhigher
interestrateshavedecreasedvaluationsforpotentialacquisition
targets,makingthemmoreattractive.22Accordingtoourinvestor
conversations,boarddirectorsincreasinglyaccepttheircompany’slowervaluationsandaremoreopentosales.Highinterestratesmayalsodissuadeprivateequityinvestors,severalofwhichusedebt
fundingforacquisitions.Thatdynamiccangiveconsumerproduct
companieswithstrongcorporatebalancesheetsanadvantagewhencompetingfordeals—and70%ofexecutivesinoursurveyfeeltheirbalancesheetwouldbeaplusinanacquisitionrelativetoprivate
equitycompetition.
Asforthetypeofacquisitionsthey’llpursue,“bolt-on”isusually
oneofthefirstphrasesexecutivesusedininvestorcalls.However,companieswesurveyedseementicedbyacquisitionsthatwould
bringthemtoanew,high-growthbusinessormarket(58%).Othersareinterestedinacquisitionstosupportaverticalintegration
strategy(62%).Wesawsimilarinterestlastyear,especiallyfrom
9
companiesontrackforprofitablegrowth.Verticalintegrationmayhelpcompaniesgaingreatercontroloftheirvaluechain,ensuresupply,andprotectmarginsfrominputcostincreases.
2024consumerproductsindustryoutlook
10
Profitability
Ofcourse,highervolumenumbersneedtohaveapositiveimpactonprofit.Whileeach
additionalunitsoldhelpstooffsetfixedcosts,productsthatcarryhighermarginscandoitmorequickly.Andifyoucanloweryourfixedcosts,too,allthebetter.That’sespecially
importanttoday,aswetransitionfrominvestorsandmanagementteamspursuingrevenuegrowthatalmostanycosttomorefocusonprofitablegrowth(two-thirdsofoursurvey
respondentsagreethegoalhaschangedtoprofitablegrowth).
1.Arebalancedmix
Consumerproductcompaniesmaypullseveralleverstoproduceamoreprofitableproductmix.Forinstance,theycanshifttheirprice-packarchitecturetobetteraddressconsumerneeds,occasions,
andvaluepointswhileattemptingtoengineerbettermargins.Thisstrategyisespeciallyprevalentinthefoodandbeveragespace,andwithsomehouseholdgoodsandpersonalcareproducts.Overallinoursurveysixin10plantochangetheirprice-packarchitectureintheyearahead.
Somecompaniesarealsoimprovingthemixbydiscardingpoor
performers.In2020and2021,consumerproductcompaniesdidafairamountofSKUrationalizationtofreeproductionlinestomeetdemandfortheirmostessentialproducts.23Butpruningaway
low-performingproductsandbrandscanalsoincreasetheaveragemixmargin.Sixin10(61%)executivessurveyedsaybrandorSKUrationalizationisapriorityfor2024.
Moreradicalchangescaninvolvedivestingentirebrandsorlinesofbusiness.Justoverhalf(52%)ofexecutivesinoursurveysaytheircompanieshavemadeitaregularpracticetodivestlow-performinglinesofbusiness.
Inthelongterm,asweanticipatemoreradicalindustryupheaval
fromlowerbarrierstoentry,companiescanlooktoanimprovedmixthatincludesnewproductsthattakethembeyondtheirtraditionalportfolio.Morethanhalf(57%)oftheexecutiveswesurveyedagreethatthegrowthofcapability-as-a-servicewillbreakdowntraditionalbarrierstoentryanddrivethereconfigurationoftheindustry.
Forexample,considerthehighlyprofitableretailmediaadssome
retailershavestartedsellingintheirdigitalstorefronts.24Meanwhile,64%ofconsumerproductexecutivessayhybridmodelsthat
combinegoods,services,anddigitalexperienceswillincreasinglydriveindustrygrowth.
2.Strategicinnovation
Innovativeproductstendtocommandhighermargins,driving
eightin10executivessurveyedtoincreaseinvestmentsinproductinnovationin2024.
Butthisisn’tnecessarilyasimplestory.Newinvestmentsjoina
backlogofinnovationsthatweredevelopedbutheldbackduringthepandemic.25Gainingshelfspaceinanenvironmentwithlotsof“newandimproved”productscouldprovechallenging.So,whatkindsofinnovationcansucceed?
Premiumization,anessentialstrategyofthepastfewyears,lookssettocontinue.26Thesesuperiorproductstendtocommandhigherprices—alongwithhighermargins.However,itremainstobeseenifconsumersstillhavetheappetitetospend.Companiesshould
considerleavingroomintheirportfoliossoconsumerscantradedowntovalueofferingswithoutleavingthebrand.
Additionally,companiesshouldseeknet-newinnovativeproducts—notjustsuperiorversionsofexistingones—tobreakthroughon
sales.That’sespeciallytruewhenword-of-mouthrecommendationsviasocialmediamakeproductefficacyarguablymoreimportant
thanads.Thisissomethingsurveyedexecutivesintheindustry
recognize,with62%agreeingtheywillneedtobeinnovativein
findingnewersourcesofprofitsaswhohasmoneyandwhatisvaluechanges.
Sustainabilityisanotherareaofferinginnovationopportunities.
Threeinfourexecutivessurveyed(76%)saidtheircompany
embracesa“circulareconomy”model—encouragingthereuse,
recycling,refurbishing,orrepairofgoods.Giventhattwo-thirds
(66%)inoursurveyagreethatconsumerswillincreasinglyinsisttheindustrybecomesmoreresponsible,thistypeofinnovationcouldappealtonewbuyerswhilepotentiallyreducingcosts.
2024consumerproductsindustryoutlook
11
Lookingfurtherahead,newtechnology,acrossseveraltypes,is
transformingconsumerdemand.Nearlytwo-thirds(60%)ofthe
executiveswesurveyedsaytherapidevolutionofITandbiotech
willchangethetraditionalboundariesoftheindustry.Forinstance,ifGLP-1agonistdietdrugsdoturnouttoshiftdemandinfoodand
beverage,traditionalofferingscouldtakea
hit(seeDive5
).Onthe
upside,productinnovationmayencompassnewcompanionofferings—supplementalproteinshakes,probioticfoodsthatcalmnausea,
portion-controlledofferings,etc.—thatarepartofthenewlifestyleforpatientsonthesedrugs.27Theseproductscouldbepersonalized,
aligningwithasignificantindustryshiftfrommass
tomicro.Indeed,62%ofexecutivesinoursurveyagreethattheindustrywillshiftfrommassproductiontopersonalizedproductofferingsovertime.
3.Enhancedoperationsandsupplychain
Companiesshouldprocureinputs,produceproducts,anddistributethemtoretailersasefficientlyaspossible.Profittakesahitif
thesefundamentaltasksaren’tmanagedwellorareimpactedbydisruptionandcan’trecoverquickly.(See
Dive6
fordataoncost-cutting,labor,andmore.)
Itfollowsthatoperationalresilienceremainsakeypriorityin
theprofitablevolumeplaybook.Geopoliticaldisruption,naturaldisasters,laborstrikes—consumerproductcompaniescantakenothingforgrantedin2024regardingtheirabilitytooperate.The
industrycanhopeforthebestbutshouldplanfortheworst,takingstepstoincreaseoperationalresilienceandcontingencyplans.Intheprocess,companiesshouldconsidertakingamoreflexibleapproachtomanagement.
Perhapsunsurprisingly,improvingsupplychainperformanceisatoppriorityofsurveyedexecutiveswhencombiningthosewhosaidit
wasaclearpriority(50%)withthosewhoidentifieditasoneoftheirtoppriorities(48%).CompaniesacrosstheindustrymayconsidertakingacuefromProfitableGro
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