This playbook explores how virtual formulation can accelerate new product development by overcoming rising costs and supply chain challenges.
In the Food & Beverage Industry, new product development (NPD) continues to be on a steep incline—driven by everything from sustainability expectations to TikTok trends.
According to a 2024 survey led by TraceGains, over 75% of F&B manufacturers plan to spend more on NPD this year to remain competitive, reduce costs, and meet consumer demand. Yet despite these efforts, only 25% of CPG innovations succeed.
So, how can F&B companies find success? It’s all about embracing the right path to sourcing suppliers and ingredients that support innovation and experimentation. And this playbook will help you do just that!