CPGs Expect Anticipate Next Global Pandemic
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COVID-19 has given food and beverage companies worldwide a crash course in operating during a pan- demic and most expect to be faced with a similar situ- ation again in the future. According to a new study by AIB International, 78 percent of food and beverage executives say they are actively preparing for a future global pandemic, with 30 percent expecting another one within the next four years and 50 percent expecting one within the next decade. “Even after the past year of disruption, almost half of respondents indicated they are still not adequately prepared with a plan for the future. Combined with the fact that 30 percent believe another global pan- demic will occur in next four years –and a full 50 per- cent say within the next 10 years –that lack of pre- paredness is startling,” said Anne Coulter, Managing Director,Research Strategy Group.“Further,62 percent of respondents experienced an increase in operating costs due to the pandemic, while the average increase
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among these companies was 20 percent.” Other key findings from the study include:
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• 61 percent of respondents said their company did not have an adequate plan in place to deal with the COVID-19 pandemic when it began. • 62 percent of respondents said they were not “very prepared” to deal with the COVID-19 pandemic. This included 83 percent of respondents from the retail industry, 57 percent of respondents from processing/ manufacturing, and 66 percent from packaging, stor- age and distribution, import/export and other. • Respondents from companies with revenue of less than $250 million felt less prepared than larger compa- nies for the COVID-19 pandemic. • 76 percent of companies with annual revenue of $1 billion or more reported an increase in operating costs, compared to 62 percent of companies overall. • 19 percent of companies realized an increase in op- erating costs and a decrease in revenue, while another 43 percent saw an increase in operating costs and no decline in revenue. • There were two causes of increased operating costs mentioned most often. 75 percent of companies noted that PPE/updated work environments to meet COVID-19 protocols increased their operating costs, while 74 percent noted that sanitation increased their operating costs. • One third of companies saw a decrease in revenue, and among those the average decrease was 27 percent. • Employee absenteeism and canceled/reduced or- ders were the top issues faced by companies due to COVID-19.
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