Summary of the Dried Herbs and Spices Industry
Dried herbs and spices are the most common form of seasoning used by companies operating in the food and beverage industry. Though the demand for herbs and spices is particularly high in regions such as Spain and Poland, they are gradually gaining popularity among global consumers owing to their longevity and ease of storage.
The industry also faces challenges in the form of multiple external factors. One such challenge is that they are susceptible to substitution with artificial flavors. Substitution turns out to be the only real threat in the food and beverage industry. However, the threat of permanent or temporary substitution is particularly relevant for expensive herbs and spices that face a supply shortage, such as vanilla. To overcome such challenges, leading players in the food and beverage industry have developed sophisticated systems to meet the requirements of food legislation, customer demands, and market needs.
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- Ensuring the Sustainability of Products: Identifying key strategies to maintain quality and enhance sustainability is a major challenge for players in the dried herbs and spices segments. However, implementing state-of-the-art R&D systems that are well-equipped to identify key characteristics of dried herbs and spices helps differentiate the product offerings.
- Growing Competition: The competitiveness of the herbs and spices industry value chains are constantly being impeded by limited supplies, high cost, and less potential for value addition. Also, the widening gap between supplies and the management capacities to deliver it to customers posses a major threat to competitiveness.
About the Client
A leading food and beverage industry firm specializing in the manufacturing and supply of dried herbs and spices.
To identify and utilize resources that would help them optimize trade spending dollars, a leading dried herbs and spices manufacturer approached Quantzig to leverage trade promotions optimization. The client wanted to devise an end-to-end collaborated trade planning process by implementing suitable tools. Furthermore, with the help of trade promotions optimization solution, the herbs and spices manufacturer wanted to generate an estimate of future returns on promotional investments based on diverse promotional mix scenarios.
Owing to our expertise in supporting clients from various industries, we are best positioned to use our analytics capabilities to serve your interest. Request a free proposal to learn more about our trade promotion effectiveness analytics solutions.
With the help of Quantzig’s trade promotions optimization solution, the herbs and spices manufacturer performed an ROI analysis of promotional events, which helped them change their organizational design and implement enhanced trade programs. Additionally, the team seamlessly integrated data across several marketing channels, which offered advanced capabilities that helped the client enhance their decision making to improve trade spending efficiency.
Trade Promotions Solution Insights
Quantzig’s trade promotion optimization solutions help herbs and spices manufacturers to build strong foundational functions for trade promotions management. It also enables organizations to incorporate more sophisticated analytics that will help them drive cross-functional performance and enhance spend effectiveness. It also helps consolidate data from several sources to gain an in-depth understanding of the customers; thereby, facilitating the development of better strategies.