File Name: food and beverage industry .zip
This research investigates the impacts of the novel coronavirus disease, also referred to as COVID pandemic, on the food and beverage industry. It examines both short-term and medium-to-long-term impacts of the pandemic and outlines strategies to reduce the potential consequences of those impacts.
- Instrumentation and analyzers for the food and beverage industry
- COVID-19: Impact on food & beverage consumer products companies
- Food and Beverage Industry
Instrumentation and analyzers for the food and beverage industry
This research investigates the impacts of the novel coronavirus disease, also referred to as COVID pandemic, on the food and beverage industry. It examines both short-term and medium-to-long-term impacts of the pandemic and outlines strategies to reduce the potential consequences of those impacts. To this end, we use a qualitative, multiple-case-study methodology, collecting data from eight sample companies with fourteen respondents in the food and beverage industry in Bangladesh.
The findings show that the short-term impacts of this pandemic, such as product expiry, shortage of working capital, and limited operations of distributors, are severe, while the medium-to-long-term impacts promise to be complex and uncertain.
In the longer term, various performance metrics, such as return on investment by the firms, the contribution of the firms to the gross domestic product GDP , and employee size, are all expected to decrease. Moreover, firms may need to restructure their supply chain and build relationships with new distributors and trade partners. The study proposes several strategies that managers in this sector can adopt to improve resiliency in the changing environment during and after the COVID era.
While this research is novel and contributes to both theory and practice, it does not consider small and medium-sized companies in the food and beverage industry.
Therefore, the impacts and strategies we identify may not apply to smaller companies. Within a short time, the COVID epidemic spread throughout the globe, becoming a true pandemic that has severely affected almost every country. In particular, the world economy faces a negative supply stock because of the pandemic, which has forced factories to keep shutting down, thereby disrupting the global network of supply chains.
Many other industries, such as tourism and hospitality, food processing, education, fashion and apparel, leather, and other retail sectors, have all been affected significantly by COVID pandemic.
Among the many industries impacted by the pandemic, the food and beverage industry is unique, fulfilling some of the most basic needs of humankind. This industry is one of the fast-growing industries in the world. In line with the growth of the food and beverage industry globally, the food-processing growth rate in Bangladesh, which is the context of the current study, was 6.
The total number of people employed in this sector is 1. In short, the food and beverage industry plays a vital role in the national and international economy including Bangladesh. Like other industries, the food and beverage industry has been hit hard by impacts from the COVID pandemic, which has caused enormous losses in many sectors of the global economy.
It is thus all the more crucial to explore the impacts of COVID pandemic on the industry and to consider potential strategies for dealing with those impacts. There are several strands of research on business disruption and its management in the context of the food and beverage industry Bruzzone et al. Some of the latest studies have investigated the impacts of COVID pandemic on the food supply chain, but they have not considered strategies to overcome the negative impacts of the pandemic.
Hobbs assessed the impacts of the pandemic on food supply chain resilience while also discussing the demand-side shocks caused by panic buying and consumption patterns in Canada. However, to the best of our knowledge, no research has yet explored the impacts of COVID pandemic on the food and beverage industry in the context of an emerging economy.
Therefore, this research contributes to the emerging economy by investigating the case of the food and beverage industry which is one of the fastest-growing industries in Bangladesh.
Further, nor have researchers examined strategies for overcoming those impacts and thereby improving resiliency in such contexts. To fill these gaps in the literature, the present study establishes the following research questions. To answer these research questions, the present study investigates the short-term as well as the medium-to-long-term impacts of the COVID pandemic, and considers what strategies management should take to reduce these impacts and to improve resiliency within what is a rapidly changing environment.
This study undertakes a case-study based qualitative approach to investigate the impacts of the COVID pandemic. In this study, a qualitative research technique used as it works efficiently where the numerical data is not available as well as the research questions are exploratory in nature.
Also, it helps to narrow down a vast research field into one easily researchable topic. This paper is organized as follows.
Section 2 presents a review of the research conducted on supply chain disruption and supply chain disruption management, particularly in the context of epidemics and pandemics. The research methodology is described in Section 3. Section 4 discusses the main findings of the study. Managerial implications are discussed in Section 5. This section reviews the extant literature on supply chain disruption to report the current state of knowledge about disruption management in the food and beverage industry, particularly in the context of epidemics or pandemics.
In business and organizational research, risk is generally defined in terms of negative variations from the expected outcomes Miller Disruption, meanwhile, is a particular type of risk that involves catastrophic events Chen et al. Disruption risk can impact the sustainability of the supply chain Moktadir et al. Disruptions, in this sense, have been investigated from two main perspectives in the literature.
The first perspective focuses on the geographical location of the disruption. More specifically, two types of disruption scenarios based on location have been explored: local disruptions and local plus global disruptions Sawik ; Paul et al. In the case of local disruption, the events at issue involve a single factory or supplier, such as a fire or the breakdown of machinery at a specific plant.
The other main perspective on disruption considers the functions of the supply chains that are affected. In this connection, research has considered supply-side disruption Pal et al.
This perspective focuses on how a disruption in a particular function of a supply chain can imbalance the entire supply chain network, due to the ripple effect it creates Kim et al.
Several such strategies have already been recommended and tested in the literature. Moreover, strategies such as emergency sourcing Huang et al. The proper configuration of resources and infrastructure is also required, along with disruption orientation, to ensure that firms can manage disruptions efficiently Ambulkar et al.
These strategies for managing disruption can make a supply chain more resilient Tang Similar to other industries, the food and beverage industries, at any given time, face several disruptions.
The potential disruptions associated with the food and beverage industry arise from many sources in the supply chain, including customers, suppliers at different tiers, internal production processes, and distribution and storage, as well as external environments such as political circumstances and wars Bruzzone et al. Economic growth opportunities in the industry are threatened by such disruptions, which may also, in the process, damage the environment.
When the food and beverage industry loses efficiency due to risks of this sort, it may very well revert to high levels of water consumption and wastewater production Valta et al. Previous research has shown that firms in the food and beverage industry are capable of improving their performance by undertaking efficient disruption management strategies. Thus, Adeleke et al. The existing literature on disruptions in the commercial food and beverage industry has not considered the impacts of epidemics or pandemics on this sector.
Instead, most of the research on the disruptive effects of public health crises of this sort have focused on humanitarian issues, such as how food and other forms of relief can be distributed efficiently Dasaklis et al. Yet commercial firms in the food and beverage industries have been affected by a number of recent epidemics as well as the COVID pandemic Hudecheck et al.
However, the specific impacts of this pandemic on the commercial food and beverage supply chain firms are still unknown, because research in this area has not yet emerged. Therefore, by investigating the impacts of COVID pandemic on the food and beverage industry, the current study can contribute to the literature. Moreover, our focus on strategies for reducing the impacts of the pandemic can serve as a guide for the managers in this sector.
In addition, because we use a developing country, Bangladesh, as a case study for investigating the impacts of the COVID pandemic, this paper can enrich current understandings of how disruptions affect food and beverage supply chains in developing countries Karuppiah et al.
This section provides details about the research methodology, including methods of data collection and data analysis, that we used in our study. This research adopts a qualitative, case-study-based methodology. Qualitative research, which collects and works with non-numerical data, is a method used to narrow down a vast field of research into one easily researchable topic Creswell It seeks to interpret the meaning and provide an in-depth understanding of a particular situation or problem Mohajan Given that the current COVID pandemic is a unique type of supply chain disruption, it is important to conduct an in-depth study to determine the short-term and medium-to-long-term impacts of the pandemic and to consider how companies in particular industries can minimize its impacts.
Hence, we use a case-study-based analysis as the most appropriate approach Yin We used semi-structured interviews to gather data from respondents, with interviews being the most commonly used source of data in case-study-based research Eisenhardt ; Sharan The interview protocol is provided in Appendix A; we used this protocol to collect data from the respondents. The study gathered data from fourteen respondents in eight companies, compiling an amount of information that is sufficient to understand the phenomena under investigation Yin : namely, the challenges of operating in the food and beverage industry of Bangladesh during the era of COVID Persons involved in managing the operations were selected for the interviews, since they have knowledge about the impacts of COVID pandemic—knowledge that can inform possible strategies for responding to its impacts.
Moreover, in selecting the respondents, we ensured that they had significant work experience in the industry. As shown in Table 1 , most of the respondents have ten or more years of experience in this sector.
The interviews were conducted either via face-to-face meetings or over the phone, using the interview protocol provided in Appendix A. We collected data from the food and beverage industry in Bangladesh, in part because this industry contributes substantially to the economy of Bangladesh.
The food and beverage industry is a fast-growing industry in Bangladesh. The industry employs around 1. The industry also contributes substantially to the GDP of Bangladesh.
Thus, in , the contribution of the food and beverage sector to the GDP of Bangladesh was 1. However, due to COVID, this industry is facing enormous challenges, which need to be investigated thoroughly so that managers can formulate proper strategies in response Kalerkantho, Our study systematically analyzes the data we collected by categorizing and comparing the interviews Yin ; Signori et al.
We carefully reviewed the interview data in order to identify the main short-term and medium-to-long-term impacts of the COVID pandemic. Interestingly, most of the respondents converged in their accounts of the key short-term and medium-to-long-term impacts and of the best strategies for overcoming them.
Table 1 shows the profiles of respondents and the representative companies. This section presents the primary findings of the study. The findings are presented in two sub-sections: the impacts of the COVID pandemic, and potential strategies to reduce or mitigate those impacts.
We set out to investigate both short-term and medium-to-long-term impacts of COVID pandemic on the food and beverage industry in Bangladesh, and our discussions with the respondents from the representative companies clearly indicate that this pandemic has had both types of impacts.
While several areas of our business have already been impacted, we think the impacts will be greater in the post-COVID era. Several respondents mentioned product expiry as one of the short-term impacts of the pandemic. Their products had been placed in retail stores in March to meet the demand of the peak buying season March through June , but those products now had a high chance of reaching their expiry dates.
However, since most of the retail stores and restaurants were closed during April and May due to government restrictions, we are very much concerned about the expiry of these products.
The second short-term impact that emerged from our discussions with the participants is the shortage of working capital during this crisis period. Hence, our cash inflow is far below what we expected.
For example, due to reduced cash inflow, companies are struggling to carry out normal operating expenditures, such as paying the salary of the staff, covering the rent of the factory and warehouses, and taking care of utility bills, the interest charges from bank loans, and other operating expenses. Moreover, companies are struggling to open a letter of credit LC in order to obtain source materials that would allow them to meet future demand.
Given that companies are currently facing the problem of product expiry, they are planning to keep materials ready for the future and restart production when the public-health restrictions are eased. Their aim is to ensure that they do not lose any future sales due to a lack of materials or internal production problems.
COVID-19: Impact on food & beverage consumer products companies
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Food and Beverage Industry
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