Member News & Headlines Blog

CohnReznick is excited to share their newest piece of M&D thought leadership. This article highlights the opportunities available to manufacturers in the Inflation Reduction Act (IRA). The IRA contains over $700 billion allocated towards new climate-related tax credits that can largely benefit manufacturers making advancements in the green-tech space.

The Inflation Reduction Act introduces tax credits specifically tailored to incentivize the manufacturing of clean tech products. Manufacturers engaged in producing eligible clean tech energy and storage components, such as batteries, or mining critical minerals used in these components, may be eligible for federal manufacturing income tax credits on a per unit basis.

The global food color market is set to experience steady growth in the coming years due to several factors. The expansion of the food and beverage industries, rising disposable incomes, and changing consumer preferences are driving the demand for food colors worldwide. As the population grows, there is an increasing need to cater to the rising demand for visually appealing food and beverage products. Food colors enhance the attractiveness of these products, making them more enticing to consumers. Additionally, the rise in disposable incomes has led consumers to allocate a larger portion of their budget towards aesthetically pleasing food items. Furthermore, changing consumer preferences towards natural and clean-label products are driving the adoption of natural food colors sourced from fruits, vegetables, and other plant-based ingredients.

According to market research, the global food color market is projected to reach USD 4.7 billion by 2026, with the Asia-Pacific region expected to witness significant growth. Natural food colors are gaining traction, outpacing synthetic colors, as consumers increasingly prefer clean-label products. The future of the food color market looks promising, with manufacturers and suppliers focusing on innovation and sustainability to meet the demand for visually appealing and natural food and beverage products. Overall, the food color industry is poised for a vibrant and prosperous future.

Read The Bright and Versatile FD&D Yellow 5: A Guide to its Benefits and Applications

Clayco has just released it’s quarterly Cost Index Report which shows how supply chain disruption continues to impact projects across the USA. Highlights: 

• Generally speaking, construction material availability continues to improve with the significant exception of electrical items. However, lead times for both materials and equipment are 3-5X historical averages
• Steel costs continue to increase while drywall and insulation prices are beginning to decline.
• The construction industry continues to be hampered by skilled labor shortages, resulting in project schedule extension and increased costs.
• RS Means City Cost Index shows the Midwest to be tracking at the national average of 1.0 while the Northeast and Western regions are considerably higher at 1.06-1.07.
• • SE/Gulf Coast are tracking well below average at 0.89

On the positive side, current commodity futures look flat which should result in price stability in the short to medium term.

To see the full Clayco Cost Index Report contact Ron Jones.

As the food industry continues to evolve, more companies are realizing the benefits of collaboration and how working together can lead to better products for customers. In this Table to Talk chat, join Edlong leaders Laurette Rondenet, Brenda Dehart, Denise Senter, and Lauren Hopkins as they discuss insights into how collaboration across the industry drives efficient and cost-effective developments for better quality products. From topics such as when to consider flavor in the product design cycle to thinking about what is best for customers, they highlight how Edlong is spearheading collaboration in the industry.

Chicago was named among Food & Wine's Top 10 U.S. Food Cities as part of the magazine's new Global Tastemakers Awards, described as its first-ever "readers’ choice awards celebrating the best culinary experiences and destinations in the U.S. and abroad." Chicago clocked in at No. 6 of the Top 10, while New York nabbed the No. 1 spot and three cities in California landed on the list, two ahead of Chicago.

1. New York, New York                                            

 2. New Orleans, Louisiana                            

 3. San Francisco, California                                      

 4. Los Angeles, California                                        

 5. Portland, Oregon                                                 

 6. Chicago, Illinois                                                    

 7. Charleston, South Carolina                                  

 8. Miami, Florida                                                      

 9. San Diego, California 

10. Austin, Texas   

Stoked is a network of food trucks for which 25-50% of operating time will be spent in food insecure neighborhoods selling food on a donation-priced basis, while the remaining time is spent selling meals at market price in other neighborhoods. These food trucks will be operated and partially owned by entrepreneurs from the local food-insecure community, and representative of its demographics in order to create culturally applicable and locally marketable meals.

Stoked's target beneficiaries are asset-limited, income-constrained, employed (ALICE) consumers for whom time and money are at a premium, fresh produce is difficult to access, and dignity is important. They are led by a wonderful chef, Kiara Jones, who has accumulated over 600k followers on social media for her cooking and has catered throughout Chicago including for some Chicago Bears players! 

Stoked is excited to announce they will be operating on Friday, May 12^th at 58th St & Ellis Ave, Chicago, IL from 11 AM – 1:00 PM.

Recent U.S. findings reported by ofi, a global leader in naturally good food and beverage ingredients, show consumer interest in plant-based products continues to rise, with meat eaters, milk drinkers and vegetarians alike increasingly open to plant-based offerings. Findings showed 55% of consumers increased their intake of plant-based products over the last two years, while 63% expect to use more in the next two years. In the U.S., the plant-based beverages, desserts, and ice-cream market is worth an estimated $4.3 billion in 2022, however, research shows that 7% of consumers switched back to dairy products after not liking the first plant-based product they tried, indicating there’s opportunity for innovation in the space. 

“As the plant-based consumer landscape continues to broaden, food and beverage manufacturers will have new challenges to ensure that their products are meeting consumer expectations,” said, Sonali Dalvi, Vice President of Innovation and Head of ofi’s Customer Solutions Center in Chicago.

This month Edelman is unveiling its latest Trust Barometer for the Food & Beverage sector. Highlights:

The 6th Midwest Food Matters Leadership Awards Gala on May 9th, 2023 will bring together leaders, suppliers and service providers from the many faces of the food industry for an evening of networking and to celebrate the impact, accomplishments and bright promise for the future of the food industry in the Midwest.

Whether you're an industry member, service provider or supplier to food companies, this promises to be a memorable evening of renewing friendships and making new connections for global business opportunities.

All net proceeds from this non-profit initiative will support the important industry-focused non-profits, including the critical mission of the Greater Chicago Food Depository and the innovative food industry support and development programs of Global Midwest Alliance.

The chain restaurant business is one of the most significant segments in foodservice. Technomic’s Top 1500 chains, for example, will deliver nearly $400B of the total $569B in restaurant and bar sales projected in 2022.*

DMA (Distribution Market Advantage) delivers customized distribution solutions to top chains on behalf of the nation’s leading, privately-held, foodservice-focused distributors. This unique position in the industry offers a behind the scenes view of what’s happening in this highly complex supply chain.

• In spite of inflation, consumers continue to dine out and the country’s supply chain continues to be stretched. Technomic projects Fast Casual restaurants to grow sales 2.2% and Fine Dining establishments to jump 6.9% in 2022!**
• Manufacturers are recovering from historically low fill rates into distribution – but are still not 100%. Many have converted available production capacity to grocery items from foodservice skus as well, prolonging supply challenges in this channel.

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Physical warehouse space has filled with extra inventory to assure operators’ supply, while drivers and equipment continue to be challenging to source. The implications to chains are:

• Increased cost to serve from distributor partners
• Less flexibility to offer unique, proprietary menu items
• Challenges executing limited time offers

• Plan new items and LTOs as far in advance as possible.
• Convene all parties – from ingredient supplier through manufacturer to the distributor.
• Deliver analytics – visibility to timely data has never been more important.
• Communicate constantly – collaboration to solve challenges, rather than assigning blame to failures will drive successful execution.

2023 is projected to be a strong year for all commercial foodservice segments. What are you doing to prepare your supply chain to deliver the best solutions?

*Technomic Top 1500 Chains Report, August 2022
**Technomic 2022-23 Wallchart, August 2022