How we helped one of the world’s largest food companies enter markets with their new food product.
Entering a market, even with full knowledge of the local laws and regulations, can pose significant risks to the business due to uncertainties in new business environments. As one of the most regulated sectors in the world, the food industry is witnessing a growing number of regulatory changes across different jurisdictions, and food companies operating globally are facing more challenges to navigate an increasingly complex network of food regulations.
Our client planned to introduce a new food product to 30 markets where they are present. They aimed to anticipate risks and identify opportunities related to key topics such as consumer labeling, ingredients, product claims, and/or regulatory initiatives that could affect the front of pack labeling, and changes to local packaging regulations.
RegASK provided the client with its regulatory intelligent solution – RegALERT – to detect changes related to food regulations, and conduct global regulatory Horizon Scanning to monitor emerging trends and changes in policies, technology and science requirements, stakeholders, and consumers’ perceptions, and to anticipate early potential disruptors or areas of opportunities.
RegASK’s RegALERT and Horizon Scanning assessed the different levels of Potential Developing Regulatory Risks and Opportunities and indicated how they could support the client’s decisions regarding the geographies they were targeting.
For instance, one of the key findings was the division of the countries regarding their labeling policies on the long-term consumption of the client’s ingredients.
Another key finding was that labeling requirements are changing in light of new scientific research and new regulatory initiatives.
These findings have helped the client stay alert to potential risks and opportunities.