• About
  • Advertise
  • Careers
  • Contact Us
Thursday, June 26, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home News

Business Interruption Tops Allianz Risk Barometer for Food and Beverage sector in 2024

by Adetunji Tobi
May 20, 2024
in News
1
food and beverage industry
food and beverage industry

food and beverage industry

UBA
Advertisements

IN THIS REPORT:

  • Business interruption is the top risk in the sector with 53% of responses.
  • Cyber incidents is second with 36% of responses
  • Energy crisis and Product recall, quality management, serial defects are joined fourth with 19% of responses.
  • Companies need to address these risks to enhance their operational resilience and ensure a sustainable future.

The food and beverage industry is facing significant challenges in 2024, with Business interruption emerging as the primary concern, according to the Allianz Risk Barometer.

Business Risks by Alliaz
Advertisements
MTN ADS
Source: Allianz Risk Barometer 

The report, based on insights from over 3,000 risk management professionals and business leaders, highlights the urgent need for proactive risk management and resilience-building efforts to ensure business continuity and safeguard against potential disruptions.

The Allianz Risk Barometer reveals that business interruption is the top risk faced by the food and beverage sector, with 53% of respondents identifying it as their primary concern.

This is followed by Cyber incidents at 36%, Climate change at 21%, and Energy crisis and Product recall/quality management/serial defects, both at 19%.

These risks pose significant threats to the industry’s operations, financial stability, and brand reputation.

The food and beverage industry is particularly vulnerable to business interruption risks due to supply chain disruptions, natural disasters, and public health crises.

To address these challenges, the report emphasizes the importance of robust contingency plans, diversified sourcing, and strong supplier relationships.

Real-time monitoring technology and alternative distribution channels are recommended to effectively manage and mitigate disruptions.

Cyber incidents are also a growing concern for the industry as digitalization and connectivity become integral to operations.

The report underscores the need for cybersecurity measures, including encryption and employee training, to safeguard sensitive data and intellectual property in an increasingly digital landscape.

Climate change poses disruptions in agricultural supply chains, extreme weather events affecting crop yields, and changes in consumer preferences towards sustainable products.

To adapt to these challenges, reports suggest adopting sustainable practices such as precision farming and collaborating with suppliers to reduce carbon emissions.

The industry’s reliance on energy-intensive operations such as processing, packaging, and transportation exposes it to energy crisis risks.

Reports highlight the importance of energy efficiency initiatives, including the adoption of renewable energy and optimization of transportation routes, to mitigate these risks.

Product recall, quality management, and serial defects also pose significant risks to the industry, leading to financial losses and damage to brand reputation.

Reports emphasize the need for rigorous quality control measures throughout the production process, coupled with advanced technologies for traceability and recall procedures, to ensure product safety and integrity.

Overall, the Allianz Risk Barometer stresses the importance of proactive risk management, resilience-building efforts, and sustainability integration for the long-term viability of food and beverage businesses amidst evolving challenges.

By addressing these risks head-on and implementing the recommended mitigation strategies, companies in the industry can enhance their operational resilience and ensure a sustainable future.

[Featured Image Credit]

Loading

Author

  • Adetunji Tobi
    Adetunji Tobi

    Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

    View all posts
0Shares
Tags: Allianz Risk Barometerfood and beverage
Adetunji Tobi

Adetunji Tobi

Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

Next Post
Beyond AVE

Beyond AVE: The Pitfalls of Using Advertising Equivalency in PR Measurement

Comments 1

  1. Pingback: Business Interruption Tops Allianz Risk Barometer for Food and Beverage sector in 2024 – BNS Global News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Adesola Adeduntan speaks on investors in Nigeria

Why Investors of Today Will Smile to Bank in Five Years – Adeduntan, First Bank MD

2 years ago
Oluwaseun Dania invests in Patricia

Tradefada Founder, Oluwaseun Dania, Invests in Resurgent PATRICIA Technologies

2 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.