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Negotiating contracts with ingredients and packaging suppliers can pose several challenges for breakfast cereal producers and retailers.
Are you a senior decision-maker in the cereal industry responsible for negotiating contracts, managing relationships with vendors and sourcing suppliers? If so, you may find yourself assessing supplier capabilities, raw materials costs for ingredients such as corn, barley and wheat as well as packaging costs. Additionally, you’re tasked with negotiating terms and pricing to align with your company’s objectives.
We have identified two key challenges often faced by procurement or purchasing teams within your sector: price negotiation and market competition.
One of the primary challenges is negotiating favorable pricing with suppliers. In a time when inflation is high, there’s increasing pressure to keep costs low while maintaining quality to remain competitive in the market. However, analyzing cost models for cereal boxes is difficult as these have to account for different prices, like packaging and ingredients costs, both subject to high volatility.
Fastmarkets arms procurement teams with insights to help them anticipate and hedge against price risk, understand and anticipate changing costs, and better manage supplier relationships.
Multiple retailers offer different brands and types of cereal, making this a highly competitive market.
Negotiating contracts that provide a competitive edge, such as exclusive deals or favorable terms, can be challenging when faced with pressure from competitors vying for similar agreements.
Fastmarkets’ rich industry data sets offer access to accurate and verified price data for packaging and ingredients used for cereal production, such as wheat and corn, providing you with the competitive edge you need.
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Learn more about the products and services that make up Fastmarkets’ FMCG suite:
Breaking news and market-reflective commodity prices, even when markets are at their most volatile.
Commodities covered: Paper packaging, recovered paper, corn, wheat, soy and veg oils
Analysis of the forces moving your markets and how they’ll play out over the next 1-2 years.
5- and 15-year forecasts underpinned by deep industry expertise, macroeconomic analysis and 50 years of historical data.
Commodities covered: Paper packaging, corn, wheat, soy and veg oils
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FCMG manufacturers have long relied on Fastmarkets’ price data, news and analysis to inform their procurement strategies, achieve win-win outcomes in negotiations with suppliers and manage price risk.
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Our team of commodity market experts and price reporters provide weekly prices and market analysis for the fast-moving consumer goods industry.
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