It is essential to learn from crises so we can adapt and be prepared when similar problems arise in the future. The effects of crises allows us to see the weaknesses within our systems and fix it, whether it be financial, logistical, agricultural, etc. Businesses should prevent a repetition of similar mistakes or at the very least mitigate any negative effects your organisation might suffer by learning from and taking action against future failures.
Channel News Asia reports an increase in consumer demand for plant-based meat alternatives during Covid-19. Indeed, the Singaporean government is subsidizing businesses who produce meat alternatives as the nation hopes to become more self-sufficient with their supply of meat; the pandemic has forced them to decrease their imports and as a result experienced a meat shortage. In this particular case, Singapore recognised the weaknesses in its supply chain system, prompting an attempt to fix the issue.
In these unprecedented times, there does seem to be a silver lining for some – crises can push new ideas and create demand for certain goods. Has the current world situation opened unexpected doors for you? Singapore is not the only country to encourage the consumption of meat alternatives – there is global demand for them. If you are looking to invest or begin a new venture, the plant-based foods industry is a promising area. Contact us here for more information.