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Food Product development is an important activity in the food industry. Product innovation is a necessity for food processing companies to survive in the competitive business environment.
Businesses spend a significant amount of their time and money on the development of new products. However, the success rate of companies in the new product development is considerably less. Large companies with ample financial resources can afford to have in-house product development teams for product innovations. Unlike the large companies, MSMEs cannot afford the product development teams and therefore lag in terms of product innovation.
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