Value chains have long been regarded as the physical and social network of firms that enable the delivery of consumer value, and the distribution of profits that result from this. Value chains operate as an integral part of the supply chain with the former focussed on information, knowledge and value and the latter with the production and distribution of a product. There is growing awareness that both supply and value chains are now more at risk as the impacts of climate change and associated variability are felt from farm input suppliers all the way to consumer markets. In order to minimise exposure to climate risks and maintain or possibly enhance productivity, adaptation options, and their implications, must be considered across the entire chain. We adopted a value chain analysis approach to evaluate known and foreseen impacts of climate change, and identify adaptation options that realise broader benefits across firms. We present results from two Australian case studies from the food and beverage industries that highlight the inter-related impacts of climate change across the value chain as well as some of the innovative adaptation responses that have been identified as part of this assessment process. Finally, we consider the linkages between supply chain and value chain management theory in identifying the key drivers of successful consideration of climate change across chains and how this is supported in practice.