F&B reports good news for NZ industry
The NZ Food and Grocery Council welcomes the release of the latest growth and investment reports on the food and beverage industry. The reports – Emerging Growth Opportunities in NZ Food & Beverage, Investment Opportunities in the NZ Chocolate Industry, and Investment Opportunities in the NZ Cherry Industry – have just been launched by Economic Development Minister David Parker.
The reports are part of the Ministry of Business, Innovation and Employment’s Food and Beverage Information Project, whose objective is to identify emerging high potential food and beverage export categories.
FGC Chief Executive Katherine Rich says they spell good news for the food and beverage industry. “What’s particularly significant from the Emerging Growth Opportunities report is the double-digit growth and the potential shown by many non-traditional categories. These include mānuka honey, chocolate, cherries and shellfish.
“This is a further illustration of how we are continuing to diversify the economy. The reports show New Zealand has a clear comparative advantage in food and beverage. They highlight that authentic and natural products built on a strong ‘Brand NZ’ are attracting significant price premiums over the average world price in nearly all the growth categories. For example, honey achieves 707% over the world price, fluid milk/cream 145%, fresh cheese 139%, innovative foods 130%, retail infant formula 126%.”
They also identify 51 high-growth non-traditional categories with export revenue of more than NZ$10 billion, and profile 20 food and beverage categories that have shown strong growth and that have high potential.
The report on the chocolate industry says that after success in premium wine and honey exports, New Zealand is well positioned for success with premium chocolate. “These guides are a magnificent resource for food companies and policy makers, and will help FGC’s members make critical business decisions, and inform market development and investment decisions,” says Rich.
“The food and beverage industry is already a major contributor to the economy, but there is always opportunity for growth and expansion. To do that companies need opportunities and access to good information that reports such as these can provide.”
They were compiled by FGC member Coriolis Research with support from MBIE, NZ Trade and Enterprise, and the Ministry for Primary Industries.