 |
| Technology offers opportunities in the agriculture sector. (Image from Burst) |
Food safety remains a top priority, with innovation across the supply chain driving strong growth prospects said Frost & Sullivan, as the global research firm revealed findings from its 2019 Outlook of the Global Agriculture and Nutrition Industry report. The study presents top predictions, trends, drivers, and findings for 2019 with a focus on sectors within agriculture and nutrition (A&N), the global processed food and beverage (F&B) industry, F&B manufacturing-enabling industries, and agriculture-enabling industries.
Frost & Sullivan pointed out that while technology offers the greatest opportunities for the agriculture and nutrition industry, enabling technology to deliver on personalisation is the next big thing. Retailers will take advantage of consumer trends with free-form and meat substitutes receiving more shelf space, the firm said.
"Social trends such as population growth and urbanisation are expected to support growth in demand for processed F&B products,"said Christopher Shanahan, global director, Agriculture & Nutrition. "Furthermore, consumers increasingly want value-added food, which will spur further growth opportunities in this sector."
Sustainability also remains a key issue for the F&B packaging industry with plastic packaging facing substitution pressures. The global processed food & beverage industry was valued at US$3.28 trillion in 2018, with revenues expected to reach US$3.41 trillion by the end of 2019. This will provide a year-on-year growth rate of 3.9%, although the revenue trajectory varies widely by product segment and geography.
Meanwhile, the research firm said A&N vendors can make the most of growth opportunities in the market by:
- Investing in Big Data capabilities to interpret data and improve product offerings
- Ensuring quality and price of products are correct as well as targeting specific benefits/populations
- Guaranteeing a commitment to sustainability while considering the life cycle of manufactured products
- Forming strategic partnerships with start-ups that focus on addressing specific challenges faced by the agriculture and nutrition industry
- Communicating transparently and authentically with a tech-savvy future customer
"Although there are significant growth opportunities, the challenge of ensuring food safety affects the entire agriculture and nutrition supply chain, from the use of chemicals in farms to the challenge of managing food waste throughout the entire value chain," noted Shanahan. "Unfortunately, there are many food safety issues and recalls globally, and there is still a long way to go in terms of the adoption of effective detection tools that support adherence to strict regulatory requirements across the value chain.”
Post a Comment