THE food and beverage (F&B) sector in Northamptonshire is a significant employer with around 46,000 jobs supported by market leaders including Weetabix, Carlsberg UK, Whitworths, British Pepper & Spice, and Alpro.
The sector is estimated to be worth £1.5billion to the Northamptonshire economy according to the Northamptonshire Enterprise Partnership (NEP).
Focusing on the sector, Grant Thornton recently produced an in-depth report called ‘Expanding horizons – food and beverage looks for growth’ which details how the global F&B market is developing.
The report says that to c
THE food and beverage (F&B) sector in Northamptonshire is a significant employer with around 46,000 jobs supported by market leaders including Weetabix, Carlsberg UK, Whitworths, British Pepper & Spice, and Alpro.
The sector is estimated to be worth £1.5billion to the Northamptonshire economy according to the Northamptonshire Enterprise Partnership (NEP).
Focusing on the sector, Grant Thornton recently produced an in-depth report called ‘Expanding horizons – food and beverage looks for growth’ which details how the global F&B market is developing.
The report says that to capitalise on international F&B markets requires innovation and adaptation of processes, products and strategies. It adds that successful companies need to:
• Tailor their products, packaging and messaging to the cultures and lifestyles of their destination markets
• Explore local market dynamics, competitors and distribution channels in those areas
• Identify the most profitable product opportunities
• Build an informed picture of potential pitfalls
• Have a clear understanding of regulatory requirements in every jurisdiction in which they operate
• Understand the mind-sets of partners and build long lasting, profitable relationships
Ashley Clarkson, F&B specialist at Grant Thornton, said: “Growing F&B companies in Northamptonshire shouldn’t be constrained by geographical boundaries. They can chase profits and revenues around the world, wherever market-entry risks are manageable. However, even when all the signals point to ‘going global’, firms face several challenges. These include geopolitical uncertainty, distribution and logistics limitations, food safety regulations that vary by country, and a tireless battle for space on the shelf.”
Over recent years, the F&B sector has transformed from a collection of regional and national industries into a global engine of economic growth, evolving rapidly from simple farm-to-table distribution to shipping massive amounts of goods around the globe. Global F&B growth is fed by changing demographics around the world and successful expansion will rely, in part, on technology to find and understand consumers and to manage increasingly demanding safety and regulatory issues.
According to another Grant Thornton publication, the International Business Report, one quarter of global F&B executives anticipate an increase in exports in the next 12 months. In the European Union this number increases to 45 per cent of F&B executives expecting to expand their exports. Globally, four out of five F&B companies export, with 18 per cent exporting the majority of their sales.