Strong growth opportunities in the food and beverage sector
Three reports launched today by Minister for Economic Development David Parker show New Zealand’s food and beverage sector is growing quickly.
“The Food and Beverage reports highlight double digit growth across many non-traditional categories in the sector,” says Mr Parker.
“That’s great news for our economy, in particular our regions who are well placed to capitalise.
“Leading products include mānuka honey, chocolate, cherries and shellfish all showing strong growth.
“The reports highlight that authentic and natural products utilising New Zealand’s brand attributes are attracting significant price premiums, which is great news for our producers.
“It’s important we as a Government continue to support innovation in the sector while fostering the economic conditions for it to thrive,” says Mr Parker.
The reports are part of the Ministry of Business, Innovation and Employment’s Food and Beverage Information Project. They identify 51 high growth non-traditional categories with export revenue of over NZ$10 billion.
They also profile the 20 food and beverage categories that have shown very strong growth and have significant upside. Exports of these 20 categories were valued at NZ$3.64 billion in 2016 and have grown at 14 per cent a year over the past five years.
“The coalition Government is committed to expanding the economies of New Zealand’s regions,” says Mr Parker. “Reports like these are vital resource which help private enterprise, economic development agencies and officials target areas likely to provide the greatest economic benefit.”