Huge potential for food sector

INNOVATION and technology will be the driving force in realising the enormous potential of the €18.7 billion Irish food industry, an international conference was told in Dublin yesterday.

Food Minister Brendan Smith, who officially opened the fifth annual World Food Technology and Innovation Forum, said innovation through new, market-led products is imperative for companies that want to be part of this growth.

Consumers are demanding new products, new tastes, a focus on health and wellbeing and convenience — and all without compromising on quality or cost.

“Only those food companies with an eye to the market and a focus on the customer will be in a position to innovate and respond speedily and imaginatively to these changing market demands,” he said.

Minister Smith said research and innovation must underpin any strategy for real and sustained growth across the food industry.

The Strategy for Science, Technology and Innovation to 2013 will involve Government expenditure of €2.7bn in the period up to 2008 alone. The food sector is one of those identified as a sector with potential.

For the third year running, Enterprise Ireland is the lead sponsor of the Forum, organised by the World Trade Group.

Key topics at the conference, which continues today, include functional foods, new product development and health and wellbeing trends.