Glanbia looks to Far East market
Hugh McGuire, chief executive of Glanbia Nutritionals for the European Union and Asia Pacific, said North America remains the biggest market in the estimated €170bn global business with Europe second.
But increasing demand for foods that benefit consumer health and well-being is being seen in other parts of the world, he told the fourth annual World Food Technology and Innovation Forum in Dublin yesterday.
“I think China is the most interesting figure for us. It is only 4% of the global market but is due to grow at three times the rate of the more developed markets over the next five years.”
He said consumers are the main drivers of the demand for nutritional foods.
Nearly 300 million adults in the US and Europe are overweight or obese and that figure is due to reach 324 million by 2008.
Children are also becoming more overweight, leading to increased risk of factors such as diabetes, heart disease, stroke and hypertension.
Mr McGuire said 20% of China’s urban population is now obese or overweight with the number of children considered overweight having risen by 5% to 18%.
The market opportunities for nutritional food products are here to stay but will face numerous challenges. Innovation is critical to success, he said.
Enterprise Minister Micheál Martin opened the conference, which is focusing on the current climate for food product innovation in the health sector.
He said the food industry is of great importance to Ireland with output of €16.7bn, exports of €7bn, and direct employment of 54,000.
“The potential for future growth in the food industry is enormous, and innovation is the driving force. Innovation and new market-led products are the imperatives for companies that want to be part of this growth,” he said.
