Most food products only last a year, say studies
The high failure rate was revealed yesterday when a guide to market-led product development, prepared by the Food Agency Co-operation Council, was launched in Dublin. Food Minister Noel Treacy said although the development of products is an expensive business, most companies don’t approach it in a market-oriented fashion.
The guide aims to provide best practice guidance to companies, improve success rates, reduce the risk of failures and set out the various State supports. Mr Treacy said manufacturers need to understand the changing demands of consumers and develop products to meet their requirements Musgrave SuperValu-Centra managing director Michael Nason said the guide will be useful in preparing Irish producers to meet market needs.
Producers need to understand the market, the competition and the consumers they’re targeting, he said. Food Agency Co-operation Council chairman Padraic White said the central tenet that companies must produce what the consumer wants remains paramount.
Describing the guide as extremely useful and practical, Goldstar Meats managing director Ray Moylan said innovation is the lifeblood of their business and a structured process has enhanced their success.
