Most food products only last a year, say studies

STUDIES have shown that as many as 90% of all new food and drink products fail to survive more than one year in the market.

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.