Food producers told to focus on the long-term

Food producers should focus on the long- term certainty of demand for food rather than short-term price volatility, an Irish Dairy Board economist has said.

Mark Faherty, a dairy market analyst with the Irish Dairy Board, told agri-food sector leaders attending the Teagasc Food Research Dairy Process Innovation event in Moorepark, Co Cork, that food producers can anticipate a very bright future.

“Since 2007 EU and world milk prices have converged,” said Mr Fahey.

“When we see a price decline like that which is anticipated, it’s important to focus on the fundamentals which are that the world’s population will increase and the wealth of consumers is increasing. Both these trends increase demand for dairy products. I am extremely positive about where markets are likely to go in the next five years, notwithstanding the difficulties we are facing into,” he said,

The event was hosted as part of the Teagasc Gateways to Food Innovation series.

The discussions focused on current and next generation dairy processing and technology utilised by the dairy and infant formula industry.

The event was a showcase of technologies for food enterprises and highlighted the research and development activities, at Teagasc and UCC (as part of the UCC/Teagasc Strategic Alliance in Food Research), including expertise and services available to the sector.

Presentations and publications from the event can be viewed at www.teagasc.ie/publications/2014/3415/index.asp