Campden BRI product innovation manager Emma Hanby wrote on the company’s blog: “Developing new successful products is essential for food and drink companies to grow and thrive.
“The food industry is highly competitive, so innovation and speed to market are crucial. Companies that can respond to changing consumer demands and get the right products to market more quickly are more likely to outperform their competitors.”
The survey revealed food firms’ innovation targets, the timescale for future innovation and the barriers they face.
- 63% of firms’ target extending ranges
- 62% to focus on new product development
- Most firms plan innovation 9 – 12 months ahead
Innovation targets included extending firms’ existing ranges (63%) and developing new products (62%), over the next two years, said Campden BRI. Half of respondents were also targeting new markets, 43% were innovating health products and 38% to save on costs.
Targeting new markets
Timescales for planning innovation was mainly between nine and 12 months ahead, the Campden BRI survey claimed. More than a third of companies planned innovation less than nine months ahead of time, while less than 20% planned more than one year ahead. More than three quarters of respondents met regularly to discuss their innovation pipeline.
Innovation barriers included time (58%) and resources (60%), they survey found. More than 20% claimed facilities were making innovation more difficult, while 17% struggled to find new ideas.
There were 126 respondents to the Campden BRI survey, including manufacturers and retails from a wide range of food and drink sectors. Respondents were multinationals (39%), large companies (19%), small and medium-sized enterprises (25%), small companies (17%) and start-ups (<1%).
Food Manufacture’s food safety conference 2017 will be hosted by Campden BRI director general Steven Walker.
The conference – Food Safety 2020: preparing your business for change – will focus on helping manufacturers prepare for the food and drink safety changes ahead. The conference, which will take place at Woodland Grange, Warwickshire on June 22, is available here.