Food and beverage industry tops $71.7 billion

Minister of Housing and Urban Development, and Transport Phil Twyford. File image/SunLive.

A new report has found the food and beverage industry had a combined total revenue of $71.7 billion in the last financial year and is ripe for growth with companies increasingly focusing on value-added products, Economic Development Minister Phil Twyford says.

The Investor’s Guide to the New Zealand Food & Beverage Industry was launched today at FoodHQ in Palmerston North.

This comprehensive report shows an industry that is responsive to market trends, showing strong growth and producing new $100 million firms.

Phil Twyford says investors are confident the future of the industry is in products that are sophisticated, innovative and cater to increasingly discerning global consumers.

“I am proud that the global capital market is backing New Zealand food producers, as these investments will help our sector grow, and respond to changing global pressures, needs and demands.

“It’s important to acknowledge this report was prepared before the threat of Coronavirus reached our shores and our Government is working closely with industry and workers to ensure our robust and resilient economy – and our people – bounce back.

“Our wider economic plan envisions a more productive, sustainable and inclusive economy, and strong investment in the food and beverage value chain will help us realise this vision.

The food and beverage industry currently accounts for 46 per cent of all goods and services exports, he says.

“I am confident that as we continue to add value and diversify the range of great New Zealand products, these numbers will continue to rise.”

“New Zealand has a strong story to tell, and we must continue to keep actively building the trust of our global customers and consumers in our food and beverages products.

“We are a small country, whose food and beverage products make a big impact on the world stage. Over the past twenty years New Zealand wine, honey, aquaculture and avocados have all transformed from almost nothing into sectors that compete with countries many times our size.

New Zealand has attracted investment in food and beverage manufacturing from around the world, due to our world-class innovation and production, he says.

“The report released today will help ensure this continues.”

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