More than 8,500 new products were introduced by food and drink manufacturers in the UK in 2011, an increase of around 500 on 2010 figures. The news highlights how innovation is remaining strong during the economic downturn.
A Business Confidence Survey from the Food and Drink Federation in the third quarter of 2011 found that companies are continuing to make investments in R&D, facilities and skills; 80 per cent of respondents said that UK sales were up or static while 96 per cent expected them to either rise or remain the same during Q4 of 2011. Almost 70 per cent of respondents reported an increase in their average costs during the third quarter with further rises anticipated for the remainder of 2011.
“Food and drink manufacturing is a strong growth area and we have just launched our vision to grow the sector by 20 per cent by 2020," said FDF director of competitiveness Angela Coleshill. said: "Whilst members are cautious about the overall economic picture, their confidence in their growth strategies holds firm and they are pressing ahead with new product launches, R&D, capital investment and training. We are fortunate to be part of a resilient industry that appears to be withstanding the storms faced by other manufacturing sectors.” (2 Jan)
© 2012 ESM: European Supermarket Magazine
