More than 60 per cent of businesses plan to make capital expenditure investments in areas like equipment and technology over the coming 12 months as the food industry returns to pre-pandemic levels, according to a recent survey by food manufacturing event foodpro.
The poll found that 37 per cent of participants are interested in investing in processing and packaging.
This was the top priority, by far, with investments in ingredients and food additives coming in second place with 15 per cent, and food research and technology coming in third with 13 per cent.
According to Felicity Parker, foodpro event and product manager, the FMCG sector experienced growth from 2020 to 2023.
Parker said that capacity and supply were the greatest problems for the sector during this pandemic.
“Here in Australia, we saw empty market shelves as a result of sea freight disruption coupled with panic and bulk buying behaviour,” she said.
Now that there is less interruption, supply is catching up with demand, allowing firms to consider investing, noted Parker.
However, nearly half of foodpro buyers stated that they were still in the information-gathering stage.
In terms of investment, 84 per cent said they will attend foodpro this year, with the goal of finding new products and services.
In turn, machinery and equipment innovations, which have been released and refined over the past couple of years, will be showcased for the first time in Australia at foodpro 2023.
foodpro, which was last hosted in Sydney in 2017, will be the first significant event in six years where food manufacturing industry procurement and purchasing executives can engage with innovators behind the goods and technology in which they want to invest.
“With a focus on efficiency and sustainability at this year’s event, there are a host of new educational and experiential features alongside an extensive mix of exhibiting suppliers,” Parker said. “Food and beverage processing is Australia’s largest manufacturing industry and is vitally important for our manufacturing future.”
Parker also put emphasis on the importance of strong relationships that can be built on face-to-face engagement.
She also said that in-person gatherings provide businesses with the push it needs to succeed and have a big impact on ROI.
foodpro is taking place on 23-26 July 2023 at the Melbourne Convention and Exhibition Centre.
For more information, visit foodproexh.com.
