With the food industry resuming to pre-pandemic conditions, more than 60% of businesses are looking to make capital expenditure investments in areas such as equipment and technology over the following 12 months, according to a recent survey.
The poll, run by leading food manufacturing event foodpro, also indicated that over a third of are looking to invest in processing and packaging in the same period (37% of respondents).
This was by far the greatest priority followed by investment in ingredients and food additives (15%) and food science and technology (13%).
“Globally, the FMCG industry was one that experienced growth from 2020-2023,” says foodpro Event and Product Manager Felicity Parker. “Whilst many businesses and industries feared for survival, the biggest challenge for food and beverage manufacturing was capacity and supply.
“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 the shipping lines around the world are resuming to pre-Covid frequency, and supply is beginning to catch up with demand, this survey indicates that manufacturers are getting the chance to take a breath and can now look to invest once more.”
However, almost half of foodpro buyers said they were still at the information gathering stage as far as investment goes, with 84% saying they would be attending foodpro this year, with the objective of sourcing new products and services.
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.
Last held in Sydney in 2017, foodpro will be the first major event in six years where food manufacturing industry professionals in procurement and purchasing, can meet with innovators behind the products and technologies they are looking to invest in.
“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,” Ms Parker said.
“Food and beverage processing is Australia’s largest manufacturing industry and is vitally important for our manufacturing future. Face-to-face interaction is the foundation of building strong relationships, and in-person events create the necessary push for business to happen and have significant ROI implications. We are looking forward to yet another hugely successful event.”
foodpro is on 23-26 July 2023 at the Melbourne Convention and Exhibition Centre. For more information, visit foodproexh.com.