Central and Eastern Europe Opportunities Food Manufacturers18 June 2013
IRELAND - Food manufacturers have been urged to look at the export potential of Central and Eastern European markets, which it has been suggested could provide greater potential than some of the BRIC (Brazil, Russia, India and China) countries, writes Peter Duggan from the Strategic Information Services of Bord Bia - Irish Food Board.
At an event organised by the Food and Drink Federation (FDF) and the UK Trade & Industry at Westminster, Jonathan Knott,
Her Majesty’s ambassador at the British Embassy in Budapest, Hungary, illustrated that the Central and Eastern European region had 110M consumers with a gross domestic product of $1 trillion.
According to Mr Knott: “It is a market that is not far away, it is easy to get to and it is cheap to get too.”
Mr Knott revealed figures which showed the economies in the region were set to grow per annum by 4.7 per cent by 2020, a further 4.2 per cent by 2030 and 3.8 per cent between 2030-40.
“Again, this is comparable to the BRICs and far ahead of predictions for Western Europe,” he said. Aligned to forecasts for economic growth were predictions that levels of disposable income would continue to grow strongly. Knott said he wanted to see food and drink exports to the area – currently standing at £400M a year – to “at least double” over the next 10 years.
These issues are equally relevant to Irish food manufacturers who currently export €170 million worth of products to the region. In order to grow sales food manufacturers needs to acquire a greater knowledge of the region and determine how they can best compete with nations which already have a strong export history in the area.TheMeatSite News Desk