Investors Guide To The NZ Food And Beverage Industry

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THE INVESTOR’S GUIDE TO THENEW ZEALAND FOOD & BEVERAGE INDUSTRYFINAL; November 2015www.foodandbeverage.govt.nziFAB 2015

STEERING & GUIDANCEThis project would not have been possible without the strong guidance of ourSteering Committee. In particular, we would like to thank Andrew McCallumof MBIE for his tireless energy in keeping this project on track, while at thesame time pushing us forward.Draft versions of all “Top 100” firms profiled in this document weredistributed to those firms for comment, addition or correction. This wasdone in the form of emails and phone calls. We thank those that helped us inthis process for their time and effort. We also thank those that providedthem for their photos.We are grateful for all of the input we have received, but the report is oursand any errors are our own.Finally, we acknowledge the support of the Ministry of Business, Innovationand Employment (MBIE), New Zealand Trade and Enterprise (NZTE). It istheir funding that has made this report possible.KEY CONTACTS FOR THIS REPORTThis analysis was prepared by Virginia Wilkinson and Tim Morris, CoriolisDirectors, together with Nicki Hall, a consultant at Coriolis.Virginia Wilkinson is a Director at Coriolis. Virginia is Coriolis’ residentexpert on consumer insights and market research. She has over fifteen yearsof experience in primary sector and food and fast moving consumer goodsresearch. Virginia regularly conducts both primary and secondary researchon food, fast moving consumer goods, retailing and foodservice acrossAustralasia. You may contact her by e-mail on:vwilkinson@coriolisresearch.comTim Morris is a Director at Coriolis and is recognised as a leading expert andadvisor to CEOs and stakeholders in strategy in food, fast moving consumergoods and retailing. Tim is a recognised expert globally in retailing,particularly in private label, with his work being quoted in numerouspublications and college textbooks. He is head of Coriolis’ retail andconsumer goods practice. You may contact him by email on:tmorris@coriolisresearch.comINHERENT LIMITATIONSThis work was commissioned by the Ministry of Business, Innovation andEmployment (MBIE) and prepared by Coriolis. This work is based onsecondary market research, analysis of information available or provided toCoriolis by our client, and a range of interviews with industry participants andindustry experts. Coriolis have not independently verified this informationand make no representation or warranty, express or implied, that suchinformation is accurate or complete.Projected market information, analyses and conclusions contained herein arebased (unless sourced otherwise) on the information described above and onCoriolis’ judgment, and should not be construed as definitive forecasts orguarantees of future performance or results. Neither Coriolis nor its officers,directors, shareholders, employees or agents accept any responsibility orliability with respect to this document.The report is dated November 2015 and Coriolis accepts no liability for andhas not undertaken work in respect of any event subsequent to that datewhich may affect the report.Coriolis wishes to draw your attention to the following limitations of theCoriolis report “The Investor’s Guide to the New Zealand Food & BeverageIndustry; November 2014“ (the Coriolis Report) including any accompanyingpresentation, appendices and commentary (the Coriolis Commentary):-a. Coriolis has not been asked to independently verify or audit theinformation or material provided to it by or on behalf of the Client or any ofthe parties involved in the project;b. the information contained in the Coriolis Report and any CoriolisCommentary has been compiled from information and material supplied bythird party sources and publicly available information which may (in part) beinaccurate or incomplete;c. Coriolis makes no representation, warranty or guarantee, whether expressor implied, as to the quality, accuracy, reliability, currency or completeness ofthe information provided in the Coriolis Report and any Coriolis Commentaryor that reasonable care has been taken in compiling or preparing them;All trade data analysed in all sections of the F&B Information project arecalculated and displayed in US . This is done for a range of reasons:It is the currency most used in international tradeIt allows for cross country comparisons (e.g. vs. Denmark)It removes the impact of NZD exchange rate variabilityIt is more comprehensible to non-NZ audiences (e.g. foreign investors)It is the currency in which the United Nations collects and tabulatesglobal trade dataAnyone should feel free to call the authors if any of the material cannot beunderstood or accessed. We always welcome opportunities to discuss ourresearch with our readers and users.Unless otherwise noted, all photos used in this discussion document wereeither provided by the New Zealand Story resource (www.nzstory.govt.nz) orpurchased by Coriolis from a range of stock photography providers. Ourusage of them complies with their various license agreements.Where appropriate, this document is Copyright 2015 Coriolis and MBIE.However, please feel welcome to use, refer to and cite this research.d. the analysis contained in the Coriolis Report and any Coriolis Commentaryare subject to the key assumptions, further qualifications and limitationsincluded in the Coriolis Report and Coriolis Commentary, and are subject tosignificant uncertainties and contingencies, some of which, if not all, areoutside the control of Coriolis; ande. any Coriolis Commentary accompanying the Coriolis Report is an integralpart of interpreting the Coriolis Report. Consideration of the Coriolis Reportwill be incomplete if it is reviewed in the absence of the Coriolis Commentaryand Coriolis conclusions may be misinterpreted if the Coriolis Report isreviewed in absence of the Coriolis Commentary.Coriolis is not responsible or liable in any way for any loss or damageincurred by any person or entity relying on the information in, and theRecipient unconditionally and irrevocably releases Coriolis from liability forloss or damage of any kind whatsoever arising from, the Coriolis Report orCoriolis Commentary including without limitation judgments, opinions,hypothesis, views, forecasts or any other outputs therein and anyinterpretation, opinion or conclusion that the Recipient may form as a resultof examining the Coriolis Report or Coriolis Commentary.The Coriolis Report and any Coriolis Commentary may not be relied upon bythe Recipient, and any use of, or reliance on that material is entirely at theirown risk. Coriolis shall have no liability for any loss or damage arising out ofany such use.iFAB 20152

CONTENTSExecutive SummaryThe Case for New Zealand F&BSector Level ReviewFirm Activity(further detail in “iFAB Supplementary Material”)Top 100 Firm ProfilesNext 100 F&B FirmsiFAB 20153

Why did the New Zealand government undertake this project?What is the purpose of the food and beverage information project?The project pulls together the available information on the food and beverage industry into one place, in aform which is familiar and useful to business. The reports contain analysis and interpretation of trends andopportunities to materially assist with business strategy and government policy.The information will be of vital use to businesses, investors, government, and research institutions as theindustry expands and diversifies. This industry view will be very useful to government, enabling betterdialogue and the opportunity to address issues collectively.What benefit will this bring to businesses?The Project will have many uses for businesses. These include:–As a base of market intelligence to enable business to be much more targeted in their own marketresearch–Reviewing and informing offshore market development (including export and investment) strategies–Assisting in identifying areas of innovation and R&D for the future–Identifying strategic partners and collaborators–Enabling a company to benchmark performance with that of its competitors–Monitoring industry activity–Gaining a better understanding of their own industry sector–Identifying internal capability needs or external inputsHow will government use the reports?This information will provide much greater insight into the industry, which is useful for a range of policydevelopments, from regulatory frameworks to investment in science and skills and facilitating access tointernational markets. In particular, a single source of factual information will enable government agenciesto better coordinate their efforts across the system and be more responsive to addressing industry issues.Core questions thatCoriolis wereengaged to address:What is the highlevel case forinvestment in theNew Zealand food &beverage industry?Who are the keyfirms?Which sectors aregrowing?www.foodandbeverage.govt.nziFAB 20154

Food and Beverages contributed 30.7 billion in exports in 2014; almost half New Zealand’s total exports of 66.2bTOTAL NEW ZEALAND EXPORTS OF GOODS AND SERVICES BY CATEGORYNZ b; % of total exports; 2014/20151Other Services 7.612%TotalServices28%Travel 10.416%Food andBeverages 30.746%TotalMerchandise72%Other ManufacturedGoods 17.526%Total 66.2b1. Merchandise data YE Dec 2014, Services Mar 2015; Source: Statistics NZ; Merchandise and Services exports; Coriolis analysisiFAB 20155

EXECUTIVE SUMMARYGENERALNew Zealand is a developed, temperate-climate country in the Asia-Pacific region.It is a stable democracy with strong economic freedoms (Index of EconomicFreedom #4), excellent investor protection (World Bank #1) and low corruption(Transparency International #1). It is by almost all measures the most attractiveinvestment destination in the temperate zone of the Southern Hemisphere.consumers around the world trust food and beverages produced in New Zealand.FOOD & BEVERAGEFood and beverage exports are important to New Zealand and the country is amajor F&B exporter. The food and beverage industry accounts for 46% of all goodsand services exports. Exports are growing strongly and the country’s exportperformance is strong and improving relative to peers.OPPORTUNITIESWhile New Zealand is a major global F&B exporter, the country has significantuntapped capacity to export more. New Zealand is a country the size of Italy withthe population of Singapore. However Italy feeds a domestic population of 60mpeople and exports twice as much F&B as New Zealand.The country has demonstrated capability in the production of temperate-climatefood and beverages. It is the largest exporter in the world of dairy products andlamb and a major exporter of beef, kiwifruit, apples and seafood.The New Zealand Government has set a target of tripling the country’s food andbeverage exports over the next 15 years. The recently announced investmentattraction strategy is aimed at attracting high value foreign investment in areas ofcompetitive advantage, delivering potential direct economic impact of 5 billionover three years.The Top 100 F&B firms in New Zealand have a combined revenue of 51.5 billion(2014). Industry-wide investment has driven scale, efficiencies and the continueddevelopment of high value categories.DRIVERSThe success of New Zealand in temperate foods is built around a naturalenvironment conducive to agriculture. New Zealand – surrounded by the PacificOcean – has the light of Spain with the climate of Bordeaux. This climate will alsomoderate the effects of global warming going forward (relative to large continents).The country’s farmers are highly productive and efficient. The country has noagricultural subsidies and regulation is generally rational and light handed.New Zealand is a leader in food safety and product traceability. Customers andIn science, New Zealand spends more than half a billion dollars a year on Agri-foodresearch across a wide range of areas, from fruit genetics to nutraceuticals. Thecountry is also home to four major universities respected globally for their Agrifood research.New Zealand is a young country still discovering its comparative advantages andnew industries continue to emerge. In the past twenty years New Zealand wine,honey, aquaculture and avocados have all emerged from almost nothing into worldleading sectors.New Zealand has attracted investment in F&B manufacturing from around theworld. Global leaders have already endorsed New Zealand by investing inmanufacturing in the country and about 25% of the F&B manufacturing sector isforeign owned.New Zealand welcomes new investment and investors will participate in itssuccess.iFAB 20156

CONTENTSExecutive SummaryThe Case for New Zealand F&BSector Level ReviewFirm ActivityTop 100 Firm ProfilesNext 100 F&B FirmsiFAB 20157

The case for investment in the New Zealand Food & Beverage Industry is built on four pillarsWHY NEW ZEALAND?GROWING TO ASIASTRONG CORE EMERGINGGROWTH UPSIDETRUSTED- Free trade agreements- Strong in a handful of ingredients- Low intensity currently- Food safety systems- Growing export share and value- Growing in a wide range ofemerging categories- Significant growth upside- Recognised by consumers- Well supportediFAB 20158

First, New Zealand Food & Beverage exports are growing to AsiaWHY NEW ZEALAND?GROWING TO ASIASTRONG CORE EMERGINGGROWTH UPSIDETRUSTED- Free trade agreements- Strong in a handful of ingredients- Low intensity currently- Food safety systems- Growing export share and value- Growing in a wide range ofemerging categories- Significant growth upside- Recognised by consumers- Well supportediFAB 20159

New Zealand exports food and beverages to a wide range of destinations; however Asia is now the largestdestination regionNEW ZEALAND F&B EXPORT VALUE BY DESTINATION REGION 2,564 427 3,107 538 3,261 811US b; 2014UK 962 2,885 3,175UAE 679Malaysia 679Japan 1,374South Korea 445Saudi Arabia 594USA 2,777Australia 2,176Algeria 484Other Europe/Russia 2,299Egypt 349Canada 329Pacific 388Indian SubAustralia/PacificSS AfricaNorth AmericaOtherNA/ME/CA 779C/S AmericaEurope 8,295NA/ME/CASingapore 571Indonesia 563China 5,405Philippines 530Thailand 511Other SE Asia 321SE AsiaNA/ME/CA North Africa/Middle East/Central Asia; Note: totals may not add due to rounding; Source: UN Comtrade database; Coriolis analysisTaiwan 648Hong Kong 406East AsiaiFAB 201510

Developing markets – particularly China – are driving New Zealand food & beverage export growthTEN YEAR NEW ZEALAND F&B EXPORT VALUE BY REGION GROWTH MATRIXUS m; %US ; 10y ABS; 10y CAGR; 2004 vs. 201433%30%China25%10yCAGR(04-14)20%NA/ME/CASS Africa15%Indian SubSE AsiaSouth America10%Oceania5%CaribbeanCentralAmerica0% 0E Asia x ChinaNorth AmericaSize of bubble relative NZ export value in 2014Europe 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,00010y Absolute Growth (04-14)NA/ME/CA North Africa/Middle East/Central Asia; SS Africa Sub-Saharan Africa; Source: UN Comtrade database; Coriolis analysisiFAB 201511

New Zealand is fast transitioning from feeding Westerners to feeding the Asia-Pacific regionSHARE OF TOTAL NEW ZEALAND F&B EXPORT VALUE BY DESTINATION REGION% of value; 0%5%6%16%22%23%33%E Asia13%SE Asia12%North Africa/Middle East/Central Asia7%Other10%Australia/Pacific Is.12%N 4%25%196519701975Source: UN Comtrade database; Coriolis AB 201512

Despite this growth, New Zealand has significant per capita upside across all three major growth regionsNZ F&B IMPORTS PER CAPITA VS. POPULATIONUS ; 2014 104 74 56NZ F&BIMPORTSPERCAPITAUS ; 2014 41 28 22 18 19 19 9 10 10 10 12TunisiaIsraelSyriaSudan"Stans"POPULATION; 2014PalestineIraq 0Iran 0 0 0 0 0 1EgyptArmeniaAzerbaijanLibyaJordan QatarAlgeriaOman KuwaitSaudi ebanonYemen 2 2 2 3 4 5 0 0 1 2VietnamPhilippines 3 5BruneiThailandMalaysiaSingapore 4Macau SARMongoliaSouth KoreaJapan 4 5 7 8 9 11TaiwanHong Kong SAR13iFAB 2015Source: UN Comtrade database; Coriolis analysisIndonesiaChinaNA/ME/CASE ASIAEAST ASIA

New Zealand has free trade agreements – either in place or proposed – with most of the Asia-Pacific regionNEW ZEALAND FREE TRADE AGREEMENTS: EXISTING OR PROPOSED2015ExistingProposedNote: TPP Agreement but pending ratification by all parties; Source: MFAT; various published sources; Coriolis analysisiFAB 201514

New Zealand’s overall export growth performance has been excellent relative to peersTEN YEAR F&B EXPORT VALUE GROWTH MATRIX: NEW ZEALAND VS. SELECT PEERSUS m; %US ; 10y ABS; 10y CAGR; 2004 vs. 201411%South AfricaGermany10%USANew Denmark3%2%1%Size of bubble relative export value in 20140% 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,00010y Absolute Growth (04-14)Source: UN Comtrade database; Coriolis analysisiFAB 201515

This shift in market is leading to a corresponding shift in products and industry structureMODEL OF CHANGING NATURE OF NEW ZEALAND’S FOOD & BEVERAGE EXPORTS AND EXPORT MARKETING SYSTEM20151950’s2050’sTarget market- British wholesaler- British shopkeeper, butcher, cheesemongeror greengrocer- Asian bar or restaurant manager- Middle-class Asian consumerNature of food &beveragesexported- Traditional foods of England- Ingredients for further processing- Almost no consumer-ready packaged/processed foods- Almost no beverages-Product form- Bulk- Dry bag or frozen- Predominantly un-brandedMarketing- Targeted at middle-man (wholesaler)through trade press- Unsophisticated, awareness/availabilitydriven functional message- Very limited consumer-direct communicationor messaging- Conducted by quasi-government agenciesrun by New Zealand farmersSource: CoriolisCurrentlyin-transitionPremium luxuries of AsiaFinished goodsAlmost totally shelf-readyTargeted at consumer or foodservicePredominantly processed foods andbeverages- Ready-to-use in bar or restaurant- Ready-to-eat/ready-to-drink byconsumer- Chilled, shelf-stable retort or frozen- Targeted at consumer through nontraditional channels (e.g. sponsorship)- Sophisticated, abstract, brand-buildingmessage- Conducted by global multinationals withNew Zealand operationsiFAB 201516

Second, New Zealand has a strong core and a range of emerging growth categoriesWHY NEW ZEALAND?GROWING TO ASIASTRONG CORE EMERGINGGROWTH UPSIDETRUSTED- Free trade agreements- Strong in a handful of ingredients- Low intensity currently- Food safety systems- Growing export share and value- Growing in a wide range ofemerging categories- Significant growth upside- Recognised by consumers- Well supportediFAB 201517

New Zealand has a strong core across six sectorsSTRONG COREDAIRY rce: photo credit (purchased stock photos or fair use; low resolution; complete product/brand for illustrative purposes); Coriolis classificationiFAB 201518

New Zealand is driving food & beverage long term export growth across all sectorsNEW ZEALAND FOOD & BEVERAGE EXPORT VALUE BY SECTORUS m; 2004-201410yCAGR 24,843CAGR9%10yABS 1,374Beverages14% 996 2,127Processed11% 1,385 117Other food11% 75 1,802Produce4% 631 1,228Seafood4% 412 5,183Meat5% 2,031 13,011Dairy13% 9,230 13,335 789 10,082 378 742 43 1,170 816 1,372 52 1,261 870 3,406 3,153 5,605 3,7812004Source: UN Comtrade database; Coriolis analysis20092014iFAB 201519

Within these sectors, New Zealand also has a wide range of emerging growth categoriesEMERGINGHONEYMUSSELSSALMONBEEF JERKY, ETC.AVOCADOSCHERRIESBERRIESF FRENCH FRIESSOUPSKETCHUPYOGHURTICE CREAMPET FOODBISCUITS, ETC.CHOCOLATECONFECTIONERYINFANT FORMULANUTRITIONALSUHT MILKSOFT DRINKSBEERCIDERSPIRITSOTHEREMERGINGSource: various sources; photo credit (fair use; low resolution; complete product/brand for illustrative purposes); Coriolis classificationiFAB 201520

New Zealand is achieving strong long term growth across all emerging categoriesEMERGING (Export value; US m; 2004 v 2014) 204 168CAGR6%CAGR9%CAGR24%CAGR14% 12 89HONEYCAGR6%0414MUSSELSCAGR34%14SALMON 16 53 3104 200414 66CAGR6% 37 40414AVOCADOS0414CHERRIES04CAGR5% 1550414F FRENCH FRIES 91CAGR6% 58CAGR8%CAGR15% 61 9214FRESH BERRIES1 113 35 24CAGR27%CAGR17% 20BEEF JERKY, ETC.CAGR4% 19 9 2814CAGR10%CAGR18% 1904 23 99 101 21 27 23 2 1041404SOUPS14SAUCESCAGR10%14YOGHURT 181 297CAGR45%04 98CAGR10%0414ICE CREAM14PET FOOD 107CAGR10%14BISCUITS, ETC.14CHOCOLATE2CAGR3%CAGR50% 13 36040414CONFECTIONERY 14 29 70404CAGR9% 50 6704 13Numerous OtherGrowthSegments 10 0.214INFANT FORMULA0414NUTRITIONALS0414UHT MILK0414SOFT DRINKS0414BEER0414CIDER0414SPIRITS31. Ex-Strawberries; 2. Retail; 3. Ex-RTDs; Source: various sources; photo credit (fair use; low resolution; complete product/brand for illustrative purposes); Coriolis classificationOTHEREMERGINGiFAB 201521

Third, New Zealand has strong growth upsideWHY NEW ZEALAND?GROWING TO ASIASTRONG CORE EMERGINGGROWTH UPSIDETRUSTED- Free trade agreements- Strong in a handful of ingredients- Low intensity currently- Food safety systems- Growing export share and value- Growing in a wide range ofemerging categories- Significant growth upside- Recognised by consumers- Well supportediFAB 201522

New Zealand is not a small countryTOTAL AREA: NEW ZEALAND VS. SELECT REGIONSKm2; 000; 2015378Other 12Kyushu36336Shikoku19288274Fujian121New York122Honshu228Japan256Netherlands37North gium31New Jersey19Connecticut 13New Hampshire23Vermont24Maryland25North Korea121Denmark43Ireland70Hong Kong 1Hainan34West Virginia62Slovakia49Select SE ChinaSelect NE USALuxembourg 3Select EuropeNote: this document takes no position on sovereignty in Asia (e.g. Taiwan); Source: CIA World Fact Book; Wikipedia; Coriolis analysisSouth Island150South Korea100Taiwan36Stewart Island 2New ZealandOther East AsiaiFAB 201523

New Zealand has resources available to produce more foodAGRICULTURAL AREA/PERSONHa; 20144.5Uruguay2.4New ZealandCOASTLINE/PERSONM; 2014WATER/PERSONL; m; 20144.9Norway3.3New Zealand70.8New inland0.673.8NorwayIrelandSpain1.3WATER/SQUARE KILOMETREL; m; uguay0.2PortugalAustria0.4United Kingdom0.2Portugal0.4PortugalSweden0.3United ew lands5.4Italy635Italy0.1Japan3.4United n2.4Sweden394Norway0.19Germany0.03United ource: United Nations FAO AgStat; CIA World Fact Book; Wikipedia; Coriolis 81iFAB 201524

New Zealand is increasing food productionFOOD PRODUCTION PER PERSONTonnes/capita; 1963-2013Tonnes/km2; 1963-201310061973UK joinsEuropeanUnion5FOOD PRODUCTION PER SQUARE KM90CAGR2%1973UK joinsEuropeanUnionTOTAL FOOD PRODUCTIONTonnes; m; 1963-2013251973UK 2196919661963Source: United Nations FAO AgStat; FAO FishStat; Coriolis analysis-iFAB 201525

New Zealand has further capacity to grow – peers suggest doubling total food production is notunreasonableFOOD PRODUCTION PER PERSONFOOD PRODUCTION PER SQUARE KMTonnes/capita; 1963-2013Tonnes/km2; 1963-20136NZNetherlands800TOTAL FOOD PRODUCTIONTonnes; m; mDenmark3400Ireland2ItalySwitzerlandU.K.S. KoreaJapan1-S. 9751972196919661963Source: United Nations FAO AgStat; FAO FishStat; Coriolis analysisNetherlandsS. KoreaNZ30300NetherlandsBelgiumJapan40iFAB 201526

Finally, New Zealand is trusted by consumers and manufacturersWHY NEW ZEALAND?GROWING TO ASIASTRONG CORE EMERGINGGROWTH UPSIDETRUSTED- Free trade agreements- Strong in a handful of ingredients- Low intensity currently- Food safety systems- Growing export share and value- Growing in a wide range ofemerging categories- Significant growth upside- Recognised by consumers- Well supportediFAB 201527

Consumers recognise and value “Brand New a31.536.3AlgeriaSaudi .242.5EgyptRomaniaSouth icoQatar50.046.650.1IndonesiaSouth wanBrazil56.2PolandPeru56.5United tugalFranceSpain64.4Japan64.467.8United ew amColombiaRomaniaLebanonSki roatiaBrazilArgentinaPanamaSouth AfricaSaudi ArabiaThailandCosta RicaTaiwanMaltaOmanPuerto iQatarSpainBelgiumIrelandSouth andUnited KingdomNew ZealandAustriaDenmarkAustraliaUnited FAB 2015Source: Reputation Institute; Future BrandScore; 2015Rank; 2015

Consumers in key markets – particularly Asia – trust New Zealand food and beveragesJAPANESE CONSUMERS PUBLIC IMAGE OF FOREIGN PRODUCTSRanked index; 2009SAFE80New Zealand is positionedin the value “sweet spot”as low cost and trusted6040EuropeNew ZealandScandinavia200-20USA-40-60-80Asia (Excl. China)ChinaUNSAFE -100-100CHEAPSource: Gain JA8713; Coriolis-80-60-40-20020406080EXPENSIVEiFAB 201529

As a result of being an island nation with strong biosecurity controls, New Zealand is free of a wide range ofanimal diseases; this leads to higher yields and excellent market accessFoot-and-mouthBovine Spongiform encephalopathy (BSE)Bovine BrucellosisScrapieFoot-and-mouthBlue tongueFoot-and-mouthChronic Wasting DiseasePotomac horse feverAfrican Horse SicknessWest Nile virusEquine encephalomyelitisHighly Pathogenic Avian Influenza (Bird flu)Infectious Bursal DiseaseNewcastle’s Disease (Fowl pest)Porcine Reproductive & Respiratory SyndromePorcine BrucellosisClassical Swine feverInfectious Salmon Anemia (ISA)* Full list available at MPI v/freedom; Source: MPI; Coriolis analysisLOW MEDICINE& CHEMICAL USAGEFASTER GROWTH &HIGHER YIELDSENABLED SPECIALTYPRODUCTSPRIVILEGEDMARKET ACCESSiFAB 201530

As a result of its strong brand, excellent reputation and consumer trust, food & beverage manufacturersregularly call out New Zealand on the front of packEXAMPLE: PET FOOD WITH NEW ZEALAND ON FRONT OF PACKSource: various; photo credit (fair use; low resolution; complete product/brand for illustrative purposes); Coriolis analysisiFAB 201531

New Zealand has a long history of agricultural and science based education and government-funded R&D inthe food industryF&B FOCUSED SCIENCE ORGANISATIONSUNIVERSITIES WITH MAJOR F&B RESEARCHGOVERNMENT CO-INVESTMENT IN INNOVATION- Primary Growth Partnership (PGP)- MPI managed investment in businessled and market-driven long terminnovation programs to increasemarket success of primary industriesSource: CoriolisiFAB 201532

Businesses have business development advice and access to science and research facilities at five locationsthroughout New ZealandNZFINLOCATIONSource: www.foodinnovationnetwork.co.nz; CoriolisFOCUSCAPABILITIESProcessed/FMCG foodsSpace/equipment for hireExport registrations 1000 kg/shift-Extrusion & Milling/BlendingLiquids/BeverageHigh pressure processingFreeze dryingGeneral processingMultiple packaging stylesProduct development kitchenDairy & Infant Formula 500 kg/hourVegetable-Spray dryerEvaporatorOther dairy equipmentPackingPowder (vegetable)All Food and BeverageSpecialist expertise- business development- direct to other facilitiesDairyFruit & vegetablesAll Food and Beverage-Same equipment as Manukau (1/5th scale)Same equipment as Waikato (1/20th scale)Post harvest technologiesMeat and small goods pilot plantLocated at Massey UniversityProcessed/FMCG FoodsSpace/equipment for hireExport registrations20-200L batch size-Mixing ingGeneral ProcessingProduct Development KitchenTechnical and Business developmentexpertiseiFAB 201533

Food research hubs are located in the lower North Island and South Island; the New Zealand Governmentaims to attract 10 new Multinational Companies to undertake R&D in New Zealand over the next five yearsFood HQ - FOOD RESEARCH HUB- Objective is to offer expertise across the value chainto support food and beverage industry- Based in Palmerston North- Combining resources from Crown Research Institutes,Research facilities, auditing and certification

FOOD & BEVERAGE Food and beverage exports are important to New Zealand and the country is a major F&B exporter. The food and beverage industry accounts for 46% of all goods and services exports. Exports are growing strongly and the country's export performance is strong and improving relative to peers.

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