Monday, 27 July 2015

R & D To Boost Innovation In The Packaged Food Segment

Today packaged food brands have become more unequivocal, when it comes to shelf life. Besides this, key market players investing millions in research and development, shows commitment to the segment (processed food market), which strived over a decade amid dynamic buying preferences. Whether it’s about removing artificial flavours or reducing the sodium level in the frozen food, packaged foods are rebooting their chef –inspired food products rather than the diet fare.

To keep pace with emerging trends, Nestle has introduced several changes within its popular frozen range. In June 2015 this global packaged food giant announced plans to do away with artificial flavours. Nestle has invested over $50 million in its R & D center. Other recent product developments include the use of organic ingredients and gluten-free processed foods. Commenting on the advancements, the CEO of Nestle United States, Paul Grimwood said “I’m pleased that Nestle R&D. Solon will enable us to better anticipate and provide consumers with the food choices they deserve and the quality they have come to expect from Nestle.”

Another popular brand, Tyson Foods made public that the company would continue focusing on product innovation. In 2014, the company had acquired the Hillshire Brands. As a result of the investment, the Tyson Foods now manages two invention centers. The CEO and president of Tyson Foods, Donnie Smith in his interview to the media made it clear that the company aims at using all great expertise around discovery and research and development, to grow as they move forward. Now, the Hillshire Brands and Tyson Foods make one company with over $40 billion figure in sales as well as portfolio of famous brands consisting of State Fair, Jimmy Dean, Hillshire Farm plus many others.

Kraft Foods Group, Inc. too experienced a management shake-up in February 2015. Under the leadership of John Cahill, the new CEO company announced two fresh roles. While George Zoghbi then Vice Chairman of operations, research and development and strategy was appointed COO, Chris Khempczinski took over as the Vice President of growth initiatives .Chris is also responsible for the company's international business. Besides this, Kellogg’s had started a new research center in Leuven Bio Incubator in 2013. The company intends to excel in terms of discovery and strengthen its present relationship with Europe market.

According to a report published by “Allied Market Research " titled " World Packaged Food - Market Opportunities and Forecasts, 2014 - 2020 " the packaged food segment globally would witness growth in regions including Europe ,LAMEA and Asia-Pacific.