Tuesday, April 16, 2024

Manufacturers advised to venture into US market through speciality foods

The USAID Southern African Trade Hub is supporting a seminar, which will make presentations to partakers by giving professional tips on how to anticipate and capitalize on market trends, especially outside the continent.

The speciality food workshop and business-to-business program, which is also supported by the Western Cape Fine Food Initiative (WCFFI), was scheduled to be held in Cape Town South Africa on Tuesday May 10th (yesterday).

The workshop, dubbed “Inside the Mind of the Buyer: a Specialty Food Buyers’ Checklist” will be held at the Townhouse Hotel and Conference Centre.

 According to USAID, the African Growth and Opportunity Act (AGOA), presents an opportunity for good specialty foods from Southern Africa to find their way into the large and growing United States of America market.

Speciality food Trade has a big market in the US, according to the National Association for the Specialty Food Trade and market researcher, Mintel International and SPINS, sales topped $70 billion last year in the United States.

The foods that pulled in the highest sales were, however, found in categories such as cheese, meats, chips and snacks, bread and baked goods and condiments.

According to the research, this was a 7 percent increase in sales when compared to the results of 2009. It was also revealed that the specialty foods market was worth venturing into because it represents 13.1 percent of all food sales at American retailers. The researcher further states that 76 percent of specialty food manufacturers reported an increase in sales in 2010, with 36 percent of them reporting to be up more than 20 percent in sales.

The workshop would, therefore, act as a source of knowledge for those manufacturers who are interested in the US market.

“This information-packed workshop focuses on the competitive landscape and new food safety and traceability requirements in the United States as well as improving financial practices, packaging requirements, and marketing strategies. The program will also be a significant preparatory venue for exhibitors and participants of the Summer Fancy Food show, which will feature 16 companies from Southern Africa and is held in Washington, D.C. on July 10-12, 2011,”reads an announcement made by the USAID Southern African Trade Hub this Monday.

On Monday, manufacturers participated in 30 minute personalised,’go one-on-one’ sessions with industry experts as well as site visits.


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