An Agricultural Economist with Farm Credit Canada suggests changing food trends and demand for new and different food products is creating new economic opportunities for Canadian food producers, food processors and food retailers.
Agricultural Economists with Farm Credit Canada are encouraging Canadian food producers, processors and retailers to keep in mind trends in agriculture that could create opportunities for their businesses.
Craig Klemmer, a Principle Agricultural Economist with Farm Credit Canada, says consumers are looking to have an experience with their food creating opportunities for people to tell their story about food production and opportunities for new products coming on line.
We continue to get different information about food trends and food trends have always been evolving to different things. We also have increased diversity among the Canadian population and that’s just bringing different exposure to different products and foods into the Canadian economy.
Millennials are looking to spend a little bit more money on their food purchases, whether it’s ready made products or eating out at restaurants and creating different opportunities. When we look at how that translates it means a changing food dynamic, so a combination of information, a combination of different attention to food, changes to demand. Whether it’s buying local, whether it’s plant based proteins, whether it’s different kinds of fats, changing meat patterns in terms of cuts of meat that we like.
All of those create different opportunities and I think the agri-food sector in Canada has been doing very well adapting to these trends and leading the way in terms of creating products that consumers want and taking advantage of these increased opportunities. That’s why we continue to see growth in the GDP of food manufactured products in Canada and we expect that momentum to continue.
~ Craig Klemmer, Farm Credit Canada
Klemmer says these changes have resulted in mergers and acquisitions, new opportunities at regional levels in terms of farmers markets and direct to consumer marketing for some products and it’s meant increased integration between processors and producers.
