agricultural product differentiation industry perspective november 15, 2004 corny gallagher
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Agricultural Product DifferentiationIndustry Perspective
November 15, 2004
CORNY GALLAGHERAGRIBUSINESS EXECUTIVE
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More than $14 billion in commitments to the industry sector.
Clients value our industry knowledge and expertise as well as our ability to provide a complete range of financial products and services.
Bank of America is one of the largest providers of financial services to agribusiness and food processing industries throughout the United States.
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FOOD FORESIGHTPRIORITY TRENDSFALL 2004
GATHERS TRENDS AND ISSUES INFORMATION FROM AROUND THE GLOBEIDENTIFIES EMERGING ISSUES AND TRENDS
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2004 TREND 1
PRODUCERS FIND THEMSELVES IN AN EVER-TIGHTENING VICE:Increasing scrutinyMust trace and document practicesIncreasingly legislation and regulation leads to unequal playing field for U.S. agriculture
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2004 TREND 2
VULNERABILITIES TO TERRORISM ADD A NEW WRINKLE OF INSECURITY AND ARE REDEFINING ROUTINE AGRICULTURAL PRACTICES:Department of Homeland Security will play increasing leadership role GMO wars will continue and trickle-down
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2004 TREND 3BIG GLOBAL COMPETITORS AND MARKETS ARE ENGINEERING A WILD RIDE FOR THE AGRI-FOOD CHAIN:
Rising affluence and demand for high-value products with tastes of home
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2004 TREND 4
OBESITY IS OVERWHELMING THE DIET/HEALTH LANDSCAPE : -Is high fructose corn syrup the real villain? - Is it caused by the micronutrients? Perception shifted from food is healthful to food is bad for me
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2004 TREND 5NEW SCIENCES AND GENETIC INNOVATION ARE ACCELERATING THE ARRIVAL OF A NEW FRONTIERPERSONALIZED NUTRITION YOUR OWN RUBICS CUBE RATHER THAN THE FOOD PYRIMID
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2004 TREND 5
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2004 TREND 5CONCEPTSGenotyping - individuals' genetic make-up Metabolic profiling finger-stick tests Nanotechnology, in wrong hands used as bio terrorism?DARPA is driving radical nutrition research in biochemical pathways and processes like ketogenic dietsmicronutrients in certain foods lead to new opportunities
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2004 TREND 6
WHAT CONSUMERS WANT, CONSUMERS WILL GET . . .Shift to a genuine "pull" marketing environment"if you don't like this, you might like this" suggestions tied to likes and needs
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2004 TREND 7FOOD SERVICE SECTOR IS SURGINGDominant share of consumer food spendingInnovating through an explosion in ethnic flavors and cuisine
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2004 TREND 7CONCEPTS
Confluence of mega trends; the dramatic rise in ethnic foods, blurring between "formal" and "casual" eatingAsian flavors are the top trend gainer in the top 200 chainsFood service providers must offer more choices
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FOOD SYSTEM OPPORTUNITIESHealth benefits of ag products and parts.Changing demographics = New products.Food Service Chefs looking for menu ideas.Health Consciousness driving product choices.Environmental improvement. Its not waste it is ..
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