This week, Bord Bia and over 50 Irish prepared consumer food companies, ranging from large-scale manufacturers to family businesses, will host over 500 virtual trade fair meetings with buyers from key export markets including the United Arab Emirates (UAE), US and Europe (France, Belgium, Sweden, The Netherlands and Germany).
The Prepared Consumer Foods (PCF) Virtual Sourcing Fair, which takes place from Tuesday, April 13 to Monday, April 19, is a central component of a new year-long Bord Bia programme of activity, specifically developed to support the €2.5 billion PCF sector.
With annual exports to the UK accounting for approximately 70% of total exports, the Prepared Consumer Foods sector is the most reliant on the UK market and carries a significant Brexit exposure, according to Bord Bia.
The full and first tangible impact of this exposure was highlighted just one month into post-Brexit trading, with year-on-year PCF exports to the UK decreasing by 19% (€28 million) in January 2021.
The significant reduction in exports to the UK was also an indicator of the extent of forward shipping and stock building in anticipation of Brexit implementation on December 31, 2020.
Virtual trade fair
In preparation for the reality of post-Brexit trading, Bord Bia says it has undertaken extensive work with hundreds of businesses in the PCF sector over the past four years, to develop a global market diversification and trade engagement programme.
Last month, Minister for Agriculture, Food and the Marine, Charlie McConalogue, and Minister of State for New Market Development, Martin Heydon, in conjunction with Bord Bia, led a series of meetings with key global customers across the UK, France, Spain, Germany, The Netherlands, Canada and China.
The PCF category includes meal solutions, confectionary, non-alcoholic beverages, ingredients and value-added meat, seafood, and horticulture.
Producers in this sector supply some of the world’s largest foodservice outlets, major grocery retailers across Europe, and some of the biggest global restaurant chains.
Bord Bia has said that it is a critical sector to maximise the potential of value-added ingredients in Ireland’s world-leading food, drink and horticulture industry.
Total PCF exports across all markets were down by 18%, or €37.5 million, in January. This is the largest decrease observed since the onset of the pandemic and highlights the impact of the prolonged closure of the foodservice channel in many global markets.
Launch of the virtual trade fair
Opening the virtual sourcing fair, Minister McConalogue, said:
“Ireland’s Prepared Consumer Foods sector is a vital part of our food and drink industry and is a crucial route to market for value added foods.
“With uncertain changes in traditional export markets, the need to diversify into new priority markets for innovative prepared consumer food product companies has never been greater.
“I heartily welcome buyers from around the world who will connect with Ireland’s world-class sustainable food producers via 500 virtual meetings over six days,” Minister McConalogue added.
Meanwhile, Tara McCarthy, CEO of Bord Bia commented:
“After what has been a challenging and disruptive year for the food industry around the world, we know that many supply chains need to adapt.
“This coupled, with the fact that all of the major in-person food and beverage trade fairs in Europe and the US have been cancelled for the past 12 months, means that global customers are seeking out new ways to identify new suppliers and product innovations.
“Ireland’s Prepared Consumer Foods sector encompasses a wide range of innovative, sustainable, value-added food and beverage products that can meet these evolving needs.
“The Bord Bia Prepared Consumer Foods virtual trade fair will bring this to the fore as we engage with a game-changing number of buyers from Europe, the US and the United Arab Emirates to help support and futureproof this sector,” McCarthy concluded.
PCF Accelerate 2021
Bord Bia’s ‘Prepared Consumer Foods Accelerate 2021’ programme is a year-long initiative to support client companies in the prepared consumer foods category, to accelerate growth by supporting diversification into prioritised markets.
It helps them improve their capacity by giving them market insights and new opportunities with high-potential buyers in export markets, along with Bord Bia support.
Later this year, Bord Bia will host further trade engagement events targeting new business and PCF buyers in the UK and ROI markets.