Opportunities to value add up the Food Chain...Opportunities to value add up the Food Chain Dr Angeline Achariya COO I Monash Food Innovation I Monash University ABARES Outlook 2019

Dr Angeline Achariya

CEO – Monash Food Innovation Centre

12 October 2018

Dr Angeline Achariya

COO – Monash Food Innovation

27 February 2019

Opportunities to value add up the Food Chain

Dr Angeline Achariya

COO I Monash Food Innovation I Monash University

ABARES Outlook 2019

5 March 2019

Let’s start with the big shifts heading towards Food and Agribusiness….

The trends and challenges continue to be consistent globally…but do need new thinking & tools to solve for these

NEW

URBANISM

SEAMLESS + ON-

DEMANDSHARING

ECONOMICS

AUTOMATION +

INTELLIGENCE

SMART

SUSTAINABILITY

‘New Urbanisation’ refers

to the resurgent

relevance of the

Urbanism movement of

the 1980s, strongly

emphasizing walkability,

multi-generational city

living and mixed-used

spaces within the one

neighborhood.

‘Seamless + On

Demand’ refers to the

on-demand economic

activity created by

tech companies that

fulfill consumer

demand with the

immediate provision

of goods and services

in an efficient and

intuitive format.

Investment in

sustainability and

Corporate Social

Responsibility is crucial –

both in terms of

recruitment and building

conscious consumers’

trust. Companies will

work actively with

consumers to reduce the

impact of their purchases

and lifestyles, boosting

sustainability while

encouraging brand

loyalty.

‘Sharing economics’ is

the shift in consumer

perceptions that has

made access to goods

and services more

important than

ownership, creating a

less-is-more trend with

consumers accessing,

sharing or selling items

easily.

Automation and

artificial intelligence

have already

transformed how

consumers interact with

brands, interact with

objects in their homes

and the service

expectations across

sectors.

MOOD

+MIND

BIO-

BESPOKE

CLEAN

LIVING

PERFORMANCE

+ OPTIMISATION

As consumers become

more cognizant of the

relationship between what

they eat and how they feel

emotionally, as well as

more open to

conversations about

mental health, the food-

mind-mood connection is

shifting to the mainstream.

Empowered consumers are

adopting an informed and

personalised approach to

eating thanks to

sophisticated DNA-based

diets, mail-order genetic

testing kits and predictive

nutrition-based

technologies. Alongside

this, new tech tools could

help individuals to

manipulate flavour in

pursuit of ‘superior’ taste

experiences.

As the notion of ‘clean’ wanes

from a dietary lifestyle

perspective, the idea is still

massively relevant when it

comes to sourcing and

production. Utilising less of

the earth’s precious

resources, faux ingredients

(such a lab-reared edibles)

are becoming prestige

purchases for ‘impact- aware’

consumers who desire guilt-

free indulgence. This is

opening up a new category of

‘morally conscious’ and

humane foods that command

top dollar.

Sophisticated data-tracking

tools are becoming more

intuitive and seamless as

they enable users to

monitor daily lifestyle and

dietary habits. Next-gen

devices can now also

suggest behavioural tweaks

to optimise personal

performance.

Always on transformation….

Innovation is not just new products development…

How to increase the odds of success of your new products to market

INSIGHTS + SIZING $ = OPPORTUNITY

IDEATION = OFFER OFFER DEVELOPMENTCOMMERCIALISATION

& LAUNCH

CONSUMER INSPIREDDESIGN

FAILURE POINTS ELIMINATION

(PROTOTYPING & VISUALISATION)

10%

Traditional approach

Consumer, Culture and Market led

Success Rate

30-50%

Rapid fire In-Home

Consumer Test

Creating value by failing fast, early & cheaply…

Rapid fire Consumer Test

Kitchen Creation On shelf Visualisaton

Packaging Design

2-4 Weeks

De-risking ideas by failing fast & pivoting

Refine &

Validate

Machinability Value perceptionFast track mould

development

Concept

screening

Marketing Mock

ups

FAILURE POINTS

ELIMINATION

Concept

Development

Efficient assortments

Point of sale solutions

Pack graphics cut through

Off location

FAILURE POINTS

ELIMINATION

… In all aspects of your innovation journey

BUILDING FOOD & AGRIBUSINESS INNOVATION CAPABILITY

THE COMPANY

TYPES WERE...

33% – LARGE

28% – OTHER

22% – STARTUPS

15% – SME

THE PEOPLE WERE FROM...

29% – MANUFACTURING

15% – CONSULTANCY

10% – GOVERNMENT

8% – PRIMARY SUPPLIERS

7% – RETAIL

OUR PARTNERS CAME FROM...

71% – VIC

17% – INTERNATIONAL

8% – NSW

3% – QLD

1% – TAS

MOST PEOPLE CAME TO

LEARN ABOUT...

A few of our happy industry partners innovating successfully in market in Australia and Asia

Making a dent in the Food and Agribusiness Sector

2812

PARTICIPANTS

25

EVENTS / INNOVATION

TRAINING

76

INNOVATION PROJECTS &

PROGRAMS

4514

BUSINESSESENGAGED

353

BUSINESSES ENGAGED

WITH CHINA / COFCO

161

START UPENTREPRENEURS

TRAINED

36

INDUSTRY RESEARCH

PROJECTS

Start up’s,

SMEs, MNE’s,

Research,

Government

IoT for Manufacturers

Bringing new product ideas to life

Food network expo

Turning food waste into $$$

Personalised Health & Nutrition

Unilever, Chobani Incubator,

SunRice, Orora, Coles, Lion,

Brown Brothers, Nestle, Bickfords,

Koko Black, Boundary Bend,

Pattie’s Foods, Perfection Fresh,

Mondelez International

Matcha Maiden, Kooee, Mingle

Seasoning, 99th Monkey, Bake

Mixes, Bake it Box, The Good

Seed, Mindful Nutrients,

Gippsland Pearls, Springmount

Fine Foods, Glovely, Hapisoy

Burra Foods, Bega Cheese,

Fonterra Foods, Bright Food,

Dupont, INRA, Savencia

Fromage & Dairy, Universal

Food Products, Boundary

Bend, Asahi Beverages,

Mulgowrie Farming Company,

Orora, Varden, Sonic Essentials,

Lion, Hawkins Watts, Viplus Dairy

BHERT and Food & Drink

awards, Monash Bosch AgTech

Launchpad

We look forward to co-creating with you

Angeline Achariya

COO, Monash Food Innovation

[email protected]

+61477371949

www.foodinnovationcentre.com.au