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Grant Thornton : Cleaner ingredient statements needed
October 23, 2012
By Rob Starr, Content Manager, Big4.com
Grant Thornton LLP and Food in Canada magazine have teamed up to present the 2012 Grant Thornton Executive Roundtable, and have published the results in the current issue of Food in Canada magazine, the only trade publication exclusively serving the industry. The issue also contains a list of the Top 100 Canadian Food and Beverage Processors and an Economic Outlook.
Jim Menzies, Partner, Assurance and Business Advisory Services and International Food and Beverage Industry Leader for Grant Thornton LLP comments:
“It’s clear that Canadian food and beverage companies are energized about the future and are excited about the prospects of finding new growth opportunities,” says Menzies. “Taking pride in brand, ingredients and production methods, and being able to put yourself in the shoes of the consumer to understand their motives for buying a product are critical to growth. That’s why many producers, including the ones we spoke to in the roundtable, are thinking about brand messages focused on quality, innovation and sustainability.”
While many shoppers buy only on price, other consumers are also looking for higher-quality produce—healthy and ideally locally-sourced—and are willing to pay for it. Providing products that complement the focus on health and well-being was identified as a significant opportunity for the industry. All agreed that there was an increasing trend towards “cleaner labels” and products that were “natural”, though not necessarily “organic” – a trend that plays to both ends of the market. While price-sensitive consumers might turn to natural products when organic products are too expensive, a wide cross-section of consumers are attracted to clean ingredient statements and better-for-you products.