DEVELOPING VALUE-ADDED FOOD PRODUCTS FOR MARKET Presented by Annette Dunlap, MBA Agribusiness Developer/Food Business Specialist NC Department of Agriculture.

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Presentation transcript:

DEVELOPING VALUE-ADDED FOOD PRODUCTS FOR MARKET Presented by Annette Dunlap, MBA Agribusiness Developer/Food Business Specialist NC Department of Agriculture November 20, 2015

THINGS TO CONSIDER Who will buy it? Who will buy it? How will I make it? How will I make it? How will I pay for it? How will I pay for it? What will I charge for it? What will I charge for it?

DEFINITION A value added food product is one where you have changed the state of the ingredients to make something different. A value added food product is one where you have changed the state of the ingredients to make something different. Common examples are: Common examples are: Cucumbers  Pickles Cucumbers  Pickles Tomatoes  Sauce Tomatoes  Sauce Peppers  Relish Peppers  Relish

WHO WILL BUY IT? The average number of SKUs in a grocery store is 35,372 The average number of SKUs in a grocery store is 35,372 In 2013, there were 190,000 new UPC codes and 9,500 new brand launches In 2013, there were 190,000 new UPC codes and 9,500 new brand launches Competition is fierce Competition is fierce

FIGURE OUT YOUR CUSTOMER Individual, restaurant, food service, other? Individual, restaurant, food service, other? General income level General income level Gender Gender Buying as indulgence or as a gift? Buying as indulgence or as a gift? Getting them to buy again Getting them to buy again

FIGURE OUT YOUR PRODUCT Product category Product category Flavor profile Flavor profile Unique attributes Unique attributes Product claims Product claims Fit with current trends Fit with current trends

HOW WILL I MAKE IT? Eligible for inspected home kitchen production Eligible for inspected home kitchen production Inspected shared-use facility Inspected shared-use facility Co-packer Co-packer ALL PROCESSED FOOD ITEMS SOLD IN NORTH CAROLINA MUST BE PRODUCED IN AN INSPECTED FACILITY

HOW WILL I PAY FOR IT? Pay-as-you-go Pay-as-you-go Friends and family Friends and family Private investor(s) Private investor(s) Crowdfunding Crowdfunding In general, banks will not make a loan to start a food business.

WHAT WILL I CHARGE FOR IT? Net Profit = Sales revenue – (Cost of Goods + Overhead) Net Profit = Sales revenue – (Cost of Goods + Overhead) Price communicates quality Price communicates quality Competitors often set consumer perception of a “fair price” Competitors often set consumer perception of a “fair price”

BUILDING YOUR BUSINESS A product does not have to be innovative in order to sell A product does not have to be innovative in order to sell Outstanding marketing often overrides a so-so product Outstanding marketing often overrides a so-so product A loyal customer is your best advertising A loyal customer is your best advertising

CONTACT Annette Dunlap Annette Dunlap