2012 will continue to provide huge opportunities for companies launching value-added products such as functional foods with beneficial bioactive components, nutraceuticals, and products targeted to the health & wellness sector. Maintaining market access and protecting/exploiting our proprietary knowledge base will remain high on my list. Competition will increase in the wheat and barley area while the dairy sector focuses on new markets for value-added export sales to locations like China and South East Asia.
According to Proviti, a global consulting firm, there are a number of challenges that face our industry this year. These include achieving/maintaining customer loyalty; managing the supply chain risks and rising commodity prices; managing complex privacy and information security issues; managing regulatory changes; attracting, retaining and developing top talent; Improving business performance and sustaining competitiveness; adjusting to changing geopolitical dynamics; capitalizing on pickups in mergers and acquisitions; improving financials through better data management and analyses; and increased focus on enterprise risk management (ERM) for the business.
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