In order to gain an international reputation as ‘the Louis Vuitton of food’, NZ agribusiness should improve its technology and change the way it does business, according to Ian Proudfoot, head of KPMG's global agribusiness operation. If feeding the planet is not an attainable goal, he added, the country should at least aim at the wealthiest consumers in the world, equating to 800 million people or about 5 percent of the whole population.
“To be prosperous, we must focus on delivering products that are differentiated, that markets are prepared to pay a premium for, and that complement the lifestyle and aspirations of the world’s most affluent consumers,” said Proudfoot. “We can’t afford our products to be lost in a crowded commodity market, sold only on price. They must stand out from the crowd, head and shoulder above the competition to be deserving of the premium we need to achieve.”
To establish a power brand for its primary produce, New Zealand should therefore continue to invest in innovation, sustainability and quality, and keep up in the technology race.