December 09, 2024
Digging deep with data
FaBA researchers have invested in a vast range of databases to give Industry Participants a distinct advantage both before and after they enter the marketplace.
The FaBA Innovation Pathways Program has a subscription with Mintel, widely recognised as a leader in market intelligence, to assist FaBA Industry Participants grow their businesses.
Professor Janet McColl-Kennedy, Innovation Pathways Program Lead said the Mintel subscription enables researchers to map the product innovation landscape of the food and beverage sector globally, which is a critical component of the strategic insights generated by the team for FaBA industry participants.
“Through Mintel’s rich Global New Products Database we can investigate rates of product launches per category, across regions, and identify areas of opportunities and levels of competition,” Professor McColl-Kennedy said.
FaBA Data Scientist Dr Edgar Brea said Mintel’s specialised reports allowed researchers to deeply understand key trends driving novel product innovations in the sector, enabling the generation of insights into potential future opportunities for specific product concepts or individual ingredients.
“Mintel’s database nicely complements the other 22 data sources we employ, either by allowing us to validate or integrate analyses using various types of data,” Dr Brea said.
Professor McColl-Kennedy said: “Being able to access 23 databases is out of the reach of small businesses, SMEs and even some large businesses.
“Even if some businesses could afford to purchase the databases, they need experts to undertake the sophisticated analyses and modelling to enable accurate interpretation of the data – the Innovation Pathways Program is well positioned to provide this expertise.”
Contact the Innovation Pathways Program for more information