Food technology and ingredients company Kerry Group is to develop a new purpose-built food technology and innovation centre of excellence in Queensland in Australia.
Kerry said the facility will act as the new headquarters in Australia and New Zealand, while its existing facility in Sydney will retain a specialist research and development applications hub.
The company said its new Australia and New Zealand Development and Application Centre in Brisbane will bring its food innovation cycle under one roof.
This will reduce the time to market for new product development and will increase Kerry's capacity to drive food innovation in the region.
The food and beverage industry is Australia's largest manufacturing sector and with an annual turnover of $50 billion it represents more than 18% of total domestic manufacturing turnover.
Food Innovation Australia's forecast for the global food and agribusiness market is between $8.8 trillion and $11.1 trillion by 2025.
"The new facility aligns with Kerry's globally-recognised innovation strategy focused on value creation for the consumer, as it reflects changing industry needs and unlocks sector growth opportunities in Australia and New Zealand," said Christine Giuliano, General Manager, Kerry Australia and New Zealand.
"More importantly, it will bring the benefits of our global technologies to local food and beverage producers supporting regional industry development," she said.
"Our team at the new centre will be able to leverage Kerry's R&D network around the world, as well as global insights, market knowledge, and culinary and applications expertise to customise solutions that ultimately deliver exciting products that resonate with the local market," she added.