News & Market Roundup October Edition

News & Market Roundup The Culinary Food Group October 2023

Welcome to The Culinary Food Group's News & Market Roundup!

We're thrilled to present you with the latest industry developments, trends, and inventive solutions in ingredient manufacturing.

From market analysis to sustainability initiatives and cutting-edge product innovations, we've got it all covered in this issue.

Let's delve into the ever-evolving landscape of ingredient manufacturing together, and discover how our partnership can drive our mutual success.

Economic Indicators To-date

Consumer Confidence measures the degree of optimism that consumers feel about the overall state of the economy and their personal financial situation Business Confidence provides information on future developments, based upon opinion surveys on developments in production, orders and stocks of finished goods in the industry sector. It can be used to monitor output growth and to anticipate turning points in economic activity. Numbers above 100 suggest an increased confidence in near future business performance, and numbers below 100 indicate pessimism towards future performance Inflation Rate measures the rate at which the average price level of a basket of selected goods and services in an economy increases over a period of time.

Retail Sales MoM – measuring all retail sales GDP Growth Rate The annual average rate of change of the gross domestic product (GDP) at market prices based on constant local currency. source:tradingeconomics.com

Grocery Market Share Great Britain Now vs Annual 2022

Circle = Current Market Share Triangle = Annual Market Share 30th October 2022 source:kantar.com

GROCERY MARKET OVERVIEW (12 W/E 01-10-2023) TESCO 0.4 %

SAINSBURY'S 0.1 %

ASDA 0.1%

MORRISONS 0.1 %

ALDI 0.3 %

LIDL 0.1%

CO-OP 0.1 %

WAITROSE 2%

ICELAND 0.1 %

OCADO 0.0 % Source Kantar.com

EXPLORING THE ALLURE AND DELIGHT OF BROWN BUTTER

In the world of culinary innovation, some ingredients stand out for their ability to elevate dishes to new heights. Brown butter is undoubtedly one of these treasures. With its nutty caramelized flavour and beautiful golden hue, it's a versatile ingredient that can transform a wide range of dishes, from desserts like brown butter ice cream and pastries to savoury creations such as pies. In this blog, we'll explore the wonders of brown butter and how it can add a touch of enchantment to your culinary creations.

The Art of Making Brown Butter: Brown butter, also known as beurre noisette, is a simple yet magical concoction made by gently cooking butter until it reaches a rich, amber hue. This process involves melting butter over low heat, allowing the water content to evaporate, and letting the milk solids caramelize. The result? A symphony of flavours that combines the sweetness of caramel with the rich, nutty essence of toasted butter.

The Nutty Caramelized Flavour: The defining characteristic of brown butter is its incredible depth of flavour. As the butter heats and the milk solids brown, it takes on a delightful nuttiness that's both aromatic and savoury.

This flavour profile can best be described as a combination of roasted nuts, toffee, and a hint of butterscotch. It's a flavour that has the power to make any dish instantly more complex and satisfying.

The Beautiful Golden Colour: Brown butter's transformation isn't just limited to its flavour; its appearance undergoes a stunning change as well.

The butter starts as a pale, creamy yellow and gradually deepens into a captivating golden-brown. This enchanting hue not only makes your dishes visually appealing but also signals the incredible flavour that awaits those who taste it.

Learn more about TCFG Brown Butter

Retail News

M&S chief Machin reacts to Asda’s ‘Taste Match’ campaign slamming “marketing gimmicks” and calling it “strange” to use a rival’s brand in advertising.

Iceland launches over 500 new frozen food items including new Blue Dragon range

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Leon launches duo of microwaveable rice pouches into Sainsbury’s. The NPD was inspired by the healthy fast food chain’s bestselling rice boxes

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Tesco has halved price gap with Aldi, claims boss Ken Murphy

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Manufacturing News

A factory worker has been jailed after admitting to contaminating food destined for restaurant chain Nando’s.

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Looming seafood shortage expected to drive alternative protein market, research says Alternative-seafood solutions’, indicated that there was likely to be a 14% surge in global seafood demand by 2030

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Explore Cuisine is owed £1.6m by Blue Ocean

Kepak appoints Brian Farrell as new CEO of Kepak Foods

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Third-party distributor Blue Ocean is on the brink of collapse and is set to leave suppliers facing losses of almost £3m.

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Foodservice News

Gordon Ramsay to open Lucky Cat and Bread Street Kitchen sites at 22 Bishopsgate

McDonald's and bun supplier Guenther open new £38m bakery site

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Subway agrees sale to PE group Roark Capital. Global quick service food chain Subway has agreed a sale to US private equity giant Roark Capital.

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JJ Foodservice to open branch in Wimbledon as it expands London reach

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CATTLE & BEEF EU & UK PRICES EU Calf (Male) Prices Beef calf prices (€/head excluding VAT)

European young bull prices have largely increased in recent weeks, with the EU average price for R3 grading young bulls remaining steady at €4.85/kg. UK R3 steer prices slightly decreased to €5.42/kg for the week ending October 8th, 2023. The application for a PGI for Irish Grass Fed Beef has progressed, with the final approval stage pending.

Source:Bord Bia

PIG MEAT EU & UK PRICES Pigmeat Prices)

The average price for grade E pig prices in Ireland decreased to €2.18/kg, excluding Vat, for the week ending October 8th, 2023. However, it remains 7.4% higher than the same week last year. Total throughput for 2023 is at 2,482,628, which is 10% below the corresponding period in 2022.

Source:Bord Bia

UK POWER MARKET On Friday, the GB baseload curve for October 9th to October 13th continued to align with the upward movement of NBP futures.

Specifically, the November contract saw a substantial increase of £5.40/MWh, closing at £125.90/MWh. This rise was primarily driven by two factors: low wind generation and a decrease in temperatures, which both contributed to the support and strength of the Day ahead product.

Source:Kore Market Energy Report

UK GAS MARKET In the gas market highlights, NBP futures recorded significant gains on Friday, marking the fifth increase in the last six sessions. The November contract reached a four-month high.

These gains were attributed to forecasts of a cold spell for the upcoming week, which also boosted prompt prices.

The Day ahead contract for Monday surged by 21.15p compared to the previous session.

Furthermore, ongoing conflicts in Gaza and the looming threat of strikes at Chevron's LNG plants in Australia continued to drive up NBP futures by adding a premium on Friday.

Source:Kore Market Energy Report

TCFG SUSTAINABILITY DAY

We hosted our annual staff Environmental Day on the Naas site. This is a joint initiative alongside Dawn Farms which aims to educate our employees on Environmental and Sustainability topics.

This year we focused on energy saving projects from each plant so we could all learn from each other and get new energy saving ideas that we could apply. There were prizes awarded to the best green projects to conclude the day.

Each plant and department had a stand and displayed their projects and sustainable food samples for all employees to browse and enjoy.

As well as this we organised a free recycling collection point for all employees for items such as household electricals, clothing, books, paint cans, and furniture just to name a few.

The day was a great success and provided huge learning opportunities for all involved.

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