The Product Makers is expanding its footprint in Bangladesh. In doing so, it's empowering local businesses and giving the economy a boost.
Founded in Melbourne in 1985, The Product Makers manufactures and trades in flavours, with its encapsulated flavours, powders and concentrates enriching anything from functional beverage drinks and confectionery to tea, baked goods and savoury snacks.
The company works closely with food and beverage producers, helping them hone the flavour that's 'just right' for their product. Then, it provides that flavour in the long term, ensuring continuity of taste, and utmost customer satisfaction.
A global business setting food trends
For 40 years, The Product Makers has been innovating and evolving, driving food trends all over the world.
In the 1990s, the company opened its first factory in Brazil, followed by another in China 5 years later. It has manufacturing facilities in Indonesia and India to service demand across Southeast Asia, plus sales teams and laboratories in 22 markets.
The Product Makers' Sales and Marketing Director Lucky Procopiou says exports have 'dramatically increased' over the last 15 years. Revenue generated from overseas entities make up about 50% of the total. Of the products manufactured in Australia, exports account for 65% to 70% of sales.
Procopiou attributes much of the company's global success to its collaborative approach to research and development, and his teams' commitment to understanding trends and demands in different regions.
'We are instigators of food trends in a lot of countries,' Procopiou explains.
'We generally approach customers on new concepts and ideas for that country, where we expect the market to hit. In doing that, we expand our abilities,' he adds.
'Understanding the technicality between the customers' process and the products they want to launch is important … It's a critical path for sales.'
Business booms in Bangladesh
Industry collaboration has been a particularly strong pathway for growth in Bangladesh, where The Product Makers has partnered with local manufacturer Banga Flavour & Fragrance (BFF) for some 15 years.
Initially, the 2 companies worked together to produce powdered drinks products. They later broadened into other areas, including baked goods and electrolyte drinks.
Last year, BFF opened its new innovation facility in the commercial hub and port city of Chattogram. Here, The Product Makers is continuing development from state-of-the-art labs and testing facilities.
'We've been involved with the design and the expansion of BFF's facility,' Procopiou says.
'We train workers in developing products, and we often bring people to Australia to work with our technical team on training and expansion, so they can work with their customers to run trials.'
The Product Makers' staff in Bangladesh at work developing new flavours for the local market.
Collaborating on economic growth
This deep technical collaboration allows The Product Makers to build on its business in Bangladesh, while integrating into the local industry and contributing to the economy.
It's supplementing local businesses; helping them meet demand in the fast-evolving food and beverage industry.
In Bangladesh, a growing population, shift towards urbanisation, and increasing disposable income is driving more diversified tastes and an increasing demand for soft drinks, electrolyte products and powdered juices, Procopiou says.
The Product Makers enables local providers to meet that demand.
'Where we have our own offices and technical facilities, we're always defining new products. That's enabling local businesses to expand,' Procopiou says.
'It's a core way of doing business for us, and that infrastructure brings employment and growth to those countries.'
Austrade supports export growth
As an Australian business building a strong presence in Bangladesh, The Product Makers represents the deep and ongoing trade relationship between the two nations.
For almost a decade, Austrade has played a key role in The Product Makers' story here, introducing Procopiou and his team to local distributors and new business opportunities. Austrade has organised seminars and promotion through trade fairs, and representatives have even attended meetings with customers.
Demonstrated support from a government entity builds credibility, Procopiou says.
'Australia has got a good rating overseas … so it's good marketing support.'
Austrade has also helped The Product Makers tackle regulatory challenges related to the banking system in Bangladesh, and supported partners visiting Australia with travel plans and visa information.
Elsewhere, Austrade has supported the team in Japan, India, Thailand, Vietnam, Indonesia and Pakistan, as well as further afield in the Middle East.
'In each country, they continue to communicate with us. They know our business now and they still come to us with opportunities,' Procopiou says. 'They're very proactive.'
A flavoursome future
For 40 years, The Product Makers has continually pushed the boundaries of food innovation, looking for new opportunities and markets to explore.
Now, it is developing bioactive supplements, which can be added to food and cosmetic products for various health benefits. It's also producing supplements for animal feed, using a natural extract to alter the gut biome, reducing methane emissions. While these products are currently being developed in Australia, Procopiou anticipates strong export demand.
'This sector is evolving all the time,' he says.
'As a flavour company, we can be quite creative, defining new directions in the food industry, and the nutraceutical industry as well.'
