techno economic feasibility study

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HOW DOES THE FOOD RESEARCH LAB AID TECHNO
ECONOMIC FEASIBILITY STUDIES?
An Academic presentation by Dr. Nancy Agnes,
Head, Technical Operations, FoodResearchLab Group
www.foodresearchlab.com Email
info_at_foodresearchlab.com
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What is a techno economic feasibility study?

• A techno economic feasibility study involves
  analysing the monetary and technological aspects
  of developing a new product.
• It helps food and beverage manufacturers
  determine if their idea for a product is
  practical with the available resources.
• Other uses of a techno economic feasibility study
  include risk assessment and enlisting measures
  that can be taken to minimise the risks
  associated with new product development.
• In addition, a techno economic feasibility report
  given after conducting the study helps food
  businesses secure loans from investors.

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What does a techno economic feasibility study
consist of?

• A techno economic feasibility study usually
  consists of the following
• An approximate measure of future sales revenue,
• Requirements and costs involved in the workforce,
  location and infrastructure of the production
  plant,
• The resources and investment required for the
  implementation of the proposed project,
• An estimate of the cost of new product
  development that includes the cost of raw
  materials, overheads, utilities, etc., and
• Risks that can be incurred in the process.

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How does the Food Research Lab help with techno
economic feasibility study?

• In this age of changing consumer preferences and
  rapid technological advancements, partnerships
  and collaboration with the Food Research Lab for
  techno economic feasibility study helps the food
  and beverage industries increase their profits
  and minimise the risks associated with new
  product development.

• The following points highlight how Food Research
  Lab helps with techno economic feasibility
  studies

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• Ingredient selection

• The team in the Food Research Lab has the
  expertise and resources to help businesses select
  ingredients for developing innovative food,
  beverage, nutraceutical and cosmeceutical
  products.
• The team specialises in various ingredients like
  functional food ingredients, sugar replacers, fat
  replacers, flavours, proteins, and cosmeceutical
  ingredients like niacinamide, ubiquinone, aloe
  vera and witch hazel, to name a few.

• Process Optimisation

• The Food Research Lab team helps in the process
  optimisation process by conducting techno
  economic feasibility studies.
• The team helps identify optimised conditions that
  minimise costs and maximise output by analysing
  process efficiency, resource utilisation and
  potential challenges

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• Quality Assurance

• Product quality and shelf life are critical for a
  product to be successful. Food scientists in the
  Food Research Lab conduct multiple rounds of
  quality checks, sensory evaluation and
  nutritional analysis, ensuring quality.
• By conducting shelf life studies of the
  products, food scientists can determine the
  product longevity and optimise packaging methods
  keeping the process economical.

• Cost analysis

• Cost analysis is a critical component of
  techno-economic feasibility studies. The Food
  Research Lab has the instruments and knowledge to
  methodically assess the costs of production, raw
  materials, packaging, and distribution.
• Cost assessments can also be done across
  different scales of production, revealing
  insights into costs of the production scale and
  their impact on overall costs.

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• Risk mitigation

• The developed products must abide by stringent
  regulations and safety standards.
• The Food Research Lab helps industries to conform
  to the regulations related to ingredients,
  processes, product labelling, and packaging.
• Therefore, the risks of non-compliance and
  subsequent product recall can be averted, which
  can adversely affect the brand image and the
  market value of the business.

• Decision making

• The team helps businesses make informed decisions
  about product development, considering the
  available resources and costs, which helps them
  maximise profits and minimise losses from product
  development 1.

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CONCLUSION

• Techno economic feasibility studies are a crucial
  part of product development, which analyses the
  technical and economic implications of developing
  a product.
• The Food Research Lab serves as an integral
  partner for conducting techno economic
  feasibility studies.
• The team helps in the process of techno economic
  feasibility studies through ingredient selection,
  efficiency enhancement and cost optimisation,
  quality assurance, cost analysis, risk mitigation
  and decision-making, ensuring the businesses help
  develop quality products at a reasonable cost.

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HOW THE FOOD RESEARCH LAB CAN HELP

• We comprise a team of food scientists and
  technologists offering techno economic
  feasibility studies.
• We also provide techno economic feasibility
  reports that help businesses make informed
  decisions regarding the economic aspects of
  product development. In addition, we assist
  businesses to minimise loss by adhering to
  regulations and studying and optimising the shelf
  life of the products, preventing product recall
  and wastage, and guaranteeing the overall success
  of the products.

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EMAIL
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