In the past 20 years New Zealand wine, honey, aquaculture and avocados have all emerged from almost nothing to become world leading sectors.
The report said New Zealand had attracted investment in food and beverage manufacturing from around the world - to the point where about 25 per cent of the sector is foreign owned.
The food and beverage growing strongly and the country's export performance is strong and improving relative to its peers, the report said.
"The country has demonstrated capability in the production of temperate-climate food and beverages," it said.
"It is the largest exporter in the world of dairy products and lamb and a major exporter of beef, kiwifruit, apples and seafood," it said.
The Top 100 food and beverage firms in New Zealand have a combined revenue of $51.5 billion in 2014.
"Industry-wide investment has driven scale, efficiencies and the continued development of high value categories," it said.
"While New Zealand is a major global food and beverage exporter, the country has significant untapped capacity to export more," it said.
The recently announced investment attraction strategy is aimed at attracting high value foreign investment in areas of competitive advantage, delivering potential direct economic impact of $5 billion over three years.
New Zealand has a strong beverages platform, with real strength in wine and strong growth elsewhere.
The report said New Zealand was already achieving long term growth across all emerging categories.
Aside from the main categories, honey exports had enjoyed a compound annual growth rate, from 2014 to 2014, of 24 per cent to reach $168 million. Over the same period, infant formula had achieved growth of 45 per cent $297m. Fresh berry exports had risen by 17 per cent to $19m, beef jerky by 14 per cent to $101m, cider by 50 per cent to $14m and sauces by 34 per cent to $16 million.
Key points
• Food and Beverages contributed $30.7 billion in exports in 2014; almost half New Zealand's total exports of $66.2b
• New Zealand exports food and beverages to a wide range of destinations, but Asia is now the largest destination region.
• Developing markets - particularly China - are driving New Zealand food & beverage export growth.
• NZ is achieving strong long term growth across all emerging categories.
• NZ has further capacity to grow - peers suggest doubling total food production is "not unreasonable".
• All New Zealand dairy categories have shown strong growth over the last 10 years
• NZ is the fifth largest global exporter of cheese and the leading exporter to Asia-Pacific.
• NZ has growing exports of UHT milk and yoghurt, both benefiting from long life packaging and growing demand from Asia.
• NZ is dominant in the global lamb and venison trade and strong in beef and is emerging rapidly in packaged/processed products.
• Meat exports have shown strong growth, particularly over the last five years.
• New Zealand is the world's largest sheep/lamb meat exporter exports currently re-orienting to China/Asia.
• New Zealand is the eighth largest global beef exporter and is highly competitive on price.
• NZ is the largest global venison exporter. Most exports go to Germany/Europe, though Asia & North America a growing opportunity.
• NZ is growing strongly in poultry and processed meats off a small base; global market is huge ($42.7b) supporting further growth.
• Has a stable wild seafood catch, is a leader in rock lobster and is growing in mussel and salmon aquaculture.
• A major producer and exporter of kiwifruit and apples - strong in select temperate climate vegetables with a range of emerging new fruit.
View the report here:
