Between 2018 and 2023, Asian countries saw polarised rates of growth in packaged food sales. For 2023-2028, however, this range is set to narrow as markets stabilise. Companies are focusing on expansion, innovation and building value. Within these three strategies are key pockets of opportunity around life stage nutrition, the evolution of plant-based and the growing desire for comfort food. Brands must balance between health, price and taste.
This report comes in PPT.
Intensified pressures to costs of living since the pandemic shaped thriftiness will continue to stick in 2024. This has an effect on brand loyalty, especially with greater mindfulness towards value, alongside the search for happiness and personal health.
Life stage nutrition is a growing segment as consumers in Asia are increasingly sophisticated in seeking products that cater to their specific health needs. There has also been growing segmentation in the functional food space following the pandemic.
The growth of plant-based food has been driven by rapid innovation, leveraging consumers’ curiosity and attraction to novelty. Asia Pacific is anticipated to move into building cost effectiveness, scaling and expanding a stable consumer base.
Asian consumers have been seeking more financially sustainable ways to purchase daily essentials and groceries. Consumers seeking indulgence will continue to be highly sensitive to price, seeking various solutions to improve their wellbeing, emotional connection and security.
Growth will be led by emerging markets - namely India, Indonesia, the Philippines, Vietnam and Thailand - while developed markets are anticipated to achieve steady growth through focus on value, while tapping into life stage nutrition and the growth of plant-based.
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