Top Opportunities in Asia’s Packaged Food: 2024 and Beyond

March 2024

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.

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Key Findings

Spending on food and grocery continues to be cautious and mindful

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.

Identifying pockets of growth from life stage nutrition

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.

Plant-based and alternative protein move into the next stage of innovation

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.

Consumers seek emotional wellness, balancing between price and health

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.

Crucial to remain affordable but opportunity to build on health and sustainability

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.

Scope
Key findings
2023: Some Asian markets finally stabilised, others continued to flourish
2024 follows the pandemic, inflationary pressures and geopolitical instability
High hopes in emerging markets, while developed markets must counter expected declines
Consumption changes also affect channel preference
Three focused themes can help shape innovation and expansion strategies
Venturing into early life nutrition could lead to longer life cycle loyalty
Help consumers develop healthier lifelong eating habits
There is a growing market beyond powder milk formula
Strong preference for clean label, but parents also seek sating food products
Meals for young children are convenient and allow parents to explore
Functional products for older children are typically for growth and brain health
Explore a wider age range, new formats and occasions
Opportunities in lifestage nutrition beyond early life
Market for plant-based gets more complex in move from quantity to quality
Collaboration with like-minded partners reinvigorates the plant-based experience
Seeking the highest value-added applications and formats for ingredients
Innovations pile into nascent plant-based food categories and emphasise flavour
Years of R&D give fighting chance for plant-based in other categories
Opportunities in alternative protein innovation
Consumers are seeking the best deals and affordable luxuries
Consumers go on different pathways in search of emotional wellness
Functional food: Utilise botanicals and biotics as well as other well-known health claims
Nostalgic themes remind consumers of the “good old days” and build connection
Cheap comfort food competes with functional wellness in providing emotional security
Opportunities across a broad range depending on willingness to spend
How the three trends will shape food beyond 2024
The future of life stage nutrition: Women’s health
The future of life stage nutrition: Healthy ageing
The future of alternative protein: Emerging technologies and diversification
The future of emotional wellbeing: Function meets feel-good
Opportunities for the short term and long term
Growth will be led by emerging markets, while developed markets stabilise
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