Insight
Asia
ASEAN Update
Major ingredient trend in Asia in 2016
A sia, has a diversity of food cultures and traditions that offers food manufacturers a huge but complex market with varied tastes and preferences. A food product which is hugely successful in one Asian country need not necessary be successful in another in Asia. Nevertheless, despite all the differences, Asians have developed few common traits identical to the global community. conducted in March 2015. Clean label is as much on the radars of consumers in Asia Pacific as in many other parts of the world. Globally, the top three most appealing claims or descriptions are‘ natural / all natural’,‘ no artificial ingredients’ and‘ low or reduced fat / sugar / salt’. In Asia Pacific, on pack claims relating to‘ no additives’ or‘ no artificial ingredients’ are quite or very important.
According to Ingredion“ It is undeniable that there is a growing opportunity in Asia Pacific for manufacturers to tap into the blossoming clean label trend. Ensuring that products meet the needs and expectations of consumers in different countries is one challenge, formulating clean label foods successfully and cost-effectively is another.”
Country
Preference for healthy foods
The Asia-Pacific food and beverage sector is greatly influenced by the consumer preference for healthy food which is a major driver for functional food ingredients.
Euromonitor International reported that the market for fortified / functional beverages as well as fortified / functional packaged food are promising in major ASEAN countries and China, with strong expected growth until the end of the forecast period in 2020. Strongest growth potentials can be seen in emerging markets of Vietnam, Indonesia and China. As such, demand for fortified / functional ingredients are expected to remain strong in these countries.
Market size( retail value) of fortified / functional packaged food in selected Asian countries Packaged Food
Beverages
Market Size in 2015( in US $ mil)
% growth( 2014 / 15)
Forecast Market Size in 2020( in US $ mil)
Market Size in 2015( in US $ mil)
% growth( 2014 / 15)
Forecast Market Size in 2020( in US $ mil)
Strong demand for clean labels
Ingredion a leading global ingredients solutions company has highlighted key results of its global consumer research
China |
36,508.30 |
16.23 |
66,985.10 |
14,975.20 |
7.1 |
22,563.40 |
Indonesia |
4,890 |
9.74 |
6,290 |
1,330 |
10.4 |
1,770 |
Malaysia |
1,130.60 |
6.52 |
1,301 |
733.2 |
7.55 |
1,002.60 |
Philippines |
1,647.90 |
4.99 |
1,869.60 |
1,463.20 |
5.73 |
1,711 |
Singapore |
398.27 |
2.28 |
401.3 |
167.3 |
2.08 |
182.1 |
Thailand |
1,682.30 |
5.5 |
2,051.70 |
1,288.70 |
6.43 |
1,599.30 |
Vietnam |
1,720 |
9.88 |
2,510 |
540 |
13.1 |
860 |
Euromonitor International Retail value based on current exchange rate Packaged milk & bakery and included under packaged food. |
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