Asia Food & Drink Q4 2019
Across Asia, an emerging middle class has higher disposable income and an increasingly growing preference for Western-style food and drink. Together with increasing health consciousness, these two factors are becoming the main driving force oftrends across the region. Furthermore, with the increasing number of people entering the formal workforce, convenience isinfluencing household food and drink purchasing choices. One example of this is the growing popularity of coffee with young urbandwelling Asian consumers, despite tea being the more traditional hot drink choice across the region. These trends will also supportgrowth in the food services segment, which is receiving a lot of interest from international players looking to expand into new andexisting Asia region markets. Fake meat products are another example of a rising trend driven by changing consumer preferencesand particularly in China by demand for meat outstripping production capacity. We also maintain our view that food and drinkformulations developed to incorporate vitamins, minerals and other nutritional supplements will continue to grow to meetconsumer demand. Technological advancements, such as smart supermarkets and e-grocery will also increase consumerexpectations of convenience, presenting challenges for international mass grocery retail chains looking to successfully break intomarkets dominated by Chinese e-commerce companies.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook