The global desire for blended cuisines, a rapidly aging population, and widespread budget concerns are creating new market opportunities for food and beverage companies.
While COVID concerns are no longer at the forefront of consumer concerns, consumers around the world are prioritising the health-related nature of food and beverage products, with a focus on healthy aging, maintaining appearance, optimizing daily performance, and maintaining mental health. According to Euromonitor, more than half of the world's consumers are actively seeking healthier food. Concern about Covid in the global consumer watchlist tracked by IPSOS has fallen to 17th place, the lowest level recorded by the research institute since April 2020.
According to the IPSOS survey in 29 countries, inflation** has been the top concern for consumers around the world for the seventeenth consecutive month, creating opportunities for value-driven product positioning. Argentina, Australia, Belgium, Canada, France, Germany, Hungary, India, Poland, Singapore, the United States and Turkey have the highest levels of concern about inflation. In such an environment, it will be critical for food and beverage marketers to address consumers' desire for fast, inexpensive, ready-to-eat meals, while also meeting their curiosity about the tastes of different cultures and regions.
Eat a healthy diet
As the global population ages, there is a growing consumer interest in healthy eating. With more than one-third of China's population over the age of 50, healthy ageing food and beverages represent a huge opportunity in the market.
Consumers, especially families with children and middle-aged and elderly people, are rightFunctional foods and beveragesShowing great interest, HealthFocus reports that global shoppers are most likely to choose foods and beverages that enhance their daily performance after general wellness. Immunity, energy, bone strength, gut health, healthy aging, mood enhancement, mental performance, heart health, and weight management are also among the top lists of health-related purchase motivations.
At the same time, functional foods such as high-protein, high-fibre foods that provide a feeling of satiety are attracting a lot of attention, and healthy appearance is the new beauty trend in the Asia-Pacific region. The market for products targeting health risks such as diabetes and hypertension also has great potential. In addition to this, superfood condiments, such as chia seed-rich jams, are also becoming an emerging trend.
Catering**
Consumers around the world are paying close attentionFood**At least six out of ten consumers in the 29 key markets surveyed by IPSOS said they expect food costs to be higher next year. Despite cost-of-living concerns, consumer interest in home cooking has not waned, with many cutting back on eating out in favour of more economical ways to cook at home. Plant-based ready-to-eat meals vs. retail packaged foodsThe market is growing significantly, and the use of home cooking equipment such as air fryers is also widely used in countries such as New Zealand.
In addition, globalFrozen foodsSales have grown steadily, reaching $226 billion in 2022. According to Euromonitor, nearly a quarter of global consumers are trying to reduce their meat consumption while gravitating towards healthy, plant-based options, and the constant introduction of such new products on the market is also meeting the market demand. At the same time, consumers' snack Xi habits also show new trendsProtein and plant-based snacksContinues to be sought after. The introduction of new products such as instant baking, biscuits, dough and cake mixes also met consumer demand for convenient baking.
Gastronomy crossover
Regardless of location, consumers are eager to taste foods that reflect other cultures, and the younger consumers are, the more likely they are to try different flavors. According to the global survey of The Picky Eater**, Italian food is the most popular cuisine in the world, followed by Japanese and Indian cuisine. At the same time, the flavors of emerging seasonings and dippings are becoming increasingly diverse, and consumer demand for vegetable flavors is rising.
Planet Priorities
According to Euromonitor, seven out of ten companies plan to launch products with environmental claims, and more than six out of ten companies intend to launch products with sustainable packaging. Other claims prioritized by food and beverage companies include:Low-carbon, carbon-neutral, sustainable**, vegetarian, vegan and plant-based。According to the survey, in addition to being positioned as sustainable, products must have additional benefits (i.e., cheaper, easier to use, or healthier) to drive purchases.
According to the Mintel report, Asia-Pacific consumers, especially those in China and Indonesia, are leading the growing movement to protect local natural resources and businesses. Improving land use, nutrient management, soil health, and reducing the carbon footprint are all important issues in regenerative agriculture that are becoming more of a priority for food companies and are becoming more recognizable to consumers, with finding products that use less plastic in packaging be a priority for two-thirds of global consumers.
2023 Shenzhen Healthy Raw Materials and Food Ingredients Exhibition.
December 14-16, 2023 Shenzhen World Exhibition & Convention Center (Bao'an New Hall).
For more information, please visit "fia-China".