Driven by the rise in population, demand for packaged food and beverages will see further growth, with Asia-Pacific set to become the world’s biggest consumer by 2030, according to the Gulfood Global Industry Outlook Report, an in-depth market research study commissioned by the Dubai World Trade Centre to Euromonitor International and GRS Research and Strategy.
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The report says packaged food and beverage markets has witnessed a shift in pattern, from developed regions to developing ones. With rising disposable incomes and shifting consumer preferences in developing markets, industry players have turned their attention to these markets where favourable factors are at play. Also, research says demand for packaged food and beverages on the whole will increase, as urbanised population growth is projected to grow at a CAGR of 1.7% between 2018 and 2023, outpacing total population growth of 1.0% over the same period.
But while the Asia-Pacific offers a sizable consumer base as well as considerable consumption growth, the Middle East and Africa region has also emerged with high levels of potential, as with greater distribution of wealth and rapidly developing infrastructure, consumers now have greater access to a wider range of foods and beverages, the report notes.
Additionally, with GDP growing at a faster rate than total population with a CAGR of 2.8% between 2018-2030, overall consumer spending on food and beverage is set to rise in value from 8.5% to 8.9% of GDP by 2030, coinciding with consumer trends such as more convenience-seeking lifestyles.
Demographic shifts such as urbanisation, migration, and the rise of the middle class are reshaping consumer lifestyles and purchasing decisions
Furthermore, the shift from rural to urban living is a major population change impacting global consumption habits. A portrait of tomorrow’s consumer would look young, likely below the age of 30, urbanised and potentially living in sub-Saharan Africa, Asia Pacific or Latin America. Lastly, this demographic group is the fastest growing and largest contributor to value sales growth of F&B with their increasing purchasing power and affinity towards Westernised, convenient and easy-to-prepare food and beverages, says the report.
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