Asia Pacific remained the largest global producer of food, beverages and tobacco in 2021, with sales valued at USD3,809 billion. With the release of pent-up demand, the industry’s turnover witnessed an increase in 2021. Going forward, expanding domestic markets and rising productivity are expected to stimulate the industry’s growth. However, with tightening global food supplies amid climate change and geopolitical conflicts, challenges persist, especially for major regional food importers.
This report comes in PPT.
Rapidly expanding populations and projected significant economic growth will strengthen Asia Pacific’s position as the largest food producer in the world. Between 2021 and 2030, the food, beverages and tobacco industry’s turnover in Asia Pacific is forecast to increase by more than USD1 billion and reach USD5.1 billion. Growing middle classes are set to stimulate domestic demand for animal proteins, such as meat, fish and dairy products.
Fishing is forecast to lead the food industry’s absolute value growth over the forecast period in Asia Pacific. The fishing sector’s growth will mainly depend on growth in demand in domestic markets, as millions of people in the region rely on seafood for protein intake. However, overexploitation of the region’s fisheries remains a major threat to the sector’s future development. According to the Indonesian Marine Affairs and Fisheries Ministry, 90% of Indonesian fish catch come from areas that are already overfished.
While soft drinks are set to remain the largest beverages category in Asia Pacific through to 2030, changing consumer attitudes to health and wellness are expected to encourage companies to offer a greater selection of low sugar alternatives. Meanwhile, spirits are forecast to grow at the fastest pace, supported by reopening of social gathering places and urban consumers’ searches for varied experiences.
Asia Pacific remains among the largest food importers globally, driven by expanding demand from growing populations and changing dietary preferences among more affluent population segments. With global food commodity markets facing considerable turbulence, given the ongoing impact of the war in Ukraine and climate change, some emerging Asian countries might face growing food security concerns. Emerging economies remain the most vulnerable to supply shortages and price increases, prompting the need to diversify supply markets and enhance industry productivity.
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