2023 was another challenging year for cooking ingredients and meals globally. Inflation and rising commodity prices continued well into the year, driving value sales of cooking ingredients and meals to increase. Consumers across markets became more frugal when shopping for essential goods, and cut back on splurging.
Despite Asia’s relatively soft inflation rates compared with several other global regions, cost-of-living pressures are continuing to play a major role in shaping consumer preferences in 2023 and leading up to 2024. In addition, travel resumption (with the reopening of China in early 2023) has meant changing day-to-day lifestyles and consumer values in terms of priority product attributes; all of which make for overarching shifts in key food themes in Asia Pacific.
Hybrid lifestyles mean consumers are spending more time at home, and the cost-of-living crisis is putting pressure on disposable incomes. These trends bring opportunities to meal kits, as they are premium offerings in a retail context but are more affordable than traditional foodservice options, thus making them an attractive choice for consumers in a post-pandemic world.
As meat and seafood substitutes evolve, so do technology, production abilities, and paths to market. A recent visit to Aqua Cultured Foods HQ in Chicago highlights technological innovations and a shift to foodservice.
To stay ahead of the innovation curve, attend the Sustainable DAIRY Alternatives event on the 24 - 25th of May in Singapore and find out what are the new materials & technologies out there and can truly delivering authentic taste, functionality and cleaner label for dairy protein.
疫情期间,许多常规的习惯不得不改变,日常使用的产品也要重新考虑。由于免疫力、肥胖和其他潜在健康因素都可能与新冠感染有关,所以更多消费者期望通过饮食改善健康。同时,长达数月的在家隔离和休息使很多人重新思考卡路里摄入、消化问题和增肥对整体健康的影响。
In a time when the world is striving to create a balance between sustainability and profitability, a challenge such as food waste can severely undermine these efforts. With recent advancements in sustainable development and increased international pressure on countries to play a role in mitigating associated risks, many countries are exploring novel ways to reduce food waste.
In this episode, Euromonitor International’s Nutrition Research Analyst Ekaterina Tretyakova discusses the key trends - health and wellness, sustainability, and the impact of technology – which are driving consumer demand for ready meals.
The COVID-19 pandemic profoundly disrupted the market for meals in Germany. With foodservice largely restricted, most food spending is funneled into grocery retail and retailers are leveraging this position of strength, working with grocery delivery startups, to target consumers at home.