Three emerging markets to watch for APAC food industry growth in 2019
Three potential growth areas in the APAC food and beverage industry include the organic food market in India, the Halal market in Japan, and bread consumption in South East Asia (SEA). Consumption of bread and pizza is expected to rise due to urbanisation, higher buying power, increased international travel, and the adoption of western diets. According to Lesaffre, bread consumption is expected to grow annually by 5 – 6% across SEA markets, highlighting the impact of the vast population on bread consumption. Separately, the positive environment in India has led to optimism among organic food manufacturers as the Indian organic market is expected to reach up to US$1.7 billion within the next two years. Lastly, the demand for halal and processed food products will be driven by the 2020 Tokyo Olympics as food firms are starting to explore collaboration opportunities to produce halal food products ahead of the sporting event.