Market Trends of Packaged Food Industry
Plant-based Packaged Food are Witnessing Immense Growth
- Globally, the demand for plant-based food has intensified, supported by the rising vegan or vegetarian population across the globe. According to the Snapcart online survey published in November 2022, 11% of Indonesians are vegetarians or vegans, and 26% of the population in the country have tried to be a vegetarian or vegans but quit these lifestyles as they feel malnourished.
- On the other hand, 37% of Indonesian often consume vegetarian or vegan products, such as food and beverages which do not contain any animal protein, resulting in the increased demand for the most suitable alternatives, like soy and almond-based products. Further, the rising trend of health and sustainability among well-aware consumers is also driving the market.
- Globally, consumers are becoming more aware of the food source and sustainability and, thus, becoming more selective about the protein source they consume, increasing the demand for plant-based food and beverages. The intake of animal protein, which is associated with high cholesterol levels, fat, and calories, increases the risk of cardiac diseases, high blood sugar levels, and obesity. Hence, people are showing an inclination toward vegan sources of protein.
- Additionally, owing to the allergies caused by animal-based products, the percentage of consumers looking for alternatives has also increased. This has created a good platform for the growth of plant-based products. The production of plant proteins is considered more environmentally economical than animal proteins.
- Moreover, plant-based products exhibit beneficial properties regarding weight management, heart health, and biological availability. Subsequently, there is great potential for the plant-based food and beverages market, as consumers are inclined toward healthy eating habits.
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Asia-Pacific is the Fastest Growing Market
- The popularity of packaged fermented or fortified food and beverages is attributed to their perceived health benefits in the Asia-pacific region. Enriched with organic acids, kombucha drinks exhibit significant anti-microbial activity and can be utilized for many therapeutic applications, which is expected to boost market growth across the region.
- Consumers are beginning to prefer low-calorie products, free of artificial additives and high in protein, pushing the market for soy beverages. Plant-based beverages contain vegetable protein or a combination of proteins, which meet the growing need for a healthy lifestyle.
- According to the research article published by the National Institute of Health (2021), the prevalence of lactose intolerance amounted to 66%, 54%, and 73% of the total population, dairy- and non-dairy users, respectively. Thus, consumers are increasingly looking for lactose-free dairy alternatives made from plant sources.
- The variety of goods on the shelves satisfies the preferences of health-conscious consumers looking for new options. Therefore, plant-based beverages, particularly those made from soy, hold great promise and untapped potential in the Asia-Pacific region, where soy has long been traditionally embraced.
- Furthermore, a report published by the Foreign Agriculture Service (FAS), the United States Department of Agriculture (USDA), in March 2021 revealed that in Japan, the consumption of frozen foods, including frozen snacks, had been consistently rising over the past decade. This factor has been attributed to improved equipment in Japanese homes, such as an increase in microwave ovens and larger freezer space in refrigerators.
- Furthermore, Japan is highly susceptible to natural disasters such as the 2011 Tōhoku earthquake and tsunami. These frequent occurrences have influenced the purchasing behavior of consumers, who have been purchasing packaged food and snacks to ensure a steady food supply, particularly when perishable foods are not accessible or available
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