KUALA LUMPUR, Oct 7 -- Asia Pacific ranks top in the region with the best outlook in packaged food sales, and is expected to grow four per cent by 2023, according to Euromonitor International.
This is followed by Middle East and Africa, which are expected to grow 3.7 per cent by 2023.
In a statement, the market research company said the global food and nutrition industry increased by 1.6 per cent from 2013 to 2018, and has kept growing.
“In view of the evolving trends, manufacturers need to span their product offerings from indulgent to nutritious to reach consumers with wide-ranging needs and in expectation of a sensory experience,” said Euromonitor International industry manager, Katharina Bagul.
“The meat-free space saw the most interesting developments with meat analogues being the game changer in 2019.
“In terms of alternative proteins, the future will tell if edible insects and lab-cultured meat will be able to achieve a breakthrough and acceptance by a wider consumer base,” said Bagul.
Euromonitor International recently launched a new white paper looking at the evolving trends in the food and nutrition industry at Anuga 2019.
The white paper highlights consumer segmentation, mindful consumption and plant-based eating as the three key themes currently shaping new product developments in food and nutrition.
-- BERNAMA
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