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What's Cooking In APAC Region?
Nuffoods Spectrum
|February 2018
In 2016, the Asia-Pacific (APAC) region's food and beverage industry achieved an estimated turnover of $3.23 trillion, and was backed by a consistent year-on-year growth rate of 11 per cent, presenting a wealth of opportunities. With rising incomes and growing awareness of healthy eating among a burgeoning middle and upper class, the food companies see a clear opportunities for them in the region.
The APAC food market is constantly evolving with new trends influencing consumer eating habits creating many different issues for manufacturers aiming to capitalize on the food market. It is becoming far more diverse and fragmented than in previous years due to globalization, migration and food experimentation.
Milk and dairy products are globally considered essential to the daily diet due to vital nutrients, vitamins and amino acids. Yet, the majority of the world’s population, particularly in developing countries, are intolerant to milk sugar lactose. The need of a dairy alternative is more in such regions.
“Dairy alternatives are milk like texture products, which are lactose free and are used as a replacement of dairy based products. These alternatives are majorly adopted by various cereals such as oats, wheat, rice, barley and nuts. Plant-based dairy alternatives that are widely available in supermarkets include various milk options such as soy, almond, coconut, rice, hemp and flax, in addition to dairy-free yogurts, frozen desserts, spreads, and cheeses. Better health related benefits, including high energy levels as compared to normal dairy products, are expected to be the key factors, owing to which, people are shifting from regular products or beverages to its alternatives”, observes Dr Sripriya Venkiteswaran, Nutrition Advisor, MonkeyBox Food Tech Pvt Ltd.
The Asia-Pacific dairy alternative market is expected to grow tremendously due to the enhanced demand over the years. The largest market of dairy alternative and maximum growth of Asia-Pacific will contribute a major share in the overall growth of dairy alternatives industry in 2018-2023.
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