Asia Food & Beverages Report (May/June 2021 issue)

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Market NewsThis opens up questions on what kind of health benefits doconsumers look for in a functional food or drink. FMCG Gurushas recently done a survey to identify what are the mainhealth concerns highlighted by Asia-Pacific consumers duringthe pandemic, and apparently the top 4 concerns are overallimmunity (65%), overall health (63%), mental well-being (35%),overall nutrition (32%) and heart health (26%).With the ongoing lockdowns and ‘social distancing’ restrictionsin many countries, most of the consumers work from home andmaintain a rather sedentary lifestyle, with food stocked up athome, there is a high likelihood they will also gain weight. Mikeemphasised that consumers are also concerned about theiremotional well-being especially when cooped up at home mostof the time with limited social interactions. Study has shown thatthere is a clear link between good mental well-being with goodoverall health.The pandemic has also created a higher level of fear and anxietyamong consumers. It has also led to a change in lifestyles andfood habits in some consumers.Mike added that the damage to the immune system can oftenbe self-inflicted with the consumers not realising it. Roughly 44%of global consumers reported that they have experienced healthproblems in the last 12 months that have indirectly impactedtheir quality of life. Meanwhile, 30% suffered from an allergy orintolerance.The pandemic has also created negative lifestyles and eatinghabits. It is not surprising that 23% of global consumers surveyeddescribed their dietary habits as unhealthy with another 6%confirmed that they do not do any form of exercises with a similarnumber describing themselves as ‘heavy users’ of alcoholicbeverages. Consumers are also concerned on the time spentindoors ‘snacking’ with their mobile and gaming devices (52%).In the formulation of functional food and beverage products, itis important to know what do consumers plan to eat and drink toimprove their health, as well as their target (intended) consumers.FMCG Guru survey in 2021 found that most of the consumerswho plan to eat and drink healthily in 2021 are looking for naturalsources of nutrition like fruits and vegetables, while food andbeverage products with higher contents of Omega 3, Protein,Lower Sugar and Higher Calcium will also be popularly soughtafter by global and Asia Pacific consumers. (see Chart 2.0)Chart 2.0: What consumers seek in food and beverage productsas part of their healthy diet in 2021Increase calcium intakeIncrease fiber intakeIncrease intake of fortified/functional food and drinkIncrease intake of fruitIncrease intake of omega 3Increase intake of omega 6Increase intake of vegetablesIncrease protein intakeReduce fat intakeReduce intake of fizzy drinksReduce intake of meatReduce salt intakeReduce sugar intakeReduce usage of processed and pre-packaged foodsSource: FMCG Gurus, 2021Global30%18%20%69%44%30%54%45%23%6%16%24%60%16%Asia-Pacific33%19%26%72%42%28%52%46%21%6%19%22%55%16%(The presentation entitled ‘COVID-19 impact on consumersapproach to long-term health’ was made during VitafoodsInsights Virtual Expo held from 10 to 13 May and organised bythe Informa Group)GLOBALPLANT-BASED MEATGLOBAL PLANT-BASED MEAT DEMAND TO GROW TOUS$11.9 BILLION BY 2025Latest research conducted by BCC Research team in late-2020 showedthat demand for plant-based meat is expected to grow rapidly at a CAGR of14.5% from US$6 billion in 2020 to US$11.9 billion by 2025.Interestingly, this report also highlighted that the rate of growth will be lowerif compared to normal circumstances during the forecast period 2020-2025due to the pandemic which has resulted in lockdowns and disruptions to thefood supply chains. The food services segment, which is an important partof the plant-based movement is also affected.BCC estimated that plant-based meat made from soy accounted for 60%of total plant-based meat sales while those from pea also has a significantshare. According to the report, moderate price, functionality, nutritionalprofile as well as wide availability and applicability of pea made it an idealsource for plant-based meat. (Refer Table 1.0 for detailed breakdown).An increasing vegan and flexitarian diet across the globe, particularlyin developed countries, as well as consumers hoping to modify their dietsto reduce cholesterol and obesity will push demand for plant-based meatproducts.Source 2019 2020 2025Soy 3,206.6 3,665.2 7,147.9 14.3Pea 1,190.6 1,375.6 2,833.3 15.5Wheat 363.4 412.1 772.4 13.4Others (quinoa, oats,beans and nuts)CAGR%2020-2025519.4 592.9 1,146.4 14.1Total 5,280.0 6,045.8 11,900.0 14.5Source: BCC ResearchTable 1.0: Global Market for Plant-based Meat bySource 2019 – 2025 (units in US$million)BCC Research highlighted that key market drivers for the plant-basedmeat market includes growing per capita meat consumption due to risingdisposable incomes; rapid advancements in plant-based meat technologyand increasing investments for the commercial development of plant-basedmeat.Other major drivers that AFBR would like to highlight include ‘pricing’ and‘growing global population’. With better knowledge, higher volume andstate-of-the-art technology, the higher price of plant-based meat will comedown to reach closer to the real meat. In addition, as the world populationis growing to 10 billion by 2050, plant-based meat will be an important partof the protein diet for the future generation. In the future, to feed a largepopulation entirely from mainstream livestock/agriculture will no longer befeasible.Meanwhile, secondary growth factors for this market include increasingdemand for healthy and high-quality meat, as well as rising demand forenvironmentally sustainable meat production.In terms of product category, the research also showed that the burgerpatties segment is expected to grow at a CAGR of 15.2%. Plant-based meatis very popular for use as burger patties apart from its wide versatility foruse as strips and nuggets, sausages and meatballs amongst others. Plantbasedburger patties will see growing demand in tandem with the growth ofburger chains globally. Meanwhile, meatballs are commonly consumed inAsian countries like China, Japan, Korea, Thailand and Malaysia. Meatballsare also among the fastest-growing appetisers in the food service industry.(Refer Table 2.0 for detailed breakdown)Table 2.0: Global Market for Plant-based Meat byProduct Categories 2019 – 2025 (units in US$million)Product 2019 2020 2025Strips and nuggets 1,518.5 1,745.4 3,498.1 14.9Burger patties 1,303.0 1,500.4 3,040.4 15.2Sausages 951.5 1,084.2 2,084.5 14.0Meatballs 438.1 502.7 999.8 14.7Others (slices, fillets,cutlets, slides, fingersand crumbles)Source: BCC ResearchCAGR%2020-20251,068.9 1,213.1 2,277.2 13.4Total 5,280.0 6,045.8 11,900.0 14.5Asia Food & Beverages 4
Market NewsBCC has also given a breakdown of themarket by geography with North America beingthe dominant market for plant-based meatfollowed by Europe and Asia-Pacific region.Asia Pacific is expected to be the fastestgrowing market with a CAGR of 15.8%. Chinais expected to dominate with 65% share of theAsia Pacific market for plant-based meat whichwas estimated to reach US$3.06 billion by2025. (Refer Table 3.0 for detailed breakdown)(The above findings were extracted from BCCResearch report which utilised both primaryinterviews with industry players, and secondaryresearch from white papers, journals and othersources in gathering data.)Scan QR CodeTo DownloadAsia Food & Beverages Report( May/June 2021 )Table 3.0: Global Market for Plant-based Meat byRegion from 2019 – 2025 (units in US$million)Region 2019 2020 2025CAGR%2020-2025North America 1,900.8 2,169.9 4,206.7 14.2Europe 1,531.2 1,745.1 3,355.8 14.0Asia-Pacific 1,267.2 1,467.6 3,058.3 15.8Middle East andAfrica211.2 239.4 447.4 13.3South America 369.6 423.8 831.8 14.4Total 5,280.0 6,045.8 11,900.0 14.5Asia Food & Beverages Report, 137 x 200 mm, CC-en46-AZ436 05/21SCAN MEto your mobile phoneSource: BCC ResearchPOULTRYMAJOR POULTRY PRODUCERS IN2020Chicken or poultry is one of the most popularmeat consumed by the world population as itis affordable and available in great quantities.Not only that, almost every part of the chickenis edible for human consumption.According to latest data from US Departmentof Agriculture (USDA), the US, China andBrazil are three of the world’s largest poultryproducers in 2020.The US produced 20.25 million tonnesfollowed by China (14.6 million tonnes), Brazil(13.9 million tonnes) and the European Union(12.37 million tonnes).The US has the highest per capita consumptionof chicken at 43.7 kg. The US poultry industry isconsolidated and vertically integrated with theTop 3 producers accounting for more than 50%of production in the country.Other major chicken producers in the worldinclude Russia, India, Mexico, Thailand, Turkey,Argentina and Malaysia.Meanwhile, major exporters of chicken areBrazil and the US with major destinations beingMexico, China, Russia and the Middle East.Table 1.0: Top 10 ChickenProducers in the world in 2020CountryProduction (in ‘000 tonnes)US 20,255China 14,600Brazil 13,880EU 12,375Russia 4,680India 4,000Mexico 3,725Thailand 3,250Argentina 2,190Turkey 2,136Japan 1,765Others 17,731Total Production 100,587Vision. Feasibility.Cost-Efficiency.We embrace a holistic approachto your beverage factory.www.krones.comSource: Foreign Agricultural Service/USDA5 Asia Food & Beverages
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