Food & Beverage Asia February/March 2024

More documents

Recommendations

Info

Shaping the future of Malaysia's beverage landscape With a inflation and a possible economic downturn tempering Malaysia’s consumer growth following the pandemic, John Jose, marketing director of Tetra Pak Malaysia, Singapore, the Philippines, and Indonesia, shares his opinion on the ways brands can cater to this ever-changing market. The Malaysian food and beverage industry has been identified as a fast-growing market and one of the main contributors to the national economy. According to experts, the industry is set for robust growth, projected to contribute an 8% increase to the GDP this year. 1 This follows an impressive 22% growth in 2022, amounting to RM35.2bn. The driving forces behind this growth include the recovery of consumer and tourist spending, buoyed by income and employment growth. However, challenges on the horizon such as a potential global economic slowdown could heighten consumer risk aversion. Rising inflation and tightening financial conditions may also temper consumer sentiments. Businesses adapting to post-pandemic consumer priorities, marked by a heightened focus on health and nutrition, have become crucial for success in this evolving landscape. This requires not only keeping pace with the latest trends but also leading the change, addressing emerging challenges, and devising effective growth strategies amid stiff competition. CONSUMER PRIORITIES AND TRENDS A recent Tetra Pak study drawing insights from 5,000 consumers and experts globally unveiled a compelling interplay between consumer expectations and technological advancements in the food and beverage industry. The Tetra Pak Index 2023 sheds light on a substantial industry pivot towards a sugar-free era, capturing the largest consumer segment deeply invested in health and nutrition. This pursuit of healthier alternatives has sparked intense innovation, prompting companies to channel significant investments into research and development. However, the most transformative aspect of this shift extends beyond sugar reduction – it signals the era of personalised nutrition. This is not a passing trend; it signifies a fundamental change in consumer expectations. Brands are now tailoring recipes for specific demographic groups based on factors such as age and medical conditions. The emphasis on customisation reflects a commitment to catering to unique and diverse needs. Regardless of a product's health benefits, consumers will not compromise on taste. The key takeaway emphasises the importance of crafting products that meet health standards while satisfying consumer taste preferences. Achieving cost parity is crucial for new foods, highlighting the delicate balance between innovation and accessibility. FUTURE OUTLOOK In response to the growing global trend towards healthier lifestyles, food and beverage businesses can connect with health-conscious consumers by adapting their product offerings. Tetra Pak goes beyond product development by actively fostering collaborative partnerships with customers. We place an emphasis on sharing valuable insights, encouraging a collaborative approach to effectively address the dynamic and evolving needs of the market. One of Tetra Pak's initiatives, Tastebud Tourism, reflects this dedication through a wet sampling exercise which engaged with 100 participants from across the Klang Valley. This exercise was aimed at discovering new and interesting flavours in flavoured milk and plant-based beverages. It revealed that young Malaysian preferences are leaning towards natural flavours and avoiding overly sweet drinks. Moreover, there is a growing inclination towards products that offer additional benefits, such as protein. For instance, we learnt from the exercise that when it comes to chocolate flavours, consumers have shifted towards minimal sweetness and a preference for natural options such as fruity blends raspberry chocolate or orange chocolate, or nutty combos like hazelnut or almond with chocolate. These findings from Tastebud Tourism align with the global trends highlighted in the Tetra Pak Index 2023. Initiatives like Tastebud Tourism underline the company's commitment to help brand owners deliver products that resonate with the ever-changing tastes and preferences of consumers, positioning Tetra Pak at the forefront of the dynamic food and beverage industry. FBA REFERENCES 1 Professor of Economics in the Sunway University Business School, Sunway University, Mixed reviews on the F&B industry’s outlook 16 FOOD & BEVERAGE ASIA • FEBRUARY / MARCH <strong>2024</strong>
BITING ISSUES Symrise offers citrus taste solutions with augmented sustainability to strengthen security of supply Symrise has expanded its traditional citrus taste solution offer with increased sustainable and innovative solutions. Incorporating novel citrus taste ingredients contributes to an increased security of supply that also helps balance price fluctuations. With this, the company is diversifying its offer from other than citrus sources which maintains authentic taste profiles and strengthens its positioning in taste, nutrition, and health solutions. A SOLUTION WITH VERSATILE BENEFITS "Our citrus taste solutions offer improved reliability in terms of quality, and availability," said Richard Hartfall, citrus platform director at Symrise. "We are dedicating ourselves to supporting our customers navigate the challenges of price and supply fluctuations in the citrus market while providing sustainable and high-quality solutions." Consumers are increasingly seeking ways to benefit nature and make a positive impact with their food and beverage choices. As one of the global leaders in taste solutions, Symrise innovates to address fluctuating quality and availabilities. In total, the citrus taste solutions by Symrise offers significant broader product palette for the industry in addition to traditional citrus ingredients with secure availability. Likewise, the use of Symrise captive ingredients creates a more unique, authentic, and outstanding true-to-nature taste character. Symrise's citrus solutions are a practical, sustainable, and economically sound alternative that supplement traditional citrus ingredients, delivering authentic tailored taste profiles while improving security of supply. INNOVATIVE TECHNOLOGIES FOR IMPROVED SUSTAINABLE SOLUTIONS Symrise leverages technologies for example distillation, extraction, selective enrichment technologies (SET Flavours), industrial and university partnerships, as well as sensory-guided analysis. This continuously evolves and develops its captive ingredients to create more sustainable citrus taste solutions. Also, it significantly contributes to the authentic aroma profile of the final product. Building on its comprehensive expertise in taste, Symrise offers versatile citrus taste solutions and tailors them to suit specific recipes across all applications. They cover beverages, baked goods, confectionery, dairy, and savoury dishes. Importantly, it also serves as a cushion against the volatile fluctuations inherent in agricultural crops, therefore offering a longer-term price stability. Moreover, the solutions are adaptable for a wide range of applications. “In a world where the price and availability of traditional citrus continue to fluctuate, Symrise's Citrus Taste Solutions offer a practical, sustainable, and economically sound alternative,” Hartfall concluded. “We are dedicating ourselves to support our customers, maintain their competitive edge while contributing to a more sustainable future for the food and beverage industry.” FBA FOOD & BEVERAGE ASIA • FEBRUARY / MARCH <strong>2024</strong> 17
Page 1 and 2: FEBRUARY / MARCH 2024 www.foodbever
Page 3 and 4: www.anugafoodtec.com International
Page 6 and 7: EDITOR’S NOTE Into the new world
Page 8 and 9: NEWS Kemin industries introduces ne
Page 10 and 11: NEWS Fazer launches limited edition
Page 12 and 13: MARKET INSIGHTS How food manufactur
Page 14 and 15: MARKET INSIGHTS The global ramifica
Page 16 and 17: MARKET INSIGHTS Navigating food fra
Page 20 and 21: BITING ISSUES Mintel Leap: New mark
Page 22: BITING ISSUES Vegetarians dissatisf
Page 25 and 26: order to know which methods were us
Page 27 and 28: INGREDIENTS NO MAGIC SOLUTION Unfor
Page 29 and 30: INGREDIENTS Furthermore, scalabilit
Page 31 and 32: INGREDIENTS MAINTAINING MOBILITY Op
Page 33 and 34: INGREDIENTS growing consumer demand
Page 35 and 36: INGREDIENTS So why is it struggling
Page 37 and 38: Sesame bars on a production line, s
Page 39 and 40: ON THE TABLE connect with the new w
Page 41 and 42: ON THE TABLE In the US, the applica
Page 43 and 44: PROCESSING AND PACKAGING However, r
Page 45 and 46: PROCESSING AND PACKAGING McTaggart
Page 47 and 48: PROCESSING AND PACKAGING maintain v
Page 49 and 50: Together with Lubomir Neubauer, are
Page 51 and 52: PROCESSING AND PACKAGING processing
Page 53 and 54: PROCESSING AND PACKAGING addition,
Page 55 and 56: PROCESSING AND PACKAGING Additional
Page 57 and 58: Tosaf's new PFAS-free processing ai
Page 59 and 60: Processing & Packaging Success with
Page 61 and 62: Sidel has introduced EvoFILL PET, i
Page 63 and 64: International exhibitors and visito
Page 65 and 66: 9 - 12 5th Global Food Security Con
Page 67: Surpassing Growth to Enrich Indones

Food & Beverage Asia February/March 2024

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?