WITH its attractive GDP and population growth numbers, Asia is the target market for global industry players. For the food and beverage sector, the region’s diversity can be both a challenge and an opportunity. From the influential Gen Z in Southeast Asia, to the ageing population in Japan and the rising affluent consumers in China, manufacturers must be able to meet the wide-ranging needs of their chosen markets.
With presence in 14 countries in Greater Asia, IFF, a leader in taste and food ingredients, knows this diversity well, and has been helping customers understand the region’s complex demographic profile. Just this year, the company inaugurated a high-tech Singapore Innovation Centre to integrate its technologies, capabilities and expertise in its business divisions: Nourish, Health & Biosciences, Scent and Pharma Solutions. With the new hub, IFF aims to better support Asia-based customers by accelerating their innovation and expanding co-creation capabilities to drive speed to market.
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| IFF showcasing products at Fi Asia 2022 |
According to Michelle Lee, the Regional Marketing Leader, Greater Asia for IFF, the priority in Asia’s emerging markets is generally tied to product affordability. Among the growing segments in this market are ready meals, such as packaged foods, instant noodles, baked products, as well as yogurts and UHT milk.
In Southeast Asia, IFF sees two rising trends, namely indulgence as related to the fun of bonding with family. The other is “travel with food”, a trend which captures the need of consumers to satisfy their cravings for authentic international flavours without having to leave their country. This trend is likely to stay on as consumers feel the pinch of recession, but do not want to compromise on their quality of life. Gourmet ready meals, barista quality drinks, and cooking aids can also give them the feel of luxury dining experiences in the comfort of their home. But consumers can benefit from solutions for quick meal preparations to cut cooking time and energy use, as well.
While in a developed market like Japan, the focus remains on health and nutrition, particularly on high protein drinks, functional foods, and products that support immunity.
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