Food and Beverage Trend Bites
There were a lot of food and beverage market research projects done by our team in the year 2021. Among the topics we cover in our research is everything from *Farm to Table* trends to animal feed additives. More than 100 KOLs, including importers, distributors, food processors, and retailers, participated in our research.
Here are the five most typical trend bites that we discovered while working on Food and Beverage projects.
The health-conscious trend, COVID-19, and government regulations accelerate the need to reformulate new products.
Consumers' preferences and local regulation are the prime drivers towards the need for product reformulation. With the upcoming excise tax on salty, processed foods, food and beverage processors in Thailand are putting their efforts into reformulating new products to be healthier to mitigate the risk of increased cost. Consumers in Thailand also generally prefer healthy diets. According to a survey by Food Industry Asia (FIA) and research firm IGD, Thai consumers are interested in changing their diets and 82% are eager for reformulation of goods to be implemented, provided that the taste is not affected, according to FIA and IGD research.
The latest innovation is in demand, especially among consumers aged between 41 and 60 years old who look for Free From products.
Food and beverage processors are now geared towards salt and cholesterol reduction, using natural ingredients for colours, flavours and preservatives, creating a plant-based products. Several new F & B products could be categorised as free from products, for example, lactose free, MSG free, gluten free, etc. Leading F&B brands launched new products line such as Nestlé has recently launched plant-based Milo chocolate malt drink.
Dairy market at tipping point
Due to the FTA, a greater volume of dairy products from Australia and New Zealand are expected to be imported into Thailand after the import duty is totally erased in 2025.
With tariffs on dairy products under the Thailand-Australia Free Trade Agreement (TAFTA) set to be eliminated in 2025, more dairy products from Australia and New Zealand are expected to import into Thailand.
Fresh fruit market is entering into the brand era
Online shopping has made it possible for commodity products to differentiate themselves through branding.
Reshaping food supply chain
COVID-19 has accelerate the disruption in the food supply chain. Food sector players engage with a broader pool of suppliers, including regional ones, and hold greater strategic supplies.
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