Asia Home To World’s Fastest Growing Processed Food Markets

  • Wednesday, 03 May 2017 00:00
  • Published in Business News
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Indonesia is among the fastest growing processed meat and poultry markets globally with a CAGR of 26.7 percent, followed by India at 22 percent.

Global development within the processed meat, poultry and fish categories has increased over the years and many markets with the highest growth potential are from the Asia Pacific region, according to research by Mintel. The market research revealed that Asia has the world’s fastest growing retail markets for processed meat, poultry and fish; with Indonesia and India playing key roles across these categories.

Indonesia is currently among the fastest growing processed meat and poultry markets globally with a CAGR of 26.7 percent between 2011 and 2015, followed by India (22 percent), Vietnam (15.5 percent) and China (13.9 percent). The study estimated Indonesia’s processed meat and poultry market reached a value of US$1.28 billion in 2016, while India is estimated to have reached a value of US$171 million. Vietnam and China have estimated retail values of US$400 million and US$39.8 billion respectively.

India is one of the fastest growing retail markets for processed fish and seafood globally, growing at a CAGR of 24.9 percent between 2011 and 2015, while Indonesia has seen a CAGR of 19.5 percent, with Turkey (11.8 percent), South Africa (11.2 percent) and Russia (10.8 percent) rounding out the top five growth markets. In 2016, it was estimated India’s processed fish and seafood market reached a value of US$37.7 million, while Indonesia is estimated to have hit US$2.56 billion, Turkey US$105 million, South Africa US$224 million, and Russia US$2.59 billion.

In the five years between 2011 and 2015, Thailand also experienced a positive CAGR of 9.4 percent for the processed fish and seafood market and a CAGR of 7.5 percent for the processed meat and poultry market. In terms of retail market value for 2016, Thailand’s processed fish and seafood market is estimated to have reached US$1.88 billion and its processed meat and poultry market, US$1.74 billion.

“Demand for processed and ready-to-eat foods, particularly frozen foods, is growing across Asia as increasingly time-pressed consumers have embraced the convenience of the freezer and of microwave cooking, “ said Patty Johnson, global food and drink analyst at Mintel. “In today’s fast-paced world, it is important that processed meat, poultry and fish products provide convenience to alleviate the pressures of modern-day life.”

The global processed meat, poultry and fish markets saw an 18 percent increase in product launches in 2016, compared to 2014. In 2016, Asia Pacific was the second most active region globally in terms of processed meat, poultry and fish new product development, accounting for 24 percent of processed meat, poultry and fish product innovations; led by China, Thailand, South Korea, Vietnam and the Philippines.

  • Last modified on Friday, 19 May 2017 15:29
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Asia Pacific Food Industry (APFI) is Asia’s leading trade magazine for the food and beverage industry. Established in 1985, APFI is the first BPA-audited magazine and the publication of choice for professionals throughout the industry with its editorial coverage on the latest research, innovative technologies, health and nutrition trends, and market reports.

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