Ralf Schäffer, executive director at Sollich, gives his opinion on which ingredients and consumer demands will continue to be popular this year.
No longer considered a niche segment, the global Islamic economy is estimated to be at US$1.9 trillion, according to Thomson Reuters. Halal food and beverages were worth US$1.2 trillion and is predicted to rise to US$1.9 trillion by 2021, representing a significant portion of Muslim consumer spending.
Growing at an annual rate of almost 24 percent since 2011, the functional drinks market in China was worth over US$9.1 billion in 2015 when compared to US$3.9 billion in 2011, according to a report by Research & Markets.
Global UHT milk market is predicted to grow with a compound annual growth rate of 14 percent, with Asia-Pacific witnessing the fastest growth at compound annual growth rate of 20.6 percent until 2020.
Value-conscious German consumers are still on the lookout for the best deals in bakery and cereals. To avoid price wars and encourage consumers to trade-up, manufacturers need to more effectively meet consumers’ desire to treat themselves.