Market research company RNCOS said improving lifestyle and changing consumer perceptions have led to a sudden rise in the demand for processed food in Asia Pacific region during the past few years.
Food manufacturers thus began to concentrate on producing innovative products, so that they can meet the ever-changing needs of consumers. Therefore, an enhanced demand for better food packaging, processing and handling units has usurped across the region.
Independent sources have estimated that the Asian food processing market will show rapid growth, representing the annual growth rate of around 12-15% for the next five years (2006-10).
Driven mainly by changing trade regulations as well as increased awareness among consumers, demand has increased for organic food products, juice-based drinks, bottled water, organic foods, herbal tea, fortified drinks and low fat dairy products directing FDI’s flow in Asia Pacific region.
China and India together comprise largest numbers of consumers for processed food across the globe. The two countries are likely to demonstrate strong growth in the demand for processed food, with increasing incomes and changing food patterns among their consumers.
RNCOS has recently published a report “Food and Beverages Market: A Global Review (2006-2007)”. According to this report, “In India, consumer spending on food and beverages increased at an annual average rate of about 7.6% during the years 2001-05, which was slightly faster than the GDP growth. This trend is likely to continue, as consumer expenditure is rising by an average of nearly 8.6 percent a year in 2006-10”.
“Since 1980, China has constantly been the fastest growing major economy in the world. The country is standing firm will continue to do so for at least next five years”, said an RNCOS industry expert.
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