Fresh Food Market in APAC to Be Largely Driven by Online Grocery Shopping until 2019, Says Technavio

LONDON--()--According to the latest research study released by Technavio, in terms of volume, fresh food consumption in APAC is expected to reach close to 1.43 billion tons by 2019.

This research report titled ‘Fresh Food Market in APAC 2015-2019’ provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.

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“Online grocery shopping is expected to emerge as the key distribution channel of fresh food products in the APAC region until 2019. Speedy delivery and economical selling price are major growth drivers of online grocery shopping. Initially, online vendors focused only on consumer goods in APAC. However, as technology developed and made the delivery process easier, various food and beverage products transitioned to the online delivery module in the region,” said Arushi Thakur, one of Technavio’s lead analysts for food and beverage research.

“The popularity of online deliveries has prompted food and beverage manufacturers to sell their products on a national and international scale. To aid fresh food manufacturers, online grocers like Grofers and BigBasket in India offer a virtual marketplace to consumers, where they access their orders online and avail timely doorstep delivery,” added Arushi.

Based on application, the fresh food market in APAC is segmented by fruits and vegetables, meat and poultry, dairy products, bread and bakery products, and fish and seafood.

Top three segments of the fresh food market by product:

  • Fresh fruits and vegetables
  • Meat and poultry
  • Dairy products

Fresh fruits and vegetables segment: largest contributor for the fresh food market in APAC

In terms of volume, fresh fruit and vegetable consumption in APAC amounted to around 452 million tons in 2014. Consumption of fresh fruits and vegetables on a daily basis helps prevent certain cancers and cardiovascular diseases, and helps maintain a healthy lifestyle. The APAC market is also witnessing a gradual rise of vegetarianism. Technavio researchers foresee a huge demand for fresh fruits and vegetables in the next four years, thanks to the many benefits these products offer. This trend is likely to continue throughout the forecast period.

In spite of being a niche market, the demand for organic food among APAC consumers increased by nearly 20% in 2014. This demand is particularly high in agriculturally prominent countries. The most-consumed organic agricultural products are rice products, dairy products, and fresh fruits and vegetables. Japan, New Zealand, Australia, Singapore, and Korea are some of the major organic food-producing countries that are contributing to the growth of the fresh fruits and vegetables market in APAC.

Fresh meat and poultry segment: second largest contributor for the fresh food market in APAC

The meat and poultry market in APAC is expected to witness steady growth during the forecast period. When it comes to fresh meat, open and wet markets are the most preferred destinations in APAC. However, the trend is now shifting towards supermarkets and hypermarkets due to higher hygienic standards, labelling of products, and convenience for shoppers.

In APAC, value for money and freshness of meat products are some key factors that are influencing consumers to buy meat. As the market trend suggests, meat consumers in APAC are opting for more protein intake in their diet, thereby significantly driving the demand for meat and poultry in the region. Rising per capita income and a growing population in the APAC region will continue to positively impact the meat and poultry segment over the next four years.

Dairy segment: third largest contributor for the fresh food market in APAC

In 2014, consumption of fresh dairy products in APAC amounted to about 157 million tons, with the majority of its demand emanating from developing countries. Effective communication and proper labelling are some key factors predicted to impact the growth of this segment in APAC over the next four years.

According to the forecast, high demand is encouraging dairy manufacturers to innovate with new packaging techniques such as tetra packs that increase shelf life of dairy products. China is emerging as a significant consumer of dairy products in APAC, with a growing number of Chinese citizens taking to new dairy products launched in the country. For instance, cheese is a niche market in China and is gaining more popularity among consumers as they are growing increasingly aware of its nutritional benefits. Such positive trends will play a key role in driving the dairy products market in APAC until 2020.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to the latest research study released by Technavio, in terms of volume, fresh food consumption in APAC is expected to reach close to 1.43 billion tons by 2019.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com