LONDON--(BUSINESS WIRE)--A well-known market intelligence company, Infiniti Research, has announced the completion of their latest article on emerging CPG industry trends in Asia. This article covers the top CPG industry trends that companies must scrutinize and be watchful of while formulating their strategies to gain a stronger foothold in Asia’s CPG market.
Due to the rapid economic growth in Asia, there has been a considerable increase in consumer spending in recent times. Over the next decade, we can expect continued economic spend in Asia especially as the middle class widens. The economic, industrial, and social reforms have transformed the lifestyle and consumption patterns of Asian consumers. Various changes in the demographic, economic, and technological landscape in the CPG industry in Asia have also given rise to new CPG industry trends. Furthermore, lured by the growth prospects, several foreign companies have already begun planning their market entry strategies into the Asian CPG industry.
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CPG industry trends in Asia
Rise of ecommerce
One of the most disruptive changes experienced by CPG companies in Asia is the emergence of ecommerce. Ecommerce, which is well established in the West, is gradually expanding routes to the FMCG sector in Asia’s developing markets. Increased access to the internet and smartphones are presenting a valuable opportunity for brands to target and deepen their relationships with customers.
Growth in premium goods segment
Luxury goods are becoming highly popular among Asian consumers. This trend is fueled by urbanization, higher GDP, and changing lifestyles. Although this trend was relevant earlier in the fashion industry, the premium segment is becoming one of the most attractive CPG industry trends to watch out for. Demand for premium FMCG goods is growing particularly in regions like China, where the demand for luxury purchases are on the rise even in smaller cities and rural areas.
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The aging population is a growing concern in Asian countries. By the year 2050, a good majority of Asia’s population will comprise of the elderly, soon making it home to the oldest population in the world. Such shifting demographics will imply a notable change to the CPG industry trends in the region. The demand for certain goods is likely to increase in the long-run while the demand for some currently well-performing segments is bound to decrease.
Strong home-grown brands
Home-grown brands in Asia enjoy a strong and loyal customer base and will continue to dominate the CPG industry in the region. Some of these brands have even mastered effective customer targeting, flexible distribution, social media marketing, and customer engagement. Local brands understand regional consumers and mostly follow low-cost strategies while focusing on efficiency.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us