6 DECEMBER2022Editor NoteAsia & its F&B Market in a State of Flux Post Pandemic The food and beverages market has been one of the most lucrative sectors across the globe. With time the industry has evolved and changed to align with the need of the hour and the pulse of the consumers. Recently, the Covid 19 pandemic played a crucial role in altering and amplifying certain industry trends in the F&B sector. According to the "Food And Beverages Global Market Report 2022" report by Research And Markets, the global F&B market is expected to grow from $5,817.4 billion in 2021 to $6,383.49 billion in 2022. The industry will grow at a compound annual growth rate (CAGR) of 9.7 percent. It is anticipated that the market will grow to $8,905.5 billion in 2026 at a compound annual growth rate (CAGR) of 8.7 percent.Looking back at 2021, we see that Asia Pacific was the largest region in the food and beverages market followed by Western Europe. Asia is a highly diverse region with varied cultures which has also impacted the general food culture. These cultural differences have given Asia a strong distinction in the F&B market. For generations Asians have relied on traditional ingredients and remedies to uphold their health and wellness. People from the region believe that these tried, tested and true recipes and concoctions strengthen organ function. With the Covid-19 pandemic ravaging the world, these remedies have seen a resurgence in popularity and have in turn created several new trends in the F&B industry. For instance, 2021 saw increased consumer interest in postbiotics in China. The market touched a 4-year CAGR of +71 percent and has no signs of slowing down. General foods and drinks associated with gut health have also gained popularity.China underwent a `sugar reduction' movement, while Japan saw a rise of low-calorie snacks (19% four-year rise in CAGR).Low-carb snacks became highly popular in Indonesia and low-fat snacks caught the attention of Thai consumer. In India natural ingredients and age-old remedies that strengthen immunity became a raging trend. Turmeric consumption in the teas and energy drinks categories grew by 20 percent YoY. Consumers have also taken to plant based diets and veganism as well which has impacted the growth of the said products. The Asian region and its F&B market is one to watch out for in the coming months.Do let us know your thoughts. Rachita SharmaManaging Editor
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