In a recent Mintel report, it was revealed that the Asia-Pacific region is one of the fastest- growing market for the processed meat, poultry and fish industry.
“The need for convenience is the key driver behind Asia’s growing processed meat, poultry and fish retail markets in Indonesia, Thailand and India" - Patty Johnson, global food and drink analyst at Mintel
Among the leading causes for the growth globally was an increase in product launches and innovations. In 2016, the APAC region saw an 18% increase in product launches from 2014. Among the fastest growing countries is India, which grew by a CAGR of 26.7% between 2011 and 2015. Additionally, some of the top growers include Indonesia at a CAGR of 19.5%, Turkey at 11.8% and Russia at 10.8%.
Snacking and Convenience are Key
The reason for the growth in the area is attributed to shifting consumer trends and the emergence of snacking. Consumers that work far from home or have other obligations might opt for a quick easy snack, opposed to a larger meal that takes time to prepare. According to the report, eight in 10 metro Thais and seven in 10 Indonesians snack at least once a day.
“The need for convenience is the key driver behind Asia’s growing processed meat, poultry and fish retail markets in Indonesia, Thailand and India. Demand for processed and ready-to-eat foods, particularly frozen foods, is growing across Asia as increasingly time-pressed consumers have embraced the convenience of the freezer and of microwave cooking,” said Patty Johnson, global food and drink analyst at Mintel.