There is no better time for beverage producers to take the reins with a new focus on effecting change.
Asia-Pacific presents tantalising opportunities for the beverages industry in the year ahead, with Mordor Intelligence projecting a CAGR of 5.8% by 2027 for the non-alcoholic beverages market, and 5.22% for the alcoholic beverage segment. A significant portion of the industry is the functional beverage market, which is set to experience an annual growth of 7.5% over the same period, indicating growing consumer awareness regarding health and immune wellness.
Keisuke Inakagi, chief marketing and innovation officer, Suntory Beverage & Food Asia Pacific, remarked: “2022 saw significant shifts in consumer spending and preferences with a renewed focus on healthier dietary habits and reduced sugar intake brought about by the pandemic. We can expect these trends to continue in 2023, especially as more markets find their footing in the post-COVID era.”
Against the backdrop of the new post-pandemic world are also regulatory changes sweeping the regional landscape in light of climbing rates of obesity and diabetes, with countries such as Malaysia, the Philippines, Thailand, and more recently Indonesia adopting sugar taxes on sweetened food and beverages. Conjunctively, Singapore rolled out, effective 30 Dec 2022, the Nutri-Grade labelling system for beverages sold locally in pre-packaged form to raise awareness regarding healthier eating (and drinking) amidst high sugar intake. Taken together, these measures will spur consumer demand for healthier and functional beverages comprised of natural or plant-based products, including real fruit extracts, in lieu of sugar.
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