By Agatha Wong
In “The Asia Food Challenge 2021: Understanding the New Asian Consumer” report published by PwC, Rabobank, and Temasek, the “new sophisticated Asian consumer” is discerning about the food they eat, driven by “spending growing disposable income on more expensive, tastier food”. Likewise, they are also shifting to healthier consumption and lifestyle habits and emphasising on transparency as a purchasing factor. More crucially, the unexpected emergence of COVID-19 and subsequent string of political crises sending ripples down supply chains and food prices have also affect consumer demand in APAC.
With that in mind, how should food manufacturers create exciting products that appeal to these varied demands?
The best of both worlds
With growing concerns surrounding inflation and rising prices, consumers are looking towards alternatives that go easier on their wallet, while also not compromising on taste and texture. The “affordable premium” sector is thus gaining traction, signalling food and beverage manufacturers to bring indulgent treats and unique flavours to a lower price point. These can be seen in products such as sliced cheeses, chocolates made of emulsifiers, and premium flavours such as truffle or spice blends. Accordingly, low-cost but high-quality ingredient solutions are required in order for consumers to enjoy the same taste and sensorial experiences without breaking the bank.
Read the full article here.