Packaged food looks to Asia Pacific, Middle East and Africa for growth
Packaged food continues to look to Asia Pacific and the Middle East and Africa for global growth, new research shows.
According to Euromonitor International’s newly released 2017 Packaged Food data, these two regions posted retail value growth of 4% and 12% respectively over 2016 to 2017. Combined, these two regions have now increased their share of overall packaged food sales from 33% in 2012 to 36% in 2017.
Lianne van den Bos, senior food analyst at Euromonitor International, says, “Of the different food types, dairy has been one of the largest contributors to global growth with the vast majority of sales coming from Asia Pacific. China, unsurprisingly, drives this growth with a strong uptick in yogurt sales and soy milk drinks, resulting in consumers moving away from, a previously favoured drink, other milk alternatives (for example, peanut, almond and walnut milk drinks).”
Just below dairy in popularity is baked goods, followed by processed meat and seafood, confectionery, savoury snacks and finally rice, pasta and noodles.
The newly added 20 markets (Iraq, Ghana, Bangladesh, Kuwait, Jordan, Oman, Myanmar, Lebanon, Panama, El Salvador, Sri Lanka, Angola, Paraguay, Ethiopia, Tanzania, Honduras, Cuba, Cambodia, Laos and Cote d’Ivoire) sorted from the largest total market value size, Iraq, to the smallest market, Cote d’Ivoire.
When grouping all packaged food categories into the four types, staples, cooking ingredients and meals, dairy and alternatives, and snacks, the types of packaged food consumers spend their money on varies quite strongly between the countries.
However, in the majority of these countries staple foods and dairy account for more than half of total packaged food value sales. Cooking ingredients and meals as well as snacks tend to account for smaller proportions of the share of wallet for consumers in these countries.