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Food demand to rise by 40% by 2050
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Tuesday, 03 January, 2023, 08 : 00 AM [IST]
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Venkatesh Ganapathy
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The gross merchandise value (GMV) of Southeast Asia’s on-demand food delivery market is expected to reach US$49.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 14.1%. In 2021, the GMV was estimated to be at US$15.2 billion. Food demand in Southeast Asia is predicted to rise by up to 40% by 2050. By 2050, the population of ASEAN is slated to reach 700 million and its food demand is estimated to increase by 40 per cent.
Globally, the online food delivery market is worth more than US$35 billion annually, and is forecasted to reach US$365 billion by 2030. The South East Asian region’s food delivery market is expected to grow from US$2 billion in 2018 to an estimated US$8 billion in 2025. The market for functional foods in Asia Pacific region is expected to reach US$5 billion by 2026.
The Southeast Asian cuisine may look alike but each culture has its own traditions and preferences relating to the food. Flavour and taste vary from region to region. The Southeast Asian curry dishes originated from the Indian subcontinent. Since the cuisine uses local herbs, colours and flavours, there is ample opportunity for food ingredients industry to penetrate the Southeast Asian markets.
Countries in Southeast Asia are Brunei, Cambodia, East Timor, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Known for its variety of food, mouth-watering delicacies of Southeast Asia are popular on the streets of Thailand, Cambodia and Malaysia. The tropical climate is suited for plentiful consumption of seafood and fermented fish sauce, shrimp pastes and seafood spiked curry pastes. Stir frying, steaming, and deep frying are common cooking methods in Southeast Asia.
Ingredients include rice, ginger, garlic, sesame seeds, chillies, dried onions, soy and tofu, vinegar, shrimp pastes, fish sauce, and fresh herbs. The lesser-known spices – the common spices and herbs used in daily cooking throughout Southeast Asia – like lemongrass, bird's eye chili peppers, galangal, Thai basil, kaffir lime leaves, torch ginger flower, Vietnamese mint leaves, coriander root, tamarind, pandan leaves and curry leaves.
Important consumption trends in Southeast Asia
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Sr
No
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Country
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Trends
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1
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Thailand
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Fish
sauce often used instead of salt. Fermentation of fish releases
amino acids which lead to a meaty or mouth filling taste.
Thai
food balances hot, sour, salty and sweet tastes. Chillies provide
the heat. Limes and lemons and lemongrass add to the sourness.
Tamarind has a flavour that is both tart and sweet. Coconut milk
and tropical fruits like mango and pineapple are used to add
sweetness. Fresh
herbs like cilantro, mint and Thai basil add to the aesthetic
appeal of food.
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2
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Vietnam
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Citrus
filled noodles and stir fries are common. Anise herb is used in
sliced meats, vegetables and rice noodles. Fresh herbs (Cilantro,
mint and basil) and chillies are used in pickled veggies.
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3
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Cambodia
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Use
of more soy sauce. Lemon grass and galangal are important
flavours.
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4
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Indonesia
and Malaysia
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Spices
are key ingredients. Dishes are more Chinese and more like a blend
of India and Thailand. Fish sauce and Indian curry spice are
combined while preparing meatballs.
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5
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Philippines
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Dishes
like beef or pork cooked with vinegar are tangy. Vegetables are
consumed along with sweet and sour sauce. Soy
sauce, garlic, bay leaves and peppercorn are other ingredients
that are regularly used.
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The vast market potential for supplements, functional foods and high-value nutritional products in Southeast Asia is a promising development for food ingredients market. The governments in these countries are encouraging responsible innovation so that healthy food products are made available to consumers.
Singapore is becoming a hub for functional foods. Clinical Nutrition Research Centre has been established in 2014. This centre pursues research to understand what kind of ingredients in food can help in prevention and management of chronic disease and how healthy ageing can be promoted through appropriate nutritive food intake. In Singapore, functional foods using natural, plant-based ingredients are gaining acceptance. A meat substitute product that resembles lab grown meat but tastes like chicken has been developed. Insect protein and algae protein are used in meat substitute products.
Sustainable methods of sourcing ingredients are popular in Indonesia and ingredients are combined in such a manner that lifestyle diseases like diabetes can be managed. Urban Thais and Indonesians are increasingly consuming non-animal sources of protein. In the last three decades, daily protein consumption in ASEAN has grown by 50%.
In Vietnam, consumers prioritise their health over other things. The population does not mind spending for food/ food ingredients that are healthy. Nutraceuticals (dietary supplements) and functional foods (to boost energy and manage weight) and organic food products are gaining consumer acceptance. These food delivery systems promote menus for health and weight loss and pre-selection of ingredients before cooking.
Southeast Asian consumers seek products that offer taste and nutrition in a convenient format. Increase in snacking and on-the-go options is one development that is directly the result of economic development of Southeast Asia. Holistic health and desire for healthy ageing is driving consumers to choose foods that are indulgent but healthy. Functional snacks containing ingredients that can give a health boost are most sought after. Consumers desire and seek nutritious snacks with high protein/ low sugar alternatives.
Holistic health is indicative of consumers realising that all aspects of health are interlinked and should not be treated in isolation. Consumers are prioritising health and fitness – particularly mental well-being. Yogurt is another food item that is now preferred. Consumers in Southeast Asia are keen to know the ingredients in their foods and are willing to invest efforts to research on the same.
Products fortified with ingredients such as dietary fibres, probiotics and omega fatty acids, as well as an array of new and novel ingredients will be in demand. Ingredient innovation to be at the forefront of new product development – especially in the on-the-go and snacking markets.
Clean label is a key positioning strategy in South East Asia with 20% of new products containing one or more natural/ organic food ingredients. Consumers are eschewing food products that contain additives and preservatives. Natural food colours are preferred along with fibre, prebiotics and probiotics to improve digestive health.High-protein products are positioned for various market segments, such as pregnant women, growing children, body builders and health-conscious consumers.
Peranakan cooking is a Southeast Asian cuisine with multicultural roots. It uses turmeric, lemongrass and shallots to make spice paste. This food is colourful, uses local herbs and spices and gives dishes special flavours. Desserts are of different colour shades using ingredients like pandan leaves, palm sugar, turmeric and blue pea. The Peranakan food is unique to Malaysia, Singapore and Indonesia. South Indian traders brought spices like coriander and cumin. Chillies were brought by the Portuguese. Chinese ingredients like fermented soybean paste and soy sauce have also made their way in Southeast Asian cuisine.
The Southeast Asian cuisine is full of rich ingredients – containing herbs, spices, unique colours and flavours. Consumer preferences across the region have undergone a radical change to embrace consumption of healthy foods that can contribute to physical strength (build immunity) and lead to mental wellbeing. Culinary preferences vary across the region but there is inter-regional influence in selection of food products and consumption habits.
(The author is assistant professor with Presidency College, Bengaluru)
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