New Delhi, Dec 31 Health and convenience have become key focus areas for packaged food companies in the Asia-Pacific (APAC) region, according to a report on Tuesday.
As food companies navigate increasing input costs, especially in oils and fats, their innovations remain centred on health and wellness as consumers are prone to spending more on healthier foods.
There has also been a growing focus on products that cater to consumers busy lifestyles, emphasizing the importance of satisfying cravings while also supporting overall well-being, said GlobalData, a leading data and analytics company.
“Despite the economic pressures from inflation, there is an increase in consumer focus on healthy foods. The World Health Organisation (WHO) has linked processed foods, especially ultra-processed foods, along with tobacco and alcohol, as contributing to global health issues and the death of millions,” said Bokkala Parthasaradhi Reddy, lead consumer analyst at GlobalData.
In addition, advocacy groups are clamouring for labelling ultra-processed foods in the same category as tobacco and alcohol. Given these trends, food companies are focusing on healthy foods to attract consumers and sustain their revenues, Reddy added.
According to Deepak Nautiyal, consumer and retail commercial director, APAC and ME, GlobalData, the appeal of healthy foods remains strong despite the rise in prices of most products.
Food innovation is gravitating to healthy and convenient products as companies try to align their products to consumers’ health goals and busy lifestyles, he noted.
Consumers are also equally concerned about their personal financial situation and health, said the report.
This is reflected in a GlobalData consumer survey, wherein 55 per cent of respondents stated that they are extremely or quite concerned about their personal financial situation.
At the same time, 49 per cent of them are extremely or quite concerned about their physical fitness and health. Meanwhile, convenience has also become a key factor in purchase decisions, as an overwhelming 85 per cent of respondents in the same survey stated that time-saving and easy-to-use (convenient) traits are essential or nice-to-have features in products.
“Health trends and busy lifestyles are reshaping consumer preferences in the packaged food market. As more individuals embrace active routines, there is an increased focus on products that support wellness and provide functional benefits,” said Reddy.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor