Top Trends Shaping The Future of Food Industry in SEA
21 June 2021
Spire Deputy CEO Japnit Singh goes on air with Lazada Insider to highlight key business opportunities and trends for F&B businesses in SEA. New trends are reshaping the food industry, with consumers’ online-shopping habits for the F&B sector set to stay.
The Food Industry, unlike its counterparts in fashion and technology, has always been more robust in weathering through disruptions. Japnit explains that while our taste and preferences in food remain very much linked to our cultures, he has noticed some key trends that have begun to morph our food industry.
One of the biggest changes today is the location in which food is being consumed. With the pandemic-induced stay-at-home arrangements as the norm, the way businesses interact with customers today has been completely upended. Online marketing and digital channels to promote consumer loyalty have become increasingly popular, with more food businesses choosing to go online, offering an opportunity for direct engagement with their consumers.
Another trend is the phenomenon of “Reverse Westernisation”, which has led to a newfound prominence of taste for local flavours and food. People have increasingly begun to appreciate local fare, possibly due to online marketing channels, such as food delivery companies, for example, offering a platform for local business to advertise and deliver in spaces once dominated by large Western brands.
Japnit added that health-conscious food, sustainable consumption and a nascent trend of data-based decision making are also set to shake-up the food industry.
He also shares a surprising gender-based shift that Spire’s research revealed: more men are partaking in a once female-dominated role of household shopping. In some Southeast Asian countries, this distribution of household shopping responsibilities goes as high as up to a 50-50 split between men and women. With convenience at the heart of this phenomenon, Japnit believes that the trend of ordering groceries or pre-cooked food is here to stay.
To find out more about the key trends transforming the SEA food industry, and how consumers’ food shopping habits have been fundamentally altered by the global pandemic, click here to watch Spire’s interview by Lazada.
Click here to watch the interview on Spire’s YouTube channel.
For media enquiries, please contact:
Manager, Group Corporate Communications
Spire Research and Consulting
Phone: (65) 6838 5355