The annual inflation rate for Asia Pacific in 2023 is 4%. Compared to 15% in Latin America and 14% in Middle East and Africa, the rate in Asia is much softer. As such, a cautious approach to premium positioning could help companies siphon value-driven sales growth in rapidly growing emerging markets.
Demographic, economic, and cultural factors are reshaping the long-standing family stereotype. The family is becoming smaller, and with fewer children. Single-person and one-child homes are on the rise and must be catered to by brands. This snapshot seeks to highlight the changes in households over 2023-2040 in terms of demographic structure and income, but also lists the top five strategies to address future families.
Hybrid working policies and the greater acceptance of remote working are further fuelling the casualisation of dress codes and widely contribute to the popularity of Athleisure.
With the rise of many local chained specialist coffee shops emerging across Asia Pacific, the future of coffee shops in Asia Pacific is likely to evolve into an environment with more local coffee shops in the short term, eroding the traditional stronghold of international coffee chains such as Starbucks, especially in markets like China and Vietnam.
Increasing awareness of health and the environmental challenges facing the planet have led to accelerated action and investments by companies and governments. This is no different in the Asia Pacific region.
Plant-based food demand in Asia is rooted in a long history of plant-based eating, including traditional foods such as soy drinks and tofu. The rise of Western-style plant-based diets in recent years has brought new dynamics to the Asian market where exciting innovations drive awareness and trial in both foodservice and retail. Meanwhile, local players are actively giving local twists to products, leading to increasing product availability.
The pandemic has impacted the traditional toys industry unfavourably in Southeast Asia, except for Singapore. This is a striking difference from other regions where a prolonged stay at home period and travel restrictions have is due mainly to economic strain which stopped consumers from purchasing non-essential goods, and the exponential rise of free-to-play video games. Despite the challenging environment, the toy industry in the region remains afloat and can look forward to the future, because of ‘kidults’.
With price inflation impacting almost all consumer packaged goods globally in 2022, including in Asia Pacific, this report seeks to examine how soft drinks companies and consumers have been impacted. By looking at the median price movements of leading soft drinks categories across various markets, we are able to analyse and evaluate varying company strategies in light of growing inflationary pressures.
We give an APAC market overview, highlighting the ultra-premium nature of the Hong Kong pet market and focus on the drivers behind the demand for premium pet products, especially pet healthcare products.