As demand for health and wellness solutions continues to rise, functional foods are gaining traction. However, there has been a notable shift from narrow functional benefits to a more holistic approach that considers the wellbeing of both body and mind.
A host of challenges to the plant-based alternatives market have seen sales stalling or slowing across some markets, and major producers are reframing their expectations – or exiting altogether.
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.
Although sportswear continued to outperform overall apparel and footwear, 2022 results and the challenging environment ahead suggest more moderate growth over the next five years. In this scenario, consumers’ greater focus on health and wellness has special relevance for sportswear, given the close relation between sports and health.
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.
Protein is increasingly sought-after due to its perceived health benefits; higher protein consumption is being linked to overall wellbeing. In the food and nutrition space, a growing number of manufacturers are including protein in products previously not associated with it in consumers’ minds (eg breakfast cereals and pasta).