The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreNov 2014
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Globalisation and migration are seeing the movement of people between countries. Migrants and travellers influence food culture, taking ethnic food to new markets. Innovative local companies and private label are crucial in development of ethnic packaged food and driving premiumisation. Local market and taste palate development allow the tailoring of new products to a country, where value is added. Euromonitor International investigates the impact of ethnic flavours on packaged food.
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Increasing economic affluence in a country prompts the development of ethnic food markets in two ways; new economic migrants increase the demand for food formats and flavour combinations from their home countries, and increasing foreign travel prompts domestic populations to demand the exotic foods they encounter.
The suitability of a food format or flavour combinations to be developed as a packaged meals depends on its traditional consumption pattern. Main meals are seen as central points in the day when friends and families gather together and products focused on these types meal are generally easier to produce and are more accepted than some other products, e.g. confectionery.
Ethnic foods market driven by local companies; local companies and private label are leading the market, ahead of the multinationals. With local insight, they have greater clarity on the developing consumer trends.
Ethnic tastes vary by country, and global companies must learn these individual consumer palates and develop local flavours accordingly. In Asia, green tea is a popular flavour for cakes and biscuits, while green tea may only be acceptable as a beverage in other markets.
Western European ethnic foods have been boosted by foodservice companies targeting retail, increasing sales while retaining brand exposure, as consumers eat out less or downtrade in challenging economic times. In packaged food, strong brands add value over private label products, but competition is intense in keeping trademark tastes.
Individuals returning from visiting new countries look to share experiences. Gifts of food or cookbooks are chances to share culinary experiences and provide opportunities for global companies to develop new products.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.