Market Trends from Innova Market Insights

We had an interview with Sureerat Niyomsinth, Market Analyst from Innova Market Inisghts, who will be presenting onsite at Fi Asia.

Q: Can you please give me an overview of who Innova Market Insights are, and what you do?

Innova Market Insights is a leading market research company, serving our customers with our unique and powerful Innova Database: the world’s largest database for the food industry, used by leading companies in food ingredients and manufacturing for future success in the dynamic FMCG/CPG industry.

 

Q: Can you give us an overview of some of the main trends that you are seeing across Asia currently?

Some of the key trends we are seeing across Asia include:

Discovery:
The adventurous consumer. similar to global consumers, Asian consumers are also curious to discover new food and drinks.

Some of the interested trends that we have seen across the region include:  Salted egg yolk flavor hits the Chinese market/ Japanese traditional sweets fusion with western taste/ Dessert flavors inspire future innovation in Thailand

Snacking:

The definitive occasion-  Snacking is no longer the optional extra, but the definitive occasion.

In Asia, we also see snack innovation in different ways including: Potential for dairy to focus on occasion for snacking in China / Small portion size that suit every personal need in Japan/ exploring various combinations of snacks with plant ingredients in Thailand

Healthy lifestyle

Consumers are conscious of health and actively take actions to become healthier. food and beverages feature more specific functions (digestive health or high protein content) and multi-functions. Some examples across Asia include: Chinese consumers are looking for additional benefits in food and beverages but still provide indulgence, lighter versions including low in calorie, fat, sugar are available across market categories in Thailand.

 

Q: You will once again be onsite at Fi Asia with the New Product Zone. What can people expect to find at the New Product Zone this year?

The New Product Zone will feature innovations from 15 trend setting exhibitors, showcased alongside market trends.

  • Ripple's Pea Milk, which fits in with the theme of "Green is the New Black"
  • Be Plus' Bioactive Smoothie and Sandows' Cold Brew Coffee with clean and minimalistic designs to reinforce the "Clean Label" association
  • Marnoto Fleur de Sel, which uses a retro packaging design to readily create an association with the traditional processing techniques.

 

Q: Finally, how do you think the Thai food market will look like in the next five to 10 years?

Functional and convenience food will be continuously on demand, as consumers are looking for healthier food even when there are busy. Food and beverages feature health claims, such as sugar reduction claims, high/source of protein and fiber, and no preservatives/additives will be increasingly seen.

Tradition and provenance is also a trend that we willbe one of key aspects to develop premium solutions in Thailand.