The Malaysia’s food and beverage (F&B) industry is recognized as one of the fastest growing markets and one of the major contributors to the national economy. Sunway University has given mixed views on the outlook for the food and beverage industry, according to an economics expert professor at Sunway University Business School, who said the industry is experiencing solid growth and contributed to an 8% increase in GDP last year. It is predicted. This follows his impressive 22% growth in 2022, bringing the amount to her RM35.2 billion.
Drivers of this growth include a recovery in consumer and tourism spending supported by rising incomes and employment. However, challenges on the horizon, such as a potential global economic slowdown, are likely to increase consumer risk aversion. Rising inflation and tighter financial conditions could also dampen consumer sentiment.
Companies that adapt to post-pandemic consumer priorities and focus on health and nutrition have become critical to succeed in this evolving landscape. This requires not only keeping up with the latest trends, but also leading the change, meeting new challenges and devising effective growth strategies in the face of intense competition.
Consumer priorities and trends
Recent research from Tetra Pak, drawing on insights from 5,000 consumers and experts around the world, reveals a compelling interplay between consumer expectations and technological advances in the food and beverage industry. Ta. Tetra Pak Index 2023 captures the largest consumer segment deeply invested in health and nutrition and highlights the industry’s substantial pivot towards a sugar-free era. The search for healthier alternatives is driving intense innovation and prompting companies to invest heavily in research and development.
But the most transformative aspect of this change extends beyond sugar reduction: it heralds the era of personalized nutrition. This is not a temporary trend. That means a fundamental shift in consumer expectations. Brands now tailor recipes to specific demographic groups based on factors such as age and medical conditions. Our emphasis on customization reflects our commitment to serving unique and diverse needs.
Regardless of the health benefits of a product, consumers do not compromise on taste. The key takeaway is that it emphasizes the importance of creating products that meet health standards while satisfying consumers’ taste preferences. Achieving cost parity for new foods is critical and emphasizes the delicate balance between innovation and accessibility.
Future outlook
In response to the growing global trend towards healthier lifestyles, F&B companies can connect with health-conscious consumers by tailoring their product offerings. At Tetra Pak, we go beyond product development by actively fostering collaborative partnerships with our customers. We focus on sharing valuable insights and encourage a collaborative approach to effectively address dynamic and evolving market needs.
Tastebud Tourism, one of Tetra Pak’s innovative initiatives, reflects this commitment through a wet sampling exercise involving 100 participants from across the Klang Valley. This exercise was aimed at discovering new and interesting flavors of flavored milk and plant-based beverages. It has been revealed that young Malaysians prefer natural flavors and avoid drinks that are too sweet. Additionally, there is a growing trend towards products that offer additional benefits such as protein.
For example, when it comes to chocolate flavors, consumers are minimizing sweetness and preferring natural options such as fruity blends such as raspberry chocolate or orange chocolate, or nut combinations like hazelnut or almond and chocolate. I learned from this exercise that there is.
These Tastebud Tourism findings are in line with the global trends highlighted in the Tetra Pak Index 2023. Initiatives like Tastebud Tourism highlight the company’s commitment to helping brand owners offer products that resonate with consumers’ ever-changing tastes and preferences, and position Tetra Pak at the top of the world. I am. The forefront of the dynamic F&B industry.
this This article was contributed by John Jose, Marketing Director for Tetra Pak Malaysia, Singapore, Philippines and Indonesia.
