Asia-Pacific sees strong growth in processed meat industry

Researcher Mintel says Indonesia and India are leading the growth rates across the traditional meat categories, while Thailand has grown steadily in the processed fish and seafood segment.
Indonesia had a compound annual growth rate (CAGR) of 26.7 per cent for processed meat types including poultry between 2011 and 2015. India followed with 22 per cent, while Vietnam had 15.5 per cent, China 13.9 per cent, and Brazil 10.9 per cent.
Mintel estimates that Indonesia’s processed meat and poultry market reached 16 trillion rupiah (Bt41.5 billion) in retail value in 2016. 
It puts this figure at 11 billion rupees (Bt5.8 billion) for India, with Vietnam, China and Brazil rounding out the top five.
The researcher says India is one of the fastest-growing retail markets for processed fish and seafood, with a CAGR of 24.9 per cent between 2011 and 2015; Indonesia followed with 19.5 per cent. For 2016, Mintel estimates the value of this segment in India reached 2.42 billion rupees, and 32 trillion rupiah for Indonesia.
From 2011 to 2015, Thailand had a CAGR of 9.4 per cent for the processed fish and seafood market and a CAGR of 7.5 per cent for the processed meat and poultry market. For 2016, Thailand’s processed fish and seafood market is estimated to have reached Bt65 billion in retail value, and its processed meat and poultry market Bt60 billion.
Driven by innovation, the global processed meat, poultry and fish markets saw an 18-per-cent increase in product launches in 2016 from 2014, according to the Mintel Global New Products Database. 
In 2016, Asia-Pacific was the second most active region for development of new processed meat, poultry and fish products, accounting for 24 per cent of innovations, led by China, Thailand, South Korea, Vietnam and the Philippines.

Need for convenience 
Patty Johnson, global food and drink analyst at Mintel, said: “The need for convenience is the key driver behind Asia’s growing processed meat, poultry and fish retail markets in Indonesia, Thailand and India. 
“Demand for processed and ready-to-eat foods, particularly frozen foods, is growing across Asia as increasingly time-pressed consumers have embraced the convenience of the freezer and of microwave cooking. 
“Aligned with consumer interest in the region, processed meat, poultry and fish product innovation in 2016 saw strong focus on convenience.”
According to a consumer study conducted by Mintel, 43 per cent of city-living Indonesians and 39 per cent of their counterparts in Thailand tend to shop close to home or work because of a lack of time. 
Some 28 per cent of consumers in Indonesia prefer to buy small food packs for convenience. Snacking has become a habit for many consumers, resulting in a shift in consumer attitudes across Asia. Mintel’s research shows that 80 per cent of urban Thais and 69 per cent of their peers in Indonesia snack at least once a day.
“Consumers’ evolving eating habits and shift towards more snacking occasions have impacted the food manufacturing industry in different ways,” Johnson said.
“On top of snacks that provide satiety benefits, demand for healthier snacks is rising as consumers overall have become more conscious about their food choices. 
“Protein is already in high demand in countries like the United States, and while adoption is slower in Asia, the region’s love affair with protein has seen growth in recent times.”