It’s all about millennials. The “M” generation is reshaping markets and industries
Still, fast food services are not (yet) dominating the scene in Asia-Pacific, as the full-service restaurants in the area represents 64% of the eating houses, a rate bigger than what we can find in Europe, North or Latin America (41-42%). Rising incomes have set a new trend among Indians who are now finding it more convenient to
dine at the restaurant accompanied by friends and families and to try out new culinary experiences. From that point of view, North America and Europe are described as markets with a slow growth on food services in the next years. Nevertheless, in these markets food (meat) consumption is depending on aspects like package size, readyto-eat or ready-to-cook type of food, traceability and animal welfare information provided by the producers.
In fact, millennials are dictating all over the world in the matter of food an food service, the biggest influence being reported in North America, where 60% of the age-segment 24-35 are switching from meat diets
to clean-meat, vegan food or try to mix those in a way they think it is more healthier. Even in more traditional markets like those in Middle East region, the process of urbanization, along with a rise in incomes and the
living style of expats living in those countries has influenced the food market and the processing/packaging industries in the area. UAE, for example, is expecting a rise in population at a CAGR of 3.0% by 2021 and the number of expats living in the Emirates has already influenced the Horeca industry. Alpen Capital analysts are forecasting an increase for international food and ready-to-eat meal in the next 4 years. Also, a high-income level has encouraged the spending on high-value food products and premium foods with healthy attributes.
In fact, the Gulf region has a projection of growing population at a CAGR of 2.3% from an estimated 53.9 mil. in 2016 to 60.5 million in 2021 and GCC nations are expecting big changes in consumption and consumer habits. Food consumption in the GCC is expected to expand at a CAGR of 4.2% from an estimated 48.1 mil. MT in 2016 to 59.2 mil. MT in 2021. Meat consumption is forecasted to grow a CAGR of 3.4% in the mentioned period with Saudi
Arabia and UAE likely to remain the major food consumption centres. Until 2021, CAGR rate of growth for meat in any of the six countries is as follow: Saudi Arabia-3.9%, UAE-2.8%, Kuwait-2.8%, Oman-2.4%, Qatar- 3.7%, Bahrain-3.1%.
In conclusion, the food service market is now reshaped by a continuous search for new experiences „seasoned” with a desire for cleaner ingredients and healthier cooking methods.
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