February 18, 2015
Increases in meat consumption in Asia and Africa along with growth in the regions’ grocery market will mean big opportunities for exporters according to Mick Miles, Asia-Pacific region manager for the Institute of Grocery Development (IGD).
Asia’s grocery market is forecast to see a compounded annual growth rate (CAGR) of 8.5% between 2014 and 2020, and Africa is expected to see a grocery market CAGR of 22% in the same time period, compared to a rate of 3% for the EU, 8% for North America, and 11% for Oceania.
Asian markets will be home to 59.5% of the world’s population by 2020, with 54% of that population being in the middle class. With this population increase and growth in wealth, Japan is expected see a CAGR in meat consumption of 1%, Korea – 9%, China – 10%, India – 19%, and Southeast Asia – 20%, primarily due to demand for pork.
For meat exporters, traceability will be of great importance, with some products already having QR codes which can be scanned to provide information about which farm the animal came from, how it was raised, recipes, and other information, and intense competition will mean that retailers and exporters will need to have a thorough understanding of each local targeted market for best success.
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