Online grocery, at home consumption among the top food trends in Korea amid Covid-19- USDA

SOUTH KOREA – Although South Korea has been able to manage the pandemic with only 2,158 cases 35 deaths per million people, the food industry landscape has however tremendously changed with consumers exhibiting new preferences that were not as popular before the pandemic. According to a recently released report by the United States Department of Agriculture (USDA), online food sales which already growing before the pandemic jumped sharply in the first quarter of 2020 after the virus hit. On an annual basis, USDA estimates that online food sales grew by…

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In 2021, consumers expect companies to protect health and interest of society, planet – Euromonitor

GLOBAL – Protecting the health and interest of society and the planet is the new expectation that consumers have for companies in order to build back a better world post covid-19, according to a recently released report on Top 10 global consumer trends for 2021 by Euromonitor International. The global market research company notes that in the new age, consumers demand that companies care beyond revenue, and they no longer perceive businesses as profit-driven entities. As a result, more is required of them than just meeting demand for products, and…

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US breakfast cereal industry thrives amid COVID-19 as sales hit new record high

US — The US breakfast cereals category has been thriving during the COVID-19 pandemic with sales in the ready-to-eat breakfast cereals category being expected to approach $12.1 billion as 2020 comes to an end. This is according to according to recent statistics from GlobalData, a UK-based data and analytics firm. If realized, sales in this category would be up 12% from $10.8 billion in RTE cereal sales in 2019. GlobalData had prior to the onset of the pandemic projected that annual breakfast cereal sales were expected to increase to US$10.9…

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Covid-19 pandemic to halt growth of India’s dairy industry

INDIA – Despite recording a 10% compound annual growth rate (CAGR) in the past decade, the dairy industry in India is projected to register flat revenue growth this year due to weak sales that have been aggravated by the Covid-19 pandemic-driven lockdown. This is according to a June report by research and analytics firm, Crisil, which says that the flat sales will be majorly as a result of weak sales of value-added products (VAP). According to the report’s projections, sales of VAP like ice cream, cheese, flavoured milk, curd and…

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Global beverage alcohol not expected to rebound until 2024, research shows

WORLD – The Covid-19 crisis is forecast to curtail worldwide beverage alcohol consumption growth from its peak in 2019 and take the next five years to rebound, a research by IWSR Drinks Market Analysis indicates. The global industry market analysis by IWSR illustrates that although worldwide beverage alcohol volume increased slightly in 2019, losses incurred in the months-long near complete shutdown of bars and restaurants across the world this year are expected to push the industry to a 12-year low; since the 2008 financial crisis. According to the research and…

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UAE and KSA food & beverage market to surpass US$80bn in 2020

UAE – The United Arab Emirates (UAE) as well as the Kingdom of Saudi Arabia (KSA) are some of the most strategic markets for food and beverage companies in the Gulf region and despite the COVID-19 crisis and the looming economic recession, the food & beverage market is projected to register steady growth throughout 2020 and reach US$80 billion. This is according to an industry analysis conducted by research firm, Frost & Sullivan titled the ‘2020 Outlook of the KSA and UAE F&B Market’, which attributes the growth to increased…

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US consumers spend US$5.3bn more on non-alcoholic beverages

USA – According to a special report issued by industry publication Beverage Digest, Americans spent US$5.3 billion more on non-alcoholic beverages in 2019 as companies like Coca-Cola continued to bring more new products to market and innovate in established core brands. According to the report, carbonated soft drinks (including energy drinks) drove the lion’s share of retail value growth in 2019, adding US$2.9 billion in retail value to the industry’s nearly US$146 billion in sales, topping 2018 growth of US$2.7 billion while Bottled water was the second-fastest-growing category, with US$1.2…

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Food, feedstuffs and beverages prices set to rise in 2020, report suggests

WORLD – The food, feedstuffs and beverages (FFB) price index in 2020 has been forecast to rise at a rate of 3.9%, boosted by high price growth of beverages. This is according to The World Commodity Forecasts Food Feedstuffs and Beverages report released by research and analysis firm, Research And Markets. The FFB price index contracted by 4.3% in 2019, as falling prices of oilseeds and weaker growth in the prices of cocoa, coffee and staple grains weighed on the index. However, the report highlights that the bilateral trade war…

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Global probiotic ingredients market size estimated to reach US$3.97bn by 2026

WORLD – Expanding R&D investments in dietary supplements by major manufacturers and continuous product development in nutritional beverages are expected to catapult the global probiotic ingredients market size to US$3.97 billion by 2026. This is according to a new study published by Polaris Market Research, which provides insights on the current market scenario and the future prospects, projecting the market to grow at a CAGR of 6.9 % from 2019 to 2026. Probiotics are live bacteria’s that facilitates digestive functioning in the human body and have been incorporated in several…

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