19 February 2021
Technology and Affluence fuels Food and Beverage Sector in SEA
The Spire Food Trends 2021 study uncovers insights on consumer trends and discusses the outlook of the Food and Beverage (F&B) industry in Southeast Asia (SEA). Join Spire Deputy CEO Japnit Singh as he presents the findings of the study, and provides insights into the F&B industry alongside a panel of industry experts.
With the adoption of digital solutions accelerated by the pandemic, the total merchandise value of food delivery across Southeast Asia surged 183% from 2019, to reach US$ 11.9 billion in 2020. The Spire study found that F&B businesses accelerated the shift towards online retail, creating digital product catalogues and providing incentives for consumers to make online purchases in face of movement restrictions brought about by COVID-19.
The SEA region itself has experienced immense growth over the past 10 years. GDP of ASEAN countries has grown by over US$ 1trillion in the last ten years, peaking at US$ 3.23 trillion in 2019 before dipping to US$ 3.11 trillion in 2020. Years of economic prosperity have shifted consumer taste and preferences, as the Spire study highlights. Over 80% of consumers in Indonesia and Malaysia are willing to pay premium prices for better quality food, along with an increased preference for local ingredients and convenience.
Given the region’s rising affluence and favourable tech-savvy demographic, SEA is set to be a prime location to disrupt the traditional brick-and-mortar F&B industry.
On Thursday, 4 March 2021, join us as we share the findings of the Spire Food Trends 2021 study and speak with a panel of industry experts to shed insights on the trends and opportunities in the F&B Industry in SEA.Register Now!
For media enquiries, please contact:
Manager, Group Corporate Communications
Spire Research and Consulting
Phone: (65) 6838 5355