The ASEAN region is emerging as an international growth hub for premium foods and the health and wellness industry.
Globally, health and wellness is positioned as one of the fastest growing food and beverage categories. This is largely due to a sharp rise in chronic disease and illness that is linked to lifestyle and diet. Action is being driven by consumers, governments and organisations to curb chronic disease and illness, leading to more interest in health and wellness and preventative food measures.
In 2017, Australia’s trade with ASEAN countries grew by 9 percent over 2016 to reach $105 billion, which is greater than Australia’s two way trade with Japan and the United States.
An increase in calorific intake and changes to the composition of diets are having a significant impact on the health of ASEAN populations, with over 70 percent of deaths in South East Asia being attributable to non-communicable diseases by 2030.
Through market analyses, industry interviews and an in market workshop in Singapore in April 2018, we identified four key areas of opportunity for food producers and governments:
Australian health and wellness food businesses are well-placed for success in our nearest export region. However, there is work to be done to finesse market entry approaches and ensure alignment to the complex ASEAN region and its dynamic base of consumers. Three core approaches need to be considered:
Need help accessing Asian/ASEAN markets? Talk to KPMG’s Asia & International Markets team.