The ASEAN region’s growth prospects, health profile, and market conditions, coupled with global food trends, have created a perfect storm that Australian agribusinesses and food innovators should take advantage of, according to a report Food for health: Trends and opportunities in health and wellness in the ASEAN region, from CSIRO and KPMG.
The report highlights that:
Professor Martin Cole, Deputy Director of CSIRO Agriculture and Food, commented: “For the ASEAN region, the links between nutrition and health are increasingly under the spotlight. The region is forecast to experience a sharp rise in chronic health conditions such as obesity, type 2 diabetes, cardio vascular disease and cancer. The role food and diet can play to prevent these illnesses becomes crucial.”
“Using emerging science and Australian innovation in areas such as functional foods, alternative protein, and CSIROs capabilities in digestive testing and modelling means, as a nation, we have a compelling offer to meet the needs of the ASEAN market,” he said.
The report suggests three core approaches for Australian businesses entering the ASEAN market in health and wellness products:
Ben van Delden, KPMG Australia Partner and Agtech Sector Leader, said: “Australian food, health and wellness businesses are well-placed for success in ASEAN. Australian businesses and researchers are known for their strengths in this area and can apply expertise and creative development to form products and business models that meet the complex needs of the ASEAN consumer. However, there is work to be done to finesse market entry approaches and ensure alignment to the complex region and its dynamic base of consumers.”
Collaboration in this growing area is already underway with Singapore’s Nanyang University and the CSIRO recently signing a joint research project in precision health to focus on the importance of gut health and exercise in healthy ageing.
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