Major beverage brands like Kirin, Yili, and Yeo’s are focusing on adding functional and convenience benefits to their products to address rising consumer demands and cope with inflationary pressures. The industry is facing increased costs due to inflation and global geopolitical instabilities affecting raw material prices.
Market Trends
Functional Beverages: Brands are innovating with functional ingredients to cater to health-conscious consumers. Kirin has developed iMUSE beverages incorporating LC-Plasma postbiotic and acquired the Healthya tea brand. Yeo’s launched fortified soy milk with vitamins and minerals, while Yili expanded its tea product innovation with the Inikin brand.
Convenience Formats: The focus on convenience is evident in products like Curated Culture's probiotic teas for gut health, sports recovery, and relaxation, and Flojo's sparkling drinks with B vitamins and nootropics. These products cater to busy lifestyles, providing on-the-go wellness benefits.
Health and Wellness: Innovations in functional ingredients and convenience formats enhance product appeal and market competitiveness. Addressing consumer demands for low or zero sugar products helps meet regulatory requirements and aligns with health-conscious trends.
Strategic Actions
Develop Functional Beverages: Exporters can benefit by developing functional beverages that cater to consumer demands for health and wellness. Investing in research and development to create products with proven health benefits can enhance product credibility and appeal.
Focus on Convenience: Innovating with convenience formats, such as ready-to-drink teas and fortified beverages, can cater to busy lifestyles and consumer preferences for on-the-go products. This focus can improve market competitiveness and meet consumer demands.
Low or Zero Sugar Options: Developing low or zero sugar products is crucial to meet regulatory requirements and consumer health preferences. Exporters should prioritize these formulations to align with the growing demand for healthier beverage options.
Incorporate Scientific Research: Leveraging scientific research and substantiated health claims can significantly enhance the credibility and appeal of functional beverages. Collaborating with health experts and conducting clinical studies can provide a solid foundation for marketing these products.
Adapt to Market Pressures: Addressing inflationary pressures and geopolitical instabilities requires a flexible approach to sourcing raw materials and managing costs. Exporters should explore sustainable and cost-effective sourcing strategies to mitigate these challenges.
The focus on functional and convenient beverages by major brands in the Asia Pacific region highlights the growing consumer demand for health and wellness benefits. Exporters can capitalize on these trends by developing innovative products with proven health benefits, focusing on convenience formats, and offering low or zero sugar options. By incorporating scientific research and adapting to market pressures, exporters can enhance their market competitiveness and meet evolving consumer preferences.
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