Technavio's latest market research report on the private label food and beverages market in APACprovides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technaviodefines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new market research report on the private label food and beverages market in APAC 2017-2021 under their food and beverage library. (Graphic: Business Wire)
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The top three emerging market trends driving the private label food and beverages market in APAC according to Technavio research analysts are:
- Growing digitization of private label
- Increasing development of new packaging
- Rising focus on health and wellness
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Growing digitization of private label
Retailers are increasingly taking initiatives and efforts to promote their products by using modern technology and digitization due to the growing competition. The ideal platform to promote, market, and sell their products is the internet. Platforms such as Amazon or other similar portals are being used by customers to buy private label products. Hence, these portals are enabling private label business to cater to a growing demand for private label products.
According to Manjunath Reddy, a lead analyst at Technavio for food, "Private label companies can use social media to search and communicate with potential business partners and clients. Such social networking tools and forums help businesses to connect with potential customers."
Increasing development of new packaging
One of the important criteria that private label brands are adopting across the world is sustainability. Packaging materials that are more sustainable and eco-friendly are preferred by consumers. Thus, packaging becomes a crucial factor that differentiates products provided by private label manufacturers. To improve the image of their products, retailers are designing unique and different packaging designs. Due to this, retailers are investing in R&D activities to develop eco-friendly, temperature-resistant, and insulated packaging that can keep the packaged goods fresh for a long time.
Rising focus on health and wellness
Consumers are becoming increasingly conscious and particular about their health. Hence, they are moving towards healthier and safer food products. Not only cost but ingredients present in the product influence the purchasing decision of consumers. Health-conscious consumers look for simplicity in ingredients. A retailer's private label portfolio must contain healthy foods. Gluten free and organic products are increasingly becoming popular among such consumers.
"Consumers prefer such products because they are certified to be safe. With the growing demand for healthy foods, products made with natural ingredients and organic colors are gaining more shelf space. This has led private label brands to associate their products to health and wellness, environmental stewardship, and sustainability. This trend is expected to help in the growth of the market during the forecast period," says Manjunath.
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