ASEAN’s new universe for animal proteins
by George Bilalis, VIV worldwide
Rising consumer demand is the game-changer seen for all foods across South-East Asia. Nowhere is this more evident than in the 10 member countries of the ASEAN trading community.
ASEAN today is composed of these countries: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. Between them they contain over 641.7 million inhabitants, making this the world’s third-biggest zone for the total number of consumers.
According to one forecast, by 2027 the ASEAN market for meat, eggs and shrimp could be worth over USD 320 billion. Part of the reason is that the community continues to show the world’s fastest rate of population growth. By 2050, the number of people who live in this trading zone could reach 800 million.
What is more, the Asian Development Bank says nearly two-thirds of all residents will be in middle-income households by as soon as 2030, compared with under one-third only 20 years ago. The community’s overall GDP (gross domestic product --- measure of economic strength) is likely to more than double in the coming 10 years, with about 20 percent of the average disposable income being spent on buying food and beverages.
Add to that the impact of urbanization. Already more than half of ASEAN people live in towns and cities. Their considerable advantage in average income compared with rural residents is spurring a rapid change in lifestyles that can be seen not least in food...
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