SE Asian food market seen worth $60 billion by 2010
SE Asian food market seen worth $60 billion by 2010
CANBERRA (Reuter): Southeast Asia's food and agricultural
product market has the potential to treble in size to US$60
billion annually by 2010, according to an Australian government
report released yesterday.
The value of the region's food market doubled in size in the
1980s to $19 billion in 1992, the report from the Department of
Foreign Affairs and Trade's East Asia Analytical Unit said.
"If this rate of expansion is maintained for this decade and
the next, this market will be worth around $60 billion (in 1991
U.S. dollar terms) by the year 2010," the report said.
The region's fast economic growth and a projected rise in the
population to over 615 million by 2010 are pushing up demand for
food and agricultural products, it said.
The region's population is currently 450 million.
The report defined the Southeast Asian market as comprising
Singapore, Malaysia, Thailand, Indonesia, Philippines, Brunei,
Vietnam, Laos and Cambodia.
Growth in the region's annual per capita Gross Domestic
Product (GDP) to around $800-$2,200 has increased consumption of
traditional food such as rice and has also changed patterns of
food consumption, the report said.
"As per capita incomes rise in Southeast Asia, people are
tending first of all to eat more of the traditional primary
staple, rice, and less of traditional secondary staples, cassava,
sweet potatoes and maize," it said.
"Then to shift towards an alternative staple, wheat, more
fruit and vegetables, and more animal products like meat fish and
dairy."
Finally as incomes rise further consumption of both
traditional and alternative staple foods will fall and animal
products and higher value processed foods will rise.
This change in food consumption patterns would strengthen the
already established trend in Southeast Asia for increased food
imports.
"Many of the goods subject to increasing demand -- such as
wheat, beef, dairy products, temperate vegetables and fruit --
are ones in which Southeast Asia is either a non-traditional or
minor producer."
From 1981 to 1992, the Southeast Asian region's share of world
wheat grain imports increased from 3.8 to 5.4 percent. Annual
wheat imports rose from 3.6 million tons to six million tons.