"Attention Needed on F&B Franchise and Infant Market in ASEAN"

KOTRA and Seoul National University Population Policy Research Center Publish Report on 'ASEAN Market Population Trends and Opportunity Factors'

[Asia Economy Reporter Kim Pyeonghwa] “The income levels of the ASEAN population are rapidly rising, and consumption in food and beverage (F&B), mobility, electronics, and education is expected to increase. There are F&B franchise opportunities in Cambodia and Myanmar, and the infant and toddler market in Vietnam should be closely watched.”

The Korea Trade-Investment Promotion Agency (KOTRA) and the Seoul National University Population Policy Research Center published a report titled ‘ASEAN Market Population Trends and Opportunity Factors’ on the 28th. This report was planned to review the population structure and phenomena of ASEAN and introduce opportunity factors to domestic companies.

According to the report, the ASEAN region is experiencing rapid growth in the total number of households due to urbanization and an increase in single-person households. Consequently, demand in the construction market and home appliances is expected to rise. In Indonesia, the total number of households increased from 54 million in 2010 to approximately 70 million recently.

A notable feature is the spread of digital consumption trends, especially among the younger population. The frequency of e-commerce usage is increasing in the purchase process of groceries, beauty products, and clothing. This underscores the importance of social media marketing strategies tailored to a digitally friendly population.

Another point of interest is the increase in the elderly population as life expectancy in ASEAN rises. According to UN estimates, Thailand’s elderly population is expected to approach 10 million. Malaysia is on the verge of transitioning into an aging society. In Thailand and Indonesia, there are opportunities in the pharmaceutical and premium medical device markets.

Kim Taeho, Head of KOTRA’s Economic and Trade Cooperation Division, stated, “Population is not only an indicator of potential economic growth but also an important consideration for companies to understand potential customers and market landscapes. We will strive to help our companies establish differentiated entry strategies based on objective data and local trends.”

This content was produced with the assistance of AI translation services.