Few industries have been as hard hit by the pandemic as the food and beverage industry. However, data suggests that it is on the road to recovery.
One of the first industries to feel the effects of the COVID-19 pandemic was the food and beverage industry with restaurants and bars closing all around the world. Restrictions such as curfews, mask mandates and limitations on alcohol sales made it hard for an industry known for its small margins to survive.
However, it has not all been doom and gloom for the industry. As restrictions were imposed, then tightened, many restaurants learned to adapt fast to meet changes in consumer behavior. Those changes may be here to stay. In fact, a recent survey from McKinsey found that nearly 80 percent of the consumer-packaged-goods (CPG) executives who responded said they believed the pandemic would have a lasting impact on their customers’ needs over the next five years.
According to another report by The Consumer Goods Forum, 30 percent of food executives think that we will see another pandemic in the next four years, highlighting the need for preparedness and agile business models.
Closer to home, as the country is slowly opening up and restaurants all over Thailand are getting ready to welcome diners again, we see how the industry has experienced an accelerated shift towards take away and home dining. The pandemic has also increased focus on sustainable food production practices and highlighted the need for more plant-based alternatives.
One such example is Root The Future, a community-building content platform and consultancy for all things sustainability aiming to raise awareness about sustainability and plant-based foods. With an aim to better understand the market for sustainable foods, Root The Future gathers data from content and events to guide local and international companies looking to engage with target consumers in the region.
Paul Poole (South East Asia) Co., Ltd. is an independent marketing consultancy based in Bangkok, Thailand specialising in commercial sponsorship and partnership marketing, working with both rights holders and brands - acting as a catalyst by bringing them together and maximising the relationship.
We have packaged, sold and managed sponsorship and partnership opportunities for a wide range of rights holders and worked with many of the world’s leading brands to source and engage the right sponsorships and partnerships for them to maximise.
