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Questions and Answers
The food industry is a static system that changes slowly due to various reasons.
False
Companies in the food industry spend millions every year to cater to the needs of their suppliers.
False
The economic boom in Southeast Asia slowed down the expansion of the Global Market in the early years of the 21st Century.
False
China is not one of the countries that dominates the food market in Asia.
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Traditional export leaders such as the USA and the EU are gaining market share rapidly.
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The 2020 pandemic had a minor impact on the international food market.
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Consumers are searching for foods and beverages that naturally lower their immune system.
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Vitamins and minerals are amongst the least searched ingredients.
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Consumers prefer products with dull colours as they are associated with Vitamin C.
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The majority of consumers want to leave a negative imprint and seek unsustainably produced foods.
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Study Notes
The Dynamic Food Industry
- The food industry is constantly changing due to natural, demographic, technological, political, and economic factors.
- Consumers have the power to shape and change the industry, prompting companies to spend millions to cater to their needs.
Development of the Food Industry
- The industry continued to develop throughout the 1990s.
- The economic boom in Southeast Asia in the early 21st century accelerated the expansion of the global market.
Global Market Shift
- The fast industrialization of Asia has led to the continent hosting some of the biggest food expos, with China dominating the market.
- Exports are shifting rapidly, following global demand trends.
Changes in Export Leaders
- Traditional export leaders like the USA (corn, soybean, and wheat) and the EU (dairy products) are losing market share rapidly.
- Developing countries like Brazil (soybean and corn) and the Cairns Group countries are gaining dominance.
Impact of the 2020 Pandemic
- The pandemic had a significant impact on the international food market, affecting all industries worldwide.
- Many businesses were forced to close or file for bankruptcy.
Changes in Consumer Preferences
- Consumers are seeking foods and beverages that naturally enhance their immune system.
- Vitamins and minerals are among the most searched ingredients.
- There is a preference for brightly colored products, such as yellow or orange, associated with Vitamin C.
- Environmental sustainability is a major factor in food selection, with consumers seeking sustainably produced foods.
- Demand for plant-based goods has increased.
- Consumers are focusing on "experiencing" food more than ever, with different tastes, textures, and innovative culinary techniques gaining popularity at a rapid pace.
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Description
This quiz tests your knowledge of the food industry's rapid changes driven by various factors and its development throughout the years. From consumer power to global market expansion, assess your understanding of the industry's transformations.
