The Scenario of Future Food Business Options for Small and Medium Enterprises

Abstract

This academic article has the objectives to study the scenario of future food business options for SMEs and carry out strengths, weaknesses, opportunities and threats (SWOT) analysis of future food business options for SMEs. Content analysis is utilized with secondary data from various reliable and relevant sources to the topic of the study. Future foods are the foods which are created by using innovative knowledge to develop into environmentally friendly food products. Future foods still provide complete necessary nutrients for the human’s body and their taste remains the same to normal food. They are divided into 4 categories including functional food, medical food, organic food and novel food. Future food businesses are likely to grow in the future due to the changing behavior of today's consumers who are becoming environmentally conscious and aware of global food crisis. The macro-environmental factors that will affect the growth of this industry are the government's promotional policies, economic circumstances of consumers in each country, consumption behaviors and culture in each country including new food production knowledge and technology development. Small and medium-sized enterprises (SMEs) are more likely to succeed in their business operations due to increased awareness of environmental issues, development of technology and knowledge in food production, and further governmental policies to support business growth, but they have to handle potential threats which are food consumption culture that contrasts with future food, negative consumer attitudes towards future food and global economic slowdown.