- Sang Park, Korea Country Manager, INCITE
- 08 Feb 2018
Online shopping hits KRW 80 trillion
'Thumb shoppers’ takes 61% of whole market.
'Thumb shoppers’ takes 61% of whole market.
Changing consumer habits due to a fast paced lifestyle has propelled 7-Eleven into the largest chain "restaurant" in Taiwan. With over 5,500 outlets in strategic locations and plenty of ready-to-eat meal options it is by far the most convenient choice for a quick bite.
Domestically produced meat, although much more expensive than imported meat, has been a popular gift item in Korea for many years. Its is perceived to have a higher value than imported meat. However, with new regulations forbidding giving gifts with a value over KRW 100,000 to business acquaintances, the sales...
The Malaysian government has introduced new requirements on wine imports that have significantly slowed down entry of imported wines into the market. Import licenses for all alcohol importers in Malaysia expired on 31 December 2017 and it could take as long as three to four months for importers to obtain...
Taiwan's foodservice industry can be seen moving into M-shaped development as both premium and economical outlets proliferate while the number of middle-tier operators decreases.
Ice creams, sweet pastries and other sticky treats have long been marketed towards women. However, in recent years, consumption of deserts escalated significantly among men in Korea. In the categories of ice cream, jelly, candy and slush, the consumption was higher for men in their 30s than women.
F&B sector is increasingly numbers driven.
Asian markets remain a key focus for New Zealand food and beverage companies wanting to grow their export business. While growth prospects remain high over the long-term, challenges exist. Here are some insights gained from F&B distribution partners we work with across Asia on the state of business in each country.
There’s no doubt that New Zealand companies create great food and beverage products. We’ve got access to excellent raw materials, fresh water and clean air. We have sophisticated technology and we’re innovative.
Hong Kong is intense. Just navigating its teeming sidewalks and constant noise can put you on edge. It's a city of Alfa men and women moving from one opportunity to the next, deftly dodging setbacks as they advance towards the next ‘big thing’.
Export packaging disrobed. A wise man by the name of Sam Ham (yes, that's his real name) once taught me that people are either Streakers, Browsers or Students. Sam Ham is a world renowned Professor of Communication Psychology at the University of Idaho.
"Let the Golden Goose live." New Zealand’s Food and Beverage (F&B) companies looking for new markets in Asia often view China as the nexus of international trade, but for some, it is a Golden Goose. Motivated by visions of gleaming golden eggs by the container load, some exporters force their way inside...
It’s easy to drown in data. Statistics about an export market’s GPD, population growth, buying patterns and consumer trends are merely a click way. And yet, extrapolating the relevant information you need to validate new export markets can be extremely difficult.
According to a recent paper by Citigroup Inc economist Willem Buiter, “the chances of a China lead global slowdown” are precariously high.
The Four Asian Tigers; South Korea, Singapore, Hong Kong and Taiwan, are resilient, free markets with a thriving middle class and a thirst for international goods. They sit apart from their Asian neighbours as role models for growth and prosperity.
On 12-15 April, F&B buyers and suppliers from around the world descend on Singapore, in their masses, for the most important international food show in Asia; Food and Hotel Asia (FHA) 2016.
Tariffs on New Zealand exports to Korea have tumbled under the NZ-Korea Free Trade Agreement that finally entered into force in December 2015. From duties in excess of 300% on some goods to well below 10% or even zero on key export items.
Food and beverage is an exciting sector in the high growth markets of Southeast Asia and the East Asian Tigers (Taiwan, Hong Kong and South Korea). The trouble is, we are not the only nation vying for a piece of the action.
The drastically lower New Zealand dollar was a dark cloud over New Zealand in September 2015, but its wasn't all bad news. The silver lining was that our Food and Beverage (F&B) sector rapidly became much more competitive in the global market place.
The signing of the New Zealand – Korea FTA is welcome news for New Zealand exporters. South Korea is New Zealand’s fifth largest export market and the FTA will bring tariff savings to a range of sectors that have been suffering under high Korean import tariffs.
A controversial Goods and Services Tax will take effect from 1 April next year in Malaysia. The rate is fixed at 6 per cent and the existing Sales Tax and Service Tax will be abolished.
Let’s be honest. Volume is the major driver in the food service industry. We all want it and for good reason.
For Incite’s Nada Young, flying from city to city across Asia to meet with F&B importers and distributors provides a unique perspective on local market activity and trade flows in the sector.
Plan ahead. Get your meetings lined up at least four weeks in advance of your trip. Focus on the capitals. Most business is conducted in the major city of each country so plan your itinerary accordingly. Give yourself enough time.
It’s easy to get giddy when you think about the potential of Indonesia as an export market. Some 250 million people, a rising middle class and a GDP of 5.1%, which is among the highest in the region.
Our monthly newsletter is packed full of important news and market insights that impact the F&B sector across high growth markets of Southeast Asia, Hong Kong, Taiwan and Korea
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