NEXUS SOLUTIONS
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The ready-to-eat food industry in Southeast Asia, particularly in Singapore, Malaysia, Thailand, Indonesia, and Myanmar, is experiencing varying growth rates, with Malaysia projected to see a significant increase of 12.3% by 2024. The document discusses strategies for market entry, including partnerships, franchising, and leveraging online platforms, to cater to the growing demand driven by busy lifestyles and increasing health awareness. Additionally, it outlines necessary licenses and certifications for operating in each country, alongside potential competitors and consumer preferences.
NEXUS SOLUTIONS
- 2. SOUTH EAST ASIA REGION • SINGAPORE • MALAYSIA • THAILAND • INDONESIA • MYANMAR
- 3. READY TO EAT FOOD INDUSTRY • Singapore ready to eat food industry has a expected growth rate of 2.6% in 2025, revenue generated from this segment is US $48 million • Malaysia ready to eat food industry expected growth rate- 12.3% (2020-2024). Revenue generated by 2024 will be US $536 million. • Thailand ready meals expected growth rate is 2.1%. Revenue generated is US $782 million. • Indonesia ready to eat food industry growth rate- 4.1%. Revenue generated is US $9 million annually. • Myanmar ready to eat industry growth rate- 9.7%. Revenue generated is US $ 325 million.
- 4. BUSINESS PROCESS MANUFACTURE EXPORT AGENTS EXPORT BY WATER WAYS DISTRIBUTER CONSUMER
- 5. PARTNERSHIP & STRATEGIC ALLIANCE To enter the foreign market through partnership and strategic alliance. As local distributers have an established supply chain network, which will help in market coverage. • To better understand the market • Lower capital required • Market coverage
- 6. AIRPORT FRANCHISING To open franchising business at the airports of the international airports of these countries. It will help the product to grow and attain more foreign attention. • Increasing brand equity • Fast international expansion
- 7. TARGET SEGMENT • Indian in those countries • Local residents • Indian and other tourists COMPETITORS • MTR Foods - India • Prime taste - Singapore • House of taste - Malaysia • Bentoree - Malaysia • Belfoods - Indonesia • Indofoods - Indonesia • A&N Foods - Myanmar • Real Thai - Thailand
- 8. SOUTHEAST ASIA FOOD INDUSTRY ANALYSIS • POLITICAL- Free trade agreements with all the countries, which make it easier for exporting the goods. • ECONOMICAL- The inflation rate of Singapore is quite high, and unemployment rate is less. The people are spending a huge amount of their income on the food sector. • SOCIAL- Busy lifestyle leads to increase in the demand of ready to eat food and people are also aware of the healthy and nutritious food. • TECHNOLOGICAL- Adopting the food innovation and agriculture biotechnology, which scale up the level of the food. • ENVIRONMENTAL- Changing habits and awareness in the people. As Singapore is importing 90% of the food. Soil erosion and water problem also effect the economic growth of this sector. • LEGAL- Various food acts and laws, which control the quality of the food and its standards.
- 9. GO LOCAL • To sell the product in every retail outlet and shopping mall. • To partner with the hotels also. • To introduce more rice products as per the south east Asia culture and eating habits. • Also to go for non-veg items, which will help to generate more target segment and revenue.
- 10. GO ONLINE • To move to all online platforms of the respective countries. • E- commerce platforms will help to generate a large target segment. • E-commerce platforms- Lazada, Honest bee, RedMart, Qoo10. • To promote the product by television commercials, word of mouth, direct marketing and by other means.
- 11. GO SOCIAL • Singapore, Malaysia, and Thailand eating habits are more enriched with spicy food, and to customize our product or introduce new product accordingly in the few years. • In the fast - paced lifestyle, to add ready to eat breakfast/cereals, instant soups and snacks, and other items which will help them and add nutritious value to their health. • To customize the packaging according to the country, behaviour, and taste of the consumer.
- 12. HIGH VALUE ADDED FOOD PACKAGING • A convenient, safe and eco-friendly designed food packaging. • A healthy & nutritious product labelled, as people are more concerned about their health issues. • Fully descriptive labelled containing all the items of the product.
- 13. INTERNATIONAL STRATEGY To go for international strategy, as to produce the product in the domestic market and selling them in the international, with minimal customization • To adopt this strategy for 1-2 years • It will help in reducing the cost structure. • To better understand the new market.
- 14. LOCALIZATION STRATEGY To provide a proper match to their taste and preferences in the international market, by customizing the product to a large extent or by introducing new products • To adopt for this strategy after two years • Add value to the firm in newer markets • Increase in profitability
- 15. LICENSES & CERTIFICATIONS REQUIRED • IMPORT EXPORT CODE(IEC) • FSSAI LICENSE • NOC CERTIFICATE • RCMC
- 16. CORPORATE OFFICE • SINGAPORE- TANJONG PAGAR-To register with accounting and corporate regulatory authority. (ACRA) • MALAYSIA- KUALA LUMPUR-To get register with Suruhanjaya Syarikat Malaysia (SSM) • THAILAND- BANGKOK-To get register with the foreign business act and Thailand ministry of commerce. • INDONESIA- JAKARTA- To get register with Indonesia Investment Coordinating Board • MYANMAR- YANGON- To get registered with Directorate of Investment and Company Administration (DICA)