TL;DR: Southeast Asia offers vast opportunities for NZ exporters like Fonterra due to its growing middle class and economic potential. Fonterra aims to tap into this market through innovation and strategic partnerships.
Exploring Potential Markets
Southeast Asia harbours immense potential for New Zealand exporters, including Fonterra. With a burgeoning middle class, the region’s 640 million-strong population offers a lucrative market. If considered a single entity, southeast Asia would rank as the world’s third most populous country.
Economic Landscape
Ranked as the fifth largest economy globally, southeast Asia experiences rapid economic growth, presenting ample opportunities for NZ businesses. A recent delegation provided a platform for showcasing existing ventures and establishing new connections.
Showcasing NZ Businesses
The delegation highlighted NZ businesses’ contributions to the region’s development. In Singapore, sustainability initiatives like CarbonClick’s partnership with Changi Airport demonstrate promising prospects. Meanwhile, Beca’s involvement in Bangkok’s infrastructure showcases NZ’s expertise.
Dairy Industry Prospects
The region’s increasing appetite for quality food offers promising prospects for the dairy industry. NZ dairy, known for its trustworthiness, is well-poised to meet the rising demand. Fonterra, with nearly 50 years of presence, offers dairy nutrition through brands like Anchor and Fernleaf.
Catering to Changing Tastes
As Western diets gain popularity, the demand for dairy products like butter and cheese is expected to rise. Fonterra aims to tap into this trend by integrating dairy into regional cuisine. Initiatives like the Te Mātāpuna Lab in Singapore focus on innovation and product development.
Capturing Growth Opportunities
Fonterra’s focus extends to everyday staples like egg tarts in Thailand and banh mi in Vietnam. Additionally, partnerships with local businesses facilitate the incorporation of dairy into popular dishes. The region’s penchant for convenience foods also presents avenues for growth.
Seizing Innovation
Southeast Asia serves as an ideal market for testing new product concepts. Fonterra’s investment in local application centres underscores its commitment to innovation. By leveraging its expertise, Fonterra adds value to farmers’ milk and meets evolving consumer demands.
Future Outlook
Southeast Asia remains a promising frontier for Fonterra and NZ’s export sector. The prime minister’s mission underscores the significance of forging connections and partnerships in unlocking the region’s potential. As opportunities abound, Fonterra looks forward to continued growth and innovation.
