According to a recent report, the food & beverage (F&B) industry is one of the most active areas of growth in China. The country has become increasingly attractive for foreign F&B brands in recent years.
Customizing Food Products for Chinese Consumers
Foreign F&B companies are designing and launching products exclusively for Chinese consumers. Most of them feel that the country's huge consumption potential offers an ideal opportunity to scale up their business after the effects of the COVID-19 pandemic subside.
As a result of the pandemic, more and more Chinese consumers are seeking healthier, greener, organic, and more sustainable products. In China, there is now a vast and rising middle class, including a sizable population of millennials who account for 45% of consumption and are more willing to try new cuisines and dishes.
Some foreign corporations have also relocated their production lines to China in order to better serve their Chinese customers, which helps strengthen the local planting and farming industries. However, the country's F&B market remains extremely fragmented. This means that foreign enterprises' growth is not always linear. For example, foreign brands showed little progress in reaching smaller cities, owing to fewer middle-class consumers with the resources and taste for such brands to succeed.
With China’s huge population, growing prosperity, and economic development, the country’s huge appeal for foreign F&B brands can only grow. Yet in a diversified and fast-changing market, the challenge for brands with a long-term vision is to provide a compelling mix of quality products, competitive pricing, and a sophisticated image to draw in the modern Chinese consumer.
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