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The Cheat Code For Thai Market Entry
How F&B execs can take a shortcut to growth in the Thai market.
Thailand’s food and beverage industry is thriving. But neighboring markets like Singapore, Hong Kong, and Japan often steal its spotlight. Because of this, many F&B industry players are unaware of some of the innovative strategies that are available to unlock opportunities in Thailand. Today we will explore one such opportunity that, if managed effectively, can really expedite your growth in the Thai market.
In The News: Paris Baguette takes over the US, cultivated meat gets US approval, and much more.
Innovation Deep Dive: Igniting F&B Growth With Strategic Partners In Thailand
📰 In The News
A curation of our favorite F&B innovation stories from the week. Can be read in less than a 🧻 break.
China adds soy protein isolate and whey protein to the country’s Health Food Raw Material Directory, opening new opportunities for making specific health claims.
Korean bakery chain Paris Baguette sees 36% sales growth in the US making it one of the fastest growing bakery-cafes in the country.
Celanese and Mitsui to form food ingredients joint venture, opening new opportunities for growth in Asia for its sweetener and preservative portfolio.
Deloitte survey on consumers’ restaurant habits shows dining out has returned to pre-pandemic levels, fed by demand for convenience and digital experiences.
Cultivated meat can enter the US market after Upside Foods and Good Meat receive full USDA approval. Expect a surge in investment in cell-ag.
Green Rebel expands into APAC QSRs including Starbucks in Malaysia and Nando’s Singapore as it prepares for Series-A.
🚀 Innovation Deep Dive: Igniting F&B Growth With Strategic Partners In Thailand
Weekly deep dive into an F&B trend. Can be read in less than a 🚋 ride.
Thailand's bustling food and beverage sector has largely remained underexplored by international players, despite the abundant potential it holds. An unconventional yet promising route to enter this exciting market lies in the realm of strategic partnerships with Thai conglomerates.
Henry Woodward-Fisher, a local authority in the sector, lends his expertise on this subject. Assisting various established and innovative F&B brands to seize opportunities in Thailand, Fisher endorses strategic partnerships as a compelling way for certain businesses to penetrate this market.
While traditional methods may yield substantial growth, particularly for established brands, innovative products or major brands seeking rapid market entry could witness a higher level of growth potential via strategic partnerships.
The Thai Appeal
Thailand, positioned at the heart of the Asia Pacific region, stands as a dynamic force in the F&B industry. It owes its vitality to state-backed incentives, plentiful agricultural resources, and a passionate consumer base, augmented by the steady inflow of tourists.
Thai conglomerates harbor ambitions of scaling Thailand's role in the APAC region, aspiring for Bangkok to rival Tokyo and Singapore. Strategic partnerships are increasingly viewed as an effective vehicle to stimulate growth in the local market.
The Allure of Strategic Partnerships
By aligning with influential Thai corporations, international F&B brands could experience an accelerated rise to prominence within the local market. The benefits transcend market entry, extending to possible expansion into other APAC regions where your Thai ally has an established footprint.
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Leveraging partnerships with heavyweights such as CP Foods, Thai Union, ThaiBev, and Boon Rawd could offer immediate access to their vast local resources and proficiency.
These conglomerates' extensive distribution networks, marketing acumen, and in-depth comprehension of local consumer preferences can expedite the reach of your product, while concurrently offering significant operational cost savings.
Existing successful partnerships, like the alliance between US burger chain Big Boy and Destination Group, or the strategic cooperation between Japanese seafood supplier Uoriki and CP Foods, exemplify the growth potential of such collaborations in the Thai market.
Assessing the Suitability of Strategic Partnerships
While establishing a standalone presence and the traditional route of finding an importer and distributor are viable approaches to the Thai market, they require time and investment. Strategic partnerships can provide a rapid growth trajectory in Thailand, but they're not a universal fit.
The appropriateness of a strategic partnership for your brand hinges on having a distinctive product, a robust brand, or innovative food technology that can pique the interest of these Thai conglomerates. If your brand is on the verge of emulating Starbucks' success or if your product is garnering attention in global markets like London or Dubai, strategic partnerships may unlock extraordinary growth in Thailand.
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However, success demands a nuanced understanding of the local culture and business environment, the establishment of personal relationships, and a shared passion for food that's deeply imbued in your product and business approach.
Considering a Leap into Thailand's Vibrant F&B Market?
GourmetPro is equipped to assist. Our seasoned industry professionals can provide invaluable insights, facilitate connections with strategic partners, and chart your success trajectory in this thriving market.
For an in-depth exploration of strategic partnerships in Thailand's F&B industry, please refer to the full article here.
Meet The Expert: Henry Woodward-Fisher
Henry Woodward-Fisher is an entrepreneur and industry expert with a keen understanding of food, beverage, and technology trends in the Asia-Pacific region. His impressive tenure as Senior Manager for Impossible Foods in Singapore, where he secured strategic partnerships, managed cross-functional teams, and orchestrated successful launches in various high-priority international markets, illustrates his aptitude for the global food and beverage scene. His remarkable track record of increasing sales by 112% at JING Tea underscores his exceptional business development skills in the East Asia Pacific region.
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See you next week as we explore a shockingly overlooked aspects of the Thai market that could have it rival Singapore for top spot to set up F&B operations in APAC.
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