In recent years we have seen growing demand for Australian food consumer goods such as milk powder, which has lead some Australian supermarkets to impose daily limits on the number of milk powder units that can be purchased in any single transaction. Similarly there have been great stories of the insatiable appetite for Australian wines in China, and particularly since the ratification of the China – Australia Free Trade Agreement in 2015. But does this apparent demand for Australian food and wine translate into huge market opportunities for our farmers, wine makers and premium food producers in China?
China has attracts a large amount of attention, and is perceived by many in government, business and the broader society as synonymous with Asia. The Asian Century that we often hear discussed, could very well be replaced with the “Chinese Century” in the eyes of many business and government leaders. But how much of this sentiment is based in reality? Can we distil the Asian Century into a story about China?
There is a lot of discussion amongst the media, business and government about the need to “go to Asia”, however it is often difficult for business owners and executives to know what is realistic and achievable when exploring Asian markets, and even more difficult to know which market to focus your attention, time and financial resources. Every day there are articles in the news media about the importance of Asia to the Australian economy, and regularly stories of the huge potential for Australian products in Asia. All of this is very true, however, its important to ask the question: Where is the best market opportunity for my company, my product/service mix, and what is a reasonable timeline for achieving results?