May 11, 2020

Why now is the right time to start your market expansion plans in the food industry

A crisis can provide new opportunities. Crisis. The word originates from Greek and means...

A crisis can provide new opportunities.

Crisis. The word originates from Greek and means ‘decision.’ In times of uncertainty, people and companies typically reduce their expenses and become risk averse. Nevertheless, it is also an excellent time to reassess your direction and adopt a new strategy. There are many reasons for you to make this decision. Sudden changes in the environment or crises may offer opportunities that may be worthy of further exploration. In fact, they may provide a perfect time to start collecting information. You can start small by, for instance, testing your products or brands in a new market before the established players take their chances. Less competition improves your odds of successfully attracting attention. A slower economic climate may also mean that your initial capital outlay may be lower.

The food sector will not disappear, only transform.

No matter whether there is a recession or an economic boom, people must eat. Consumers’ habits are changing constantly, however. Because of this, if you are in the food industry, you will likely focus on marketing where demand is strongest during times of economic growth. In a crisis, however, when revenue sources become unstable, investigating new opportunities and seeking new ways to diversify may be essential to manage your business. Imported food has been a crucial component of the global economy for centuries. Finding new export markets may be a suitable solution when you are looking for new opportunities.

Japan offers varied market opportunities when it comes to food.

Japan is a developed country with more than 120 million people who share the same culture and similar consumer habits. In Japan, food and eating are central topics. Television channels, travel guides and everyday small talk almost always include mention of food. Eating out is also an essential part of life. Did you know, for instance, that Tokyo has the highest number of Michelin-star restaurants in the world? If it is about food, there is always a need for something new in Japan.

Now is the time to rethink your past strategies, make brave decisions and start exploring new opportunities in new markets.

TOO International provides localised and customised services that help develop and manage your markets for food and beverage products in Japan.

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