In a recent event organised by INZBC [India New Zealand Business Council], NZTE [New Zealand Trade & Enterprise] presented the findings of a research done in the Indian market that sheds some very valuable insights into tapping the top-end market.
India is New Zealand’s tenth largest export market with two-way trade of $1.9 billion in the year to June 2015. With a population of 1.27 billion, there is an opportunity for New Zealand companies to take advantage of this growing segment and meet the demand of India’s top-end consumers.
NZTE’s Trade Commissioner Mumbai, Kevin McKenna gave the presentation with Daljit Kohli Singh - Business Development Manager, NZTE Mumbai. They presented some very revealing facts about the industry. The research gave new insights like, only two percent of weekly food shopping in India is done in a supermarket or that consumers in India love smaller test packs for new products, and that F&B products tailored for special events and holidays are always big sellers.
Kevin said, “India has enormous potential as a major destination for premium New Zealand food and beverage products. The Indian market is characterised by varied taste preferences, challenges in distribution channels and fierce competition from well-established premium brands. India provides a challenging but exciting opportunity for New Zealand companies.”
New Zealand Trade and Enterprise has commissioned research to better understand how New Zealand food and beverage (F&B) companies could tailor and market their products to take advantage of India's growing top-end consumer segment.
The report outlines marketing tactics that can be used by companies to target the 26 million wealthy Indians who purchase premium F&B products on a regular basis.
However the insights from this research can also be used to draw parallels for similar products and services.
Robert Barker, INZBC Chair, said that NZTE is doing a great job at educating the market to have a good strategy. He said, “The success and the failure of the entry into the Indian market lies with the correct strategy and sessions like these help in knowing the market better. This is key for the success of Kiwi businesses trying to venture into India.”
INZBC has been holding regular events covering various aspects of the export market. Bhav Dhillon, Treasurer-INZBC said, “We at INZBC are trying to cover all areas to spread knowledge and information about doing business with India. This event was more focussed on research and strategy. We did a similar event in October on Finance where the Trade Minister spoke and one in early November with the ICT industry”.
PwC Auckland had hosted this event in support of the Kiwi export businesses, who share the passion and vision to work with India. Mark Russell, Partner at Auckland PwC said, “PwC has been actively involved in helping our clients expand into India and are active proponents of telling the New Zealand story in India. PwC has many employees from the Indian diaspora who maintain strong links to India. Together with our PwC colleagues in India, we are more than happy to share our learnings and insights.”
Wenceslaus Anthony, Head of Government Relations at INZBC said that the government is playing a very crucial role in making this market a success. He said, “It is due to the hard work and vision put in by the agencies like NZTE & MFAT, that we can provide the right support and direction to the Kiwi businesses.”
He also reiterated that INZBC is working with various like-minded agencies to create the forum for discussion, participation and knowledge dissemination.
“Recently we had an event where INZBC supported the Auckland Chamber of Commerce to promote this research done by NZTE. The chamber had organised a very fruitful event, called the Market Snapshot: India, which also spoke about some case studies of local businesses and their experiences of working with India. At INZBC, we continuously support such endeavours to promote international trade with India”, said Mr. Anthony.
For more information on working with India contact NZTE or INZBC.
Important Links: https://www.nzte.govt.nz/ | http://www.inzbc.org/