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TARGET MARKET OPPORTUNITIES in ASIA for WESTERN AUSTRALIAN PREMIUM PRODUCTS FINAL REPORT; V1.0C March, 2016 INHERENT LIMITATIONS

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TARGET MARKET OPPORTUNITIES in ASIA for WESTERN AUSTRALIAN PREMIUM PRODUCTS FINAL REPORT; V1.0C March, 2016 INHERENT LIMITATIONS TARGET MARKET OPPORTUNITIES IN ASIA FOR WESTERN AUSTRALIAN PREMIUM PRODUCTS FINAL REPORT; v1.0c March, 2016 INHERENT LIMITATIONS This work was commissioned by the Department of Agriculture and qualifications and limitations included in the Coriolis Document Forest Food Council photo or (3) are low resolution, complete Food Western Australia (DAFWA), with funding through the State and Coriolis Commentary, and are subject to significant uncertainties product/brand for illustrative purposes used under fair dealing/fair Government’s Royalties for Regions program and prepared by and contingencies, some of which, if not all, are outside the control of use for both “research and study” and “review and criticism”. Our Coriolis. This work is based on secondary market research, analysis Coriolis; and usage of them complies with Australian law or their various license of information available or provided to Coriolis by our client, and a agreements (© Dollar Photo Club). range of interviews with industry participants and industry experts. e. any Coriolis Commentary accompanying the Coriolis document is Coriolis have not independently verified this information and make an integral part of interpreting the Coriolis document. Consideration no representation or warranty, express or implied, that such of the Coriolis document will be incomplete if it is reviewed in the COPYRIGHT information is accurate or complete. absence of the Coriolis Commentary and Coriolis conclusions may be misinterpreted if the Coriolis document is reviewed in absence of the Copyright © Western Australian Agriculture Authority, 2016 Projected market information, analyses and conclusions contained Coriolis Commentary. herein are based (unless sourced otherwise) on the information IMPORTANT DAFWA DISCLAIMER described above and on Coriolis’ judgement, and should not be Coriolis is not responsible or liable in any way for any loss or damage construed as definitive forecasts or guarantees of future performance incurred by any person or entity other than DAFWA relying on the The Chief Executive Officer of the Department of Agriculture and or results. Neither Coriolis nor its officers, directors, shareholders, information in, and the Recipient unconditionally and irrevocably Food and the State of Western Australia and their employees and employees or agents accept any responsibility or liability to readers releases Coriolis from liability for loss or damage of any kind agents (collectively and individually referred to below as DAFWA) or recipients of this report other than DAFWA or people other than whatsoever arising from, the Coriolis document or Coriolis accept no liability whatsoever, by reason of negligence or otherwise, DAFWA who rely upon it (described below as Recipients) with Commentary including without limitation judgements, opinions, arising from any use or release of information in this report or any respect to this document. hypothesis, views, forecasts or any other outputs therein and any error, inaccuracy or omission in the information. interpretation, opinion or conclusion that the Recipient may form as a Coriolis wishes to draw Recipients’ attention to the following result of examining the Coriolis document or Coriolis Commentary. DAFWA does not make any representations or warranties about its limitations of the Coriolis document “Target Market Opportunities in quality, accuracy, reliability, currency, completeness or suitability for Asia for the Western Australian Premium Products” (the Coriolis The Coriolis document and any Coriolis Commentary may not be any particular purpose. Before using the information, you should Document) including any accompanying presentation, appendices relied upon by the Recipient, and any use of, or reliance on that carefully evaluate these things. and commentary (the Coriolis Commentary): material by the Recipient is entirely at their own risk. Coriolis shall have no liability for any loss or damage arising out of any such use. The information is general in nature, is not tailored to the a. Coriolis has not been asked to independently verify or audit the circumstances of individuals or businesses, and does not constitute information or material provided to it by or on behalf of the Client or ACCESSIBILITY financial, taxation, legal, business or management advice. We any of the parties involved in the project; recommend before making any significant financial or business Coriolis seeks to support the widest possible audience for this decisions, you obtain such advice from appropriate professionals b. the information contained in the Coriolis Document or any Coriolis research. This document has been designed to be as accessible to as who have taken into account your individual circumstances and Commentary has been compiled from information and material many users as possible. objectives. supplied by third party sources and publicly available information which may (in part) be inaccurate or incomplete; Any person – with or without any form of disability – should feel free The information in this report should not be presumed to reflect or to call the authors if any of the material cannot be understood or indicate any present or future policies or decisions by the c. Coriolis makes no representation, warranty or guarantee to accessed. Government of Western Australia. Recipients, whether express or implied, as to the quality, accuracy, reliability, currency or completeness of the information provided in We welcome the opportunities to discuss our research with our the Coriolis Document and any Coriolis Commentary or that readers and users. reasonable care has been taken in compiling or preparing them; All photos used in this discussion document were either (1) d. the analysis contained in the Coriolis Document and any Coriolis purchased by Coriolis from a range of stock photography providers Commentary are subject to the key assumptions, further as documented, (2) received written permission to use Southern 2 DOCUMENT STRUCTURE PAGE Executive summary 3 Objectives, process & results 6 What does Asia want? 21 What is WA’s competitive advantage? 41 How is WA performing? Where is WA growing? 50 Identification of high growth, high potential opportunities 73 3 EXECUTIVE SUMMARY This research represents the first step in the Asian Market Success project, a Asia and the Middle East imported US$388b worth of agrifood and three year, $6m workstream - funded by the State Government's Royalties beverages in 2013 across a wide variety of products – from all countries. for Regions program. The project aims to support Western Australian firms Imports are across nine broad agrifood platforms: beverages, processed to grow exports into premium target markets of Asia and the Middle East. foods, dairy and eggs, produce, seafood, meat, oilseeds, oils and fats, animal foods, and grains. Western Australia is poised for agrifood export growth at the beginning of the Asian Century. Agrifood has the opportunity to reposition itself as a key To succeed within these platforms and to avoid being trapped into supplying export sector for the state. A wide ranging peer group of countries suggest low margin raw materials, firms need to focus on either distinctive, counter that more robust food and beverage export growth is possible. seasonal or status products with provenance. Following a flat period through the mid-2000’s, Western Australia’s food & Western Australian producers need to be targeting “premium” positions. beverage exports have grown at a compound rate (CAGR) of 6% per annum This report identifies four broad attributes of premium food & beverage for the last decade, reaching $6.1b in 2015. The majority of these exports go products: health, indulgence, convenience and provenance. “Premium” in to Asia ($4.3b) and the Middle East ($1b). Growth is coming from a wide Asia – particularly East Asia – also has a very strong gifting component. A range of markets, though S/SE Asia stands out for absolute growth. Drilling wide range of premium food products are given as gifts; many imported food into country level shows varying performance, with Vietnam standing out, & beverage products are growing – at least partially – on the back of gifting. followed by China and Indonesia. Targeting this segment should be a logical strategy for WA producers. Asia and the Middle East are attractive markets with a growing population Western Australia’s competitive advantage in agrifood is built upon multiple and growing income. It is important to understand that Asia is a major food layers. Western Australia has a modern food industry that produces safe producing region that vastly dwarfs Western Australian production and is food from a clean and trusted environment, located in the same time zone as fully capable of producing most of its own food; in fact, for many products, Asia’s major markets. Combining these factors with skilled people and a Asia is the largest global producing region. compelling story positions Western Australia favourably against peer competitors. However, Asia has large and growing agrifood imports (13% per annum between 2002-2012 ) and significant further food import growth is available. 4 This project analysed global trade flows of over six hundred and seventy nine Western Australia can leverage its existing dairy offer in Asia and drive for food and beverage products from every country to twenty four high potential further growth. Dairy has rapidly growing per capita consumption across Asian and Middle Eastern target markets. This data has been
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