Local traditions key to growth
Published 11/01/2012 | 06:00
An understanding of the traditions, heritage and culture associated with food was essential for any company seeking to grow sales in foreign markets.
David Hughes, professor of food marketing at the London's Imperial College, said Europe's ageing population meant that the growing market opportunities would be in Africa and Asia.
World population is forecast to hit 9bn by 2050. However, most of this growth will be seen in Africa and Asia, with the population of both regions expected to grow by 1bn each.
He said for companies to maximise the opportunities in these markets they had to understand local food traditions and preferences.
Mr Hughes pointed out that roasted chicken heads were a delicacy in China which commanded prices greater than the chicken breast. Similarly, he said up to €40 is paid for a cow's hoof in Korea.
He said the provenance and quality assurance would be equally important in emerging markets as it was in the West.