“New era, new perspectives, and new products” is the current motto of the food and beverage industry in China. In 2018, the turnover of the food and beverage industry reached 18 billion dollars. Moreover, it is expected to show an annual growth rate of 16.4% (according to IFE China data). Latest forecasts estimate that in 2018 (Chinese year) the country will have imported food for a value of about 79 billion dollars, establishing itself as the largest food importing country in the world. China’s food market is currently offering consumers between 50,000 and 60,000 different F&B brands from abroad. And competition for imported goods is increasing.
INTERNATIONAL FOOD COMPANIES IN CHINA
However, high tax rates and the growing demand for higher quality goods are creating obstacles for imported food suppliers entering the Chinese market. Nevertheless, there is great demand for imported food on the domestic market. Understanding the purchasing behaviour of Chinese consumers can help international companies to enter and successfully grow in this country, as the ICE – Italian Trade Agency in Canton points out.