'Kitchenomics'

KITCHENOMICS is where kitchen and business economics are assessed and addressed in a beneficial way to both manufacturer and consumer. In Asia, the concept brings to light the economic status of the region, the cooking trends and changes that will bear an impact in the market. The Asian market is broadly classified into three regions: South Western, North Eastern, and South Eastern.

Spicing Up the South West

The regions included in the South Western region are India, Pakistan, Sri Lanka, and Burma. India, with a GDP of 8.5%, is considered as one of the future global powers and a safe haven for Foreign Direct investment (FDI). The cooking trends of this region have both culture and modernity attached to it that makes it viable and safe market for all the food and kitchen accessories manufacturers. The economy and market are promising for processed food, precooked food, stylish kitchenware and kitchen accessories for chefs and cooks. Introduction of new spices and new flavours will help drive the spices and flavour industry as Indian cuisines use a lot of flavour and spices in their food.

Pakistan, with a GDP of 2.4%, is probably one of the least preferred choices to start a business due to the poor economy. However, the local governments' dependence on the import of subsidised foods creates a scope for partnering with Pakistan in the canned food and precooked food segment, which is a safer bet than trying to establish business in the segments of kitchenware and kitchen accessories.

Sri Lanka, with an annual growth rate of 8.2%, was among the countries in which business transactions were least preferred because of the socio-political status of the country. Now that the country is slowly recovering from its internal issues, spices and flavour industry and kitchenware are all in the segment that offers better prospect for the industry.

Burma, with an annual growth rate of 3.2%, is a region where spices and ingredient market is more welcoming than the kitchenware and appliances market. Curries form a major part of the cuisines here, which are based on yoghurt.

Satisfyingly Good

The cooking methods employed at North Eastern regions not only satisfy the taste buds but also have proven medicinal benefits if consumed appropriately. China, with a GDP of 8.7%, is one of the world's emerging super powers as proclaimed by world's major economists Markets that are more suitable for entry in the Chinese segment are sauces, flavours, spices, ready to cook food, kitchenware and appliances. The southern Chinese market is favourable for herbs, flavours, spices and sauces, whereas the northern Chinese market is well known for snack food, precooked food, kitchenware and appliances market.

 
South Korea, with a GDP of 6.1%, is a very small market when compared to other northeastern markets. Grilling and sautéing continues to be the major part of cooking in South Korean cuisines. The market prospect is better for  grillers in kitchen appliances and pans for sautéing in kitchenware. In terms of food ingredients, all the flavours and spices based on chilli is expected to be a very good market for growth opportunities, since hot chilli spices form a major part of their culinary structure.

Japan is one of the world's leading economic superpower with a GDP of 4.0%. However, due to the lack of farming or agricultural land in Japan, the scope or business prospect for tinned and canned food is enormously high here. In Japan, most of the cooking is either deep fried using vegetable oil or eatenNIKE AIR FORCE