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Market Analysis For Juice In Singapore This Is Market Analysis For A Potential Entry Of An Australian Juice Company Called "Nudie" Into The Singaporean Market.

1211 words - 5 pages

2.2 Market Analysis2.2.1 Definition of MarketThe market Nudie will be competing in can be examined on three levels; the first outer level can be defined as the food and consumer staples market, the second is the beverage market and finally, the third and most closely related market segment - the fruit beverage market. Within the fruit beverage market, Nudie is positioned as a niche product whereby the target market are willing to pay a premium for a better quality and pure freshly squeezed juice without the addition of water, preservatives, additives or sugar (Nudie 2008).International manager Mathew Barlow is quoted in reference to expansion of operation to Singapore that, "Singapore is a great export location for us at the moment because they have similar trading regulations, a sophisticated English speaking market, a cafe and deli food culture and there's no major trade restrictions or need to change packaging". (Austrade 2008).2.2.2 Market Size and OutlookSingapore's population size currently sits at an estimate 4.5 million people (CIA 2008). Despite having a smaller consumer base in comparison to Australia, Singapore's estimated Gross Domestic Product per capita of 2007 was $48,900 where Australia has a low $37,500 (CIA 2008). Singapore also boasts a steady GDP real growth rate of 7.5% proving Singapore to be a stable economy with signs of continuous prosperity which will allow for consumers to purchase Nudie in the future (CIA 2008).Consumer trends in Singapore has seen an opening for Nudie to enter the market by the 'growing health awareness encouraged by public health bodies', in addition to 'being one of the key trends influencing the soft drinks industry in Singapore' (Euromonitor 2008).The current competitors operating in Singapore have recognized the change in consumer taste by adapting their product lines. This has been most evident by fruit/vegetable juice and tea which 'saw the most new product introductions' (Euromonitor 2008). By local manufacturers recognizing and adapting to such trends, it is evident that Singapore will be a highly competitive market for Nudie to enter, however, there is still opportunity to enter due to the 'strong performances from fruit/vegetable juice, bottled water, RTD tea and functional drinks in 2006' (Euromonitor 2008).With regard to the political and economic factors of Singapore, a report by the Economic Intelligence Unit (EIU) in October 2007 verified that the Singaporean government 'will continue to maintain Singapore's appeal for foreign direct investment (FDI) 'which has been evident by reducing the corporate tax rate'. The government has also been 'offering rebates in industries it is trying to nurture and maintain free trade agreements with its main trading partners'. The current globally effected US Sub-prime mortgage crisis did not noticeably affect Singapore's financial sectors or currency, retaining domestic consumer confidence. The report also forecasted stable growth in demand of its...

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