Market Research on Korean Agricultural Products in the Hong Kong Food Market
We completed market research on how to best penetrate the Hong Kong food market and to expand Korean food products' presence in the region, specifically in the restaurant industry.
Our client is a government agency that supports the Korean food industry, supervising all food-related market activities to ensure the market competitiveness of Korean food brands. Their major work overseas is to manage and encourage the dissemination and trading of Korean food products.
Our client strives to understand the current state of restaurant business in Hong Kong, and to develop strategies to expand the Korean food ingredients market in Hong Kong.
HOW WE DID IT
Throughout the project, we assisted our client in understanding the food ingredients being used in different restaurant types and the business performance of Korean restaurants. The project was executed in a staged process to explore and evaluate the feasibility and potential of penetrating the Hong Kong restaurant industry.
The project began with identifying the performance of the Hong Kong restaurant industry, major food offerings in various restaurant cuisines and consumers’ purchasing behavior. Below provides an overview of our project approach:
- Defined research objectives and parameters in relation to the Hong Kong restaurant industry
- Presented a research plan through the attainment of extensive quantitative and qualitative data
- Gathered data from a diverse range of sources to evaluate industry landscape, restaurant, and consumer preferences
- Conducted an extensive review utilizing primary and secondary research to ascertain the market competitiveness of Korean products
- Segmented the market and identified potential market gap(s)
- Converted gathered data into relevant information and useful knowledge to formulate strategic plan
- Established practical solutions on forecasting industry development and overcoming potential obstacles