Wonder

Research Outline

Prepared for Sally B. | Delivered November 30, 2020

Consumer Sentiment on Australian Brands - India and Korea

Goals

To analyze the attitudes in India and Korea toward Australian made products (providing beverage examples if/when possible) in order to provide some background data on the potential acceptance of a new beverage product. 

Early Findings

KoreaIn 2014, Korea and Australia officially entered into a trade agreement known as KAFTA (the Korea-Australia Free Trade Agreement),  This is a comprehensive agreement which "substantially liberalizes trade with Korea and creating significant new commercial opportunities for Australian businesses."
Between 2015 and 2016, Korea imported AUD$19.7 billion worth of Australian goods.
As of 2018, "Korea is Australia’s fourth largest trading partner."
According to the Australian Trade and Investment Commission (Austrade), "South Korean consumers regard Australia as a clean and green environment, which produces quality food products and ingredients. Major Australian exports include beef, sugar, wheat, malting barley, oil seed, cheese, corn, potato, wine and dairy products such as butter and cheese."
The same entity has created the Food and Beverage Market Entry Guide: Export Opportunities for Australian Businesses which "is a comprehensive guide that acts as a starting point for Australian food manufacturers and brand owners who are creating or refining an export strategy for the South Korean market."
Early in 2020, the "Australian Chamber of Commerce in Korea (AustCham Korea) hosted the 2020 Australia-Korea Business Awards."
Australian bank Pepper Savings Bank was named Business of the Year, in part, because of its "consumer banking efforts, including providing loans to SMEs and creating jobs in Jeolla and Gyeonggi Provinces."
"Macquarie Group, celebrating 20 years in Korea, took Corporate Social Responsibility honors for providing volunteers and donations to a wide range of charities in Korea."
"Australian firm IFM Investors in partnership with Hanwha Asset Management and Hyundai Investments won the Financial Services category for launching a US$420 million infrastructure debt fund in Korea."
 Lotte International Oceania won honors in the Agricultural, Food & Beverage category.
Highlights from the Wine and Beer to Korea report from Austrade include: 
"In 2015, Korea’s wine market was worth US$189.8 million. KAFTA has helped put Australian wines on equal footing
 with Chilean, European and American wines by removing
 the 15% tax.
"
In 2015, Australian wines made up 4.6% of Korean wine imports.
"Beer is Korea’s favorite alcoholic beverage."
Historically, Koreans have not looked for variety in beers. However, "Korean consumers (are) increasingly preferring drinks with
 a lower alcohol content and premium-quality beer. This is
 driving the rapid increase of imported beer sales."
SUMMARY OF EARLY FINDINGS The initial hour of work has been focused on assessing the Korean market on a high level only. Time did not allow for the Indian market to be explored.  It is recommended that additional research commence to further evaluate both markets and to provide cases studies of Australian brands who have been successful in penetrating each of the two markets.