Rock Lobster Vietnam, Korea and Taiwan - slido.com - Austrade
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Rock Lobster
Vietnam, Korea and Taiwan
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#lobster1
David Jamieson
Senior Global Engagement
Manager
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#lobster1
Agribusiness Expansion Initiative
Boots on the ground to Events and activities Comprehensive Suite of services to help
work with you in specifically for the agri- sector/market info clients expand and
multiple markets food sector online 24/7, self serve diversify
Working with peak bodies and government agencies on
agreed priorities and for seamless service
Vietnam Rebecca Ball Senior Trade Commissioner
Market Overview
2018 import increased to Live trade reopened Indonesia A$57.7m Market access
1,556.8 TNS, A$114.32m Jan-Feb21 Canada A$6.3m contingent on
(live, fresh and chilled) Exports Feb-April US. A$4.3m importer initiated
~ A$10m Singapore A$1.m requests
• 0% tariff applied to More importers, Coastal tourism 2021 prices for
imported Australian retailers, home COVID down Australian product
live and frozen lobster delivery, HORECA Cool chain relatively high
improving
Meeting market expectations
Consumer demands Distribution channels Product specs
• Seafood consumption ~40kg • Limited number of live seafood WRL live ~ market price per kg
• Food safety paramount (82%) importers in the market ~ 10 • 0.6 – 0.85kg ~A$68
over price (16%) but growing due to increased • 0.86 – 1kg ~ A$75
• Perceived as healthy, domestic demand. • 1.01 – 1.3kg ~ A$85
nutritious • Few traders direct to retail ~ • 1.31 – 1.8kg ~ A$95
• Urbanites pay a premium for majority selling through • >1.8kg ~ A$100
quality / safe products. wholesale and HORECA
• Preference for larger sized channels. SRL live ~ market price per kg
lobsters. • Seafood importers moving • 0.6 – 0.8kg ~A$68
• ‘Reds’ popular as ‘lucky’. online ~ same day delivery • 1kg – 1.5kg ~ A$77
• Importers focus on 1-2 NEW • 1.5 - 2kg ~ A$83
• Growing demand for live over live seafood species per annum • > 2kg ~ A$85
frozen product for high end • Distribution through importers
consumers and 4* HORECA ~ to wholesalers, and then on to • Market price set by US &
prestige and popular for hypermarkets, department Canadian lobsters
weddings and celebrations. stores, hotels, food service and • Domestic supply of Tropical RL
• Growing demand for ready online platforms.
meals for home delivery
Examples In-market In February and March 2021, the Western Rock Lobster (WRL) and Southern Rock Lobster (SRL) were approved for live import to Vietnam - creating new market potential for these two species. Retailer: Hai San Hoang Gia Retailer: DaoHaisan.vn (Western Rock Lobster) (Southern Rock Lobster) E-commerce: Tiki.vn (Southern Rock Lobster)
To remember
Top 3 takeaways Drivers of success
~ 10+ Vietnamese
Invest in branding ~ don’t
importers currently sourcing
simply trade as a commodity
live lobsters from Australia
Australian seafood products Need to educate Vietnamese
‘trusted’ and growing in importers and consumers of
demand ~ especially at peak differentiation from US /
periods. Canadian product (value).
Growing number of live Consider partnering with an
seafood specialty retailers established seafood retailer
and dedicated space in with an end-to-end supply
supermarkets. chain.
Korea
Helen Oh
Trade Commissioner Seoul
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Market Overview
4,222 TNS (2020 Increasing sales in 12 TNS of spiny 3-4 Korean
total import volume retail stores lobster imports in importers testing
of lobsters) 2020 marketability
Proactive Significant sales Higher price points
growth in 2020-21 99% of imported
approaches by compared to supplies are
Australian for both live and Northern American
frozen Homarus species
exporters LobstersMeeting market expectations
Consumer demands Distribution channels Product specs
• Luxury hospitality food • 30-40 lobster importers in • Market price set by Canadian
service outlets prefer frozen Korea. lobsters.
lobster tails over live lobsters • 12-15 small/specialized seafood • Live Australian lobsters online
for value-for-money – used importers can handle complex selling at KRW 58,000 (AUD$57)
for wedding banquets and transport and customs per 900g-1kg.
buffet menu. requirements. • Small size lobsters: 5kg)
low price points. • Frozen cooked lobsters: 450g-
• Lobster importers shifting • Distribution through importers to 500g or 600g-700g
focus to online channels wholesalers, and then on to • Live lobsters: 800g-900g or
during COVID – digital and TV hypermarkets, department 900g-1kg
home shopping stores, hotels, food service and
• Next day delivery online platforms.Examples In-market
Emart (the largest
retail store chains)
and Hyundai
Department stores
(premium stores) buy
live lobsters from
specialised KRW
importers, instead 286,000
of importing directly 5kg
approx AUD
$331
TROPICAL
FROZEN
KRW
44,000
500-600g
approx AUD
$51 TROPICAL
LIVE KRW
KRW 58,000
64,500 900-1kg
approx AUD
800-900g
approx AUD $67
$74To remember
Top 3 takeaways Drivers of success
4-5 Korean importers Show long-term
currently sourcing commitment to Korea.
Australian live lobsters
Positive consumer Need to educate Korean
feedback on unique shape importers on how to
and brand story – mostly minimize mortality rates.
served as sashimi or
steamed. Need to educate Korean
consumers on the quality
More competitive pricing
of Australian rock lobsters
to appeal to Korean
– use TV home shopping
importers.
platforms.Taiwan
Brent Moore
Senior Trade Commissioner
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#lobster1Market Overview
#2 A$94m 60:40 37%
Market for final Rock Lobster vs of Rock Lobster
total market size
consumption - YTD Boston Lobster imports are frozen
107% 84% $A37.6 $23.4
increase in YTD live AUS mkt share YTD: average $/kg in 2021: average $/kg in 2021:
rock lobster imports live rock lobster Live Rock Lobster Frozen Rock LobsterMeeting market expectations
Consumer demands Distribution channels Product specs
• Lobster consumption up 10% • e-Commerce and home TV • 550 – 650g small
Y-O-Y shopping suitable to off- • 800 – 1000g medium
• Current COVID outbreak to premise consumption • $25-40 per kg
dampen sales • Majority of trade through • Live or frozen raw or cooked
• Consumption driven by specialty importers (30-50)
special occasion eating • Imports focused on port of
• Businesses and chefs prefer Kaohsiung
frozen lobster • Banquet halls and hotels
• Australia seen as preferred • Teppanyaki
choice of rock lobster
• Demand increases sharply at
lower price pointsExamples In-market
To remember
Top 3 takeaways Drivers of success
Rock lobster understood to be a Co-invest in promotion and marketing
premium product over ‘boston’ – avoid transactional relationships
Australian lobsters can continue to Support of executive chefs is vital
increase share at right price
Taiwanese are brand, status Consider long-term strategy to supply
and relationship conscious buyers @Q&A Slido.com #Lobster1
What’s next?
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• export.business.gov.au
prioritise markets
• agriculture.gov.au
Read more about the $72m Agribusiness Expansion Initiative
• austrade.gov.au
• austrade.gov.au/news/
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