Food & Beverage Export Markets Report

Food & Beverage Information Project 2011
Markets Stream – Global
Final Report
October 2011 – v1.21
www.foodandbeverage.govt.nz
This information was prepared by Coriolis solely for the use of our client; it is not to be relied on by any third party without prior written consent.
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for the benefit of others.
A hallmark of our work is rigorous, fact‐based analysis, grounded in

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side with our clients to create and implement practical solutions.
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The coriolis force, named for French physicist Gaspard Coriolis (1792‐
1843), may be seen on a large scale in the movement of winds and
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big picture before you get into the details.
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Tel: +64 9 623 1848 www.coriolisresearch.com
The objective of this report is to provide a factual source of high
quality information on the current situation in the New Zealand
Food and Beverage export markets for four audiences:
‐ Investors (domestic or international)
‐ Industry participants (firms & individuals)
‐ Government (across all roles and responsibilities)
‐ Scientific researchers (academic, government & firm)
It creates a common set of facts and figures on the current

situation in the industry.
It draws conclusions on potential industry strategic directions
and highlights opportunities for further investment and identifies
how New Zealand can potentially triple exports by 2025
It forms a part of the wider Food & Beverage Information Project
and will be updated annually.
PAGE 3
TABLE OF CONTENTS
Section Page
Contents 4
Glossary of terms 5
Methodology & data sources 6
F&B IP Overview 8
New Zealand F&B trade overview 10
New Zealand performance by region/market 16
a. High priority markets
1. Australia/Pacific Islands 23
2. South East Asia 33
3. East Asia 44
b. Secondary markets
1. South Asia 54
2. North Africa/Middle East/Central Asia 59
3. North America 64
4. Europe 70
c. Other markets 75
GLOSSARY OF TERMS
This report uses the following acronyms and abbreviations
A$/AUD Australian dollar NA/ME/CA North Africa / Middle East / Central Asia

ABS Absolute change NZ New Zealand
ANZSIC AU/NZ Standard Industry Classification NZ$/NZD New Zealand dollar
AU Australia R&D Research and Development
Australasia Australia and New Zealand S Asia South Asia (Indian Subcontinent)
b Billion SE Asia South East Asia
CIF Cost, Insurance and Freight S.H./N.H. Southern/Northern Hemisphere
CAGR Compound Annual Growth Rate SS Africa Sub‐Saharan Africa
C/S America Central & South America (Latin America) T/O Turnover
CRI Crown Research Institute US/USA United States of America
CY Calendar year (ending Dec 21) US$/USD United States dollar
E Asia East Asia UK United Kingdom
EBITDA Earnings before interest, tax, depreciation and YE/YTD Year ending/Year to date
amortization
FOB Free on Board Sources
FY Financial year (of firm in question) AR Annual report
£/GBP British pounds Ce Coriolis estimate
HS Codes Harmonised System Codes for commodity Ci Coriolis interview
classifications
JV Joint venture K Kompass
m Million Ke Kompass estimate
n/a Not available/not applicable ws Website
PAGE 5
METHODOLOGY & DATA SOURCES
Data was from a variety of sources, and has a number of identified limitations
- This report uses a range of information sources, both qualitative - Coriolis makes no representation, warranty or guarantee,
and quantitative. whether express or implied, as to the quality, accuracy,
reliability, currency or completeness of the information
- The numbers in this report come from multiple sources. While we provided in the report.
believe the data are directionally correct, we recognise the
limitations in what information is available. - All trade data analysed in all sections of the F&B Information
- In many cases different data sources disagree (e.g. project are calculated and displayed in US$. This is done for a
Statistics New Zealand vs. FAO* vs. UN Comtrade). range of reasons:
- Many data sources incorporate estimates of industry 1. It is the currency most used in international trade
experts. 2. It allows for cross country comparisons (e.g. vs. Denmark)
- As one example, in many cases, the value and/or volume 3. It removes the impact of NZD exchange rate variability
recorded as exported by one country does not match the 4. It is more comprehensible to non‐NZ audiences (e.g. foreign
amount recorded as being received as imports by the investors)
counterparty [for understood reasons]. 5. It is the currency in which the United Nations collects and
tabulates global trade data
- In addition, in some places, we have made our own clearly noted
estimates. - The opinions expressed in this report represent those of the
industry participants interviewed and the authors. These do not
- Coriolis has not been asked to independently verify or audit the necessarily represent those of Coriolis Limited or the New
information or material provided to it by or on behalf of the Zealand Government.
Client or any of the data sources used in the project.
- The information contained in the report and any - If you have any questions about the methodology, sources or
commentary has been compiled from information and accuracy of any part of this report, please contact Tim Morris, the
material supplied by third party sources and publicly report’s lead author at Coriolis, on +64 9 623 1848
available information which may (in part) be inaccurate or
incomplete.
PAGE 6 * Food and Agriculture Organisation of the United Nations
SPECIFIC UN COMTRADE DATA LIMITATIONS
The United Nations Comtrade database has specific important limitations around data
- The data presented is accurate to its source, but not necessarily to New Australia, Japan), with some slight variance based on what is measured (FOB,
Zealand data CIF, etc.) and timing (product sent in December, arrives January)
- The data analysed in this report is based on data provided by member - Aggregate global received volume is close enough to New Zealand’s sent
governments to the United Nations. volume. Disagreement is on where it went and how much it was worth.
- However, in the data the reported exports of one country regularly do not - New Zealand data is not always correct. For example, New Zealand kiwifruit
agree with the reported imports of another (in both volume and value). and avocado export data to Australia is incorrect. The Australian data is more
- As the UN says: “Imports reported by one country do not coincide with exports accurate.
reported by its trading partner. Differences are due to various factors including - As another example, New Zealand appears to send a lot to countries with
valuation (imports CIF, exports FOB), differences in inclusions/ exclusions of ports, but little to landlocked countries. However, many countries not on a
particular commodities, timing etc.” coast believe they receive product from New Zealand that New Zealand
- As a simple example, New Zealand paperwork submitted to New Zealand Customs do not know was sent.
customs says New Zealand sent NZ$202,569,027 worth of dairy to Sri Lanka in - If New Zealand is doing very well in Central Asia it isn't necessarily going to
2010 but Sri Lanka (the receiving country) says it only received US$63,365,322 show up in New Zealand export paperwork. Many of these countries receive
in 2010. There are a wide range of reasons why this could be the case. four times as much from New Zealand as New Zealand Customs thinks is sent
to them.
- Q: Why don’t you just use NZ data?
- If we use only New Zealand data, we can not calculate New Zealand's share of - For more details on the issue, the dataset methodology is available here:
Sri Lanka's imports. Using the UN data we can then assess how well New - http://unstats.un.org/unsd/trade/methodology%20IMTS.htm
Zealand is performing, determine the competition and see how much growth
is available. - There is extensive discussion of the issue in the UN International Trade
- The interesting/useful information is not that we send US$420m to Singapore, Statistics Knowledgebase:
but rather than this amounts to $84/person and this is only 5% of all their F&B - http://unstats.un.org/unsd/tradekb/Knowledgebase/
imports. France sends twice as much as us. None of that is visible if we work
with New Zealand export stats rather than country import stats.
- Our customs data only shows where the person filling out the export - If you have a country level concern the explanatory notes by country are here:
documentation states it is going and approximates its worth. As New Zealand - http://comtrade.un.org/db/mr/daExpNotebyRepYear.aspx
does not charge duties on exports, value is more important on import
documentation than export. Value is an estimate 2+ months prior to sale in
market and is close but almost inevitably wrong.
- In addition where product ends up, can in many cases be a different from
where the ship is going.
- Sending/receiving data is generally very accurate for some markets (e.g.
PAGE 7
F&B INFORMATION PROJECT
The New Zealand Food & Beverage Information Project is designed to be the foundation of facts and figures on
which a range of audiences can build
Structure of the New Zealand Food & Beverage Information Project
(2011)
Investors Firms Government
Overview Investor’s Guide Industry Snapshot
Sectors Dairy Meat Seafood Produce Processed Beverages Nutraceuticals

Sector Sector Sector Sector Foods Sector Sector Sector
Markets Global Markets High Potential Market Profiles
PAGE 8 Note: Every year two subsectors are completed in more detail. Seafood and Nutraceuticals in 2011
MARKETS ANALYSIS
This analysis of New Zealand global markets forms a part of the wider Food & Beverage Information Project
Structure of the New Zealand Food & Beverage Information Project
(2011)
Investors Firms Government
Overview Investor’s Guide Industry Snapshot
Sectors Dairy Meat Seafood Produce Processed Beverages Nutraceuticals

Sector Sector Sector Sector Foods Sector Sector Sector
Markets Global Markets High Potential Market Profiles
PAGE 9
TABLE OF CONTENTS
Section Page
Contents 4
Glossary of terms 5
F&B IP Overview 8
3. East Asia 44
1. South Asia 54
3. North America 64
4. Europe 70
c. Other markets 75
OVERVIEW – THE PATH FORWARD
This report measures and benchmarks New Zealand’s food & beverage export performance across key global
regions and countries; it also paints a picture of the path forward
Situation - Imagine an alternative reality where New Zealand was colonised
- In the early days of its founding New Zealand was, conceptually not by England, but rather Japan or China. In this reality, New
speaking, Britain’s farm. The country was the same size at the Zealand would produce very different foods and beverages. This
United Kingdom, but with a fraction of the population. The is what the future potentially looks like.
country produced staples of the English diet such as lamb, beef,
butter, cheese and apples. These were produced in large Potential future strategic direction
quantities on a counter‐seasonal basis for shipment to the “home
country” and other rich Western markets.
- The export strategy of the typical New Zealand food and beverage
firm thirty years ago was simple: go to the UK and sell to
- There is the perception by many today that this is still the case. If Sainsbury and Tesco.
you were to ask the average person on the street in New Zealand
today where the country’s food exports go, you would still get
some form of the “Food to Britain” narrative. Many smaller food - This report presents a very different export growth pathway for
and beverage manufacturers, in our experience, would also the New Zealand food & beverage exporter of today:
articulate something similar. 1. Ensure you are the #1 or #2 in your category in NZ before
considering export
- Reality is very different. New Zealand is in the middle of a 2. Start in Australia: focus on winning “next door” and
fundamental transition from feeding Westerners to feeding the creating a business 5x the size of NZ; consider strategic
Asia‐Pacific region. This transition is driving rapid change in the acquisitions to achieve this goal
New Zealand food industry in what is being produced and where 3. Take the Pacific Islands seriously; in aggregate a large
it is being sold. Key exports today include: market where New Zealand has a good share
- Milk powder for Asian dairy factories, used to produce 4. SE Asia is the next logical market to target; start in
yoghurt and other dairy products Singapore and expand to the other countries in the region
- Frozen french fries, frozen hamburgers, and processed 5. In East Asia, start in Hong Kong and Taiwan, then expand to
cheese for fast food restaurants in South East Asia the larger economies
- Gold kiwifruit for Asian consumers
PAGE 11
NZ F&B TRADE BALANCE
New Zealand has a strong and growing trade surplus in food and beverage
New Zealand F&B trade value: exports vs. imports
(US$b; 1965‐2010)
$15.0 $15.0
Net trade
balance
$10.0 $10.0
Exports
$5.0 $5.0
$‐ $‐
Imports
‐$5.0 ‐$5.0
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
PAGE 12 Note: does not exactly match other data due to use of SITC codes (rather than HT codes, which are not available back this far) for understood reasons; Source: UN Comtrade; Coriolis
analysis
NZ F&B IMPORTS
New Zealand imports a wide range of food and beverages; processed foods and beverages account for more than
55% of these imports
New Zealand F&B import value 10 year New Zealand F&B import value
(US$b; 2010) (US$b; 2000 vs. 2010) CAGR
(00‐10)
$2.8 11%
$360 Beverages 9%
Seafood
Dairy $117
Beverages $113 Meat 4%
$360 4% $145
13% 5%
Processed
foods and
beverages
Produce $1,184 Processed 12%
55%
$308
11%
Grains
$184
6%
Processed $1.0 $430 Other 9%

$1,184 $158
42% Other
$430 $184 Grains 12%
15% $378
$308 Produce 10%
$179
$61 $117 Seafood 9%
$117 $145 Meat 10%
Total = US$2.8b $48
$55 $113 Dairy 16%
$26
2000 2010
PAGE 13 Source: UN Comtrade database; Coriolis analysis
F&B IMPORTANT TO TOTAL EXPORT VALUE
Food and beverages (F&B) represent 54% of the total value of New Zealand’s exports
New Zealand export value by F&B total and by key segment
(US$b; 2010)
Beverages
$1.0 6%
Other $0.3 2%
Processed $1.5
Grains $0.0 0% 9%
Other
$14.3 F&B Produce $1.3 8%
46% $16.7 Dairy $7.8 47%
54%
Seafood $1.0 6%
Total = US$30.9b Meat $3.7 22%
Total = US$16.7b
PAGE 14 Note: totals may not add due to rounding; Source: UN Comtrade database; Coriolis analysis
F&B GROWING
New Zealand’s F&B exports have been growing
New Zealand export value by F&B and non‐F&B Rate of growth (CAGR1) in New Zealand export value by F&B and non‐F&B
(US$b; non‐inflation adjusted; 1965‐2010) (CAGR; by 15 year periods; 1965‐2010)
$30.9 65‐80 80‐95 95‐10
All
$14.3
other All All All
13.7% 6.7% 4.0%
other other other
$13.6
$7.9
$16.7 F&B
F&B 10.6% F&B 5.7% F&B 7.5%
$5.5
$3.0
$5.6
$1.0
$0.4 $2.4
$0.5
1965 1980 1995 2010
PAGE 15 1. CAGR = Compound Annual Growth Rate; Note: totals may not add due to rounding; Source: UN Comtrade database; Coriolis analysis
TABLE OF CONTENTS
Section Page
Contents 4
Glossary of terms 5
F&B IP Overview 8
3. East Asia 44
1. South Asia 54
3. North America 64
4. Europe 70
c. Other markets 75
DEFINED GLOBAL REGIONS
Our market analysis uses the following nine defined global regions
Map of global regions used in our analysis
(as used)
Europe/
Russia
North
America
North Africa/ Middle
East Asia
East/ Central Asia
(NA/ME/CA)
Central & South
(C&S) America
South East Asia
South Asia
Australia
Pacific Islands
Sub‐Saharan (SS)
Africa
PAGE 17 Source: map (Wikipedia; free usage); Coriolis (colour and definitions)
NZ F&B EXPORT VALUE BY REGION
New Zealand exports F&B to a wide range of destinations; interestingly Asia is worth a third more than Europe,
Russia and North America combined
Aggregate annual F&B export value by key markets
(US$b; %; 2010)
SS Africa $0.4 3%
C&S
North Africa/ America
Middle East $0.9 5%
Central Asia
Europe/Russia $2.8 Traditional
17% Western
NA/ME/CA $1.6 9% markets
South Asia $0.4 2% ~30%
North America $2.0
12%
East Asia $4.3 26%
Asian Australia/Pacific $2.1
markets 13%
~40%
SE Asia $2.3 13%
Total = $16.7b
NZ F&B EXPORT VALUE BY REGION OVER TIME
Growth is bring driven by Australia and Asia
F&B export value by region over time CAGR Absolute

(US$b; 2000 vs. 2010) (00‐10) (00‐10)
$16.7 10.4% +$10.5
$0.9 C&S America 9.3% +$0.5

$0.4 Sub‐Saharan Africa 25.7% +$0.4
North Africa/Middle 16.6% +$1.2
$1.6 East/Central Asia
$0.4 South Asia 17.8% +$0.3
$4.3 East Asia 12.3% +$2.9
$2.3 South East Asia 11.7% +$1.5
$6.2
$0.4 Australia 14.3% +$1.6
$0.0
$0.3 $0.1 $2.1
Pacific Islands
$1.3
North
$0.7 $2.0 4.4% +$0.7
America
$0.6
$1.3
Europe/ 6.7% +$1.3
$2.8
Russia
$1.5
2000 2010
NZ F&B EXPORT MARKETS
New Zealand in the middle of a fundamental transition from feeding Westerners to feeding the Asia‐Pacific
region
Total New Zealand F&B exports by region
(US$m; non‐inflation adjusted; 1965‐2010) 45 year
change in share
$540 $692 $1,085 $2,429 $2,572 $4,037 $5,565 $6,200 $11,078 $16,676
3%
2% 7%
0% 11% 12%
7% 3% 16% 19%
0% 24% 22% 23%
3% 5% 26% E Asia 22%
8%
9%
10% 4% 6%
4%
8%
9% 10%
10% 12% 11%
15% 6%
27% 5% 6% 14% SE Asia 12%
8% 5% 6% 7%
7% 7% North Africa/
8% 8% 8% 10% Middle East
7% 9%
20% Central Asia
8%
9% 9%
11% 10% Other 4%
23%
22%
76% 23% 15%
21% 13% Australia/ 10%
18% Oceania
53%
44% 12% N America 2%
34%
30% 29%
25% 23% 23%
17% Europe ‐59%
1965 1970 1975 1980 1985 1990 1995 2000 2005 2010
NZ F&B EXPORT GROWTH MATRIX
New Zealand F&B exports have a range of opportunities for growth
F&B export value growth matrix
(2010)
28%
26% SS Africa Size of bubble = export value

24% (US$b; 2010)
22% Small but fast
growing
20% Solid performers
18% South Asia
16% !!!!
10 year value
CAGR 14% NA/ME/CA Australia/Pacific
(00‐10)
12% East Asia
SE Asia
10%
C&S America
8%
Europe/Russia
6%
4% North America
2% Traditional markets
but slow growing
0%
$0.0 $0.2 $0.4 $0.6 $0.8 $1.0 $1.2 $1.4 $1.6 $1.8 $2.0 $2.2 $2.4 $2.6 $2.8 $3.0 $3.2
10 year absolute value growth
(US$b; 2010)
SECTOR VALUE MIX BY REGION
Export value mix varies by market; developing markets dominated by dairy and meat; traditional US/EU markets
more weighted to meat; Australia is the most balanced
Share of New Zealand export value by region by sector
(% of US$; 2010)
1% 1% 1% 1% 3% 1%
0% 3%
5% 3% 2% 4%
1% 1% 1%1% 3%
Beverages 13% 9% 2%
1% 1% 8%
5% 6%
4% 10%
5% 20% 19%
10%
7% 6%
16%
Processed foods 24%
7%
15%
Other
Grains 2%
1%
21%
Produce 11% 48%
93% 47%
90%
Seafood 16% 15%
76% 76%
62%
Meat 10%
34%
30%
Dairy 24% 22%
Australia/Pacific SE Asia East Asia South Asia NA/ME/CA SS Africa C&S America Europe/Russia North America
TABLE OF CONTENTS
Section Page
Contents 4
Glossary of terms 5
F&B IP Overview 8
3. East Asia 44
1. South Asia 54
3. North America 64
4. Europe 70
c. Other markets 75
AUSTRALASIA/PACIFIC – RECOMMENDATIONS
As a result of globalisation, Australia and the Pacific Islands are now New Zealand’s “home market”; they should
be treated as such
Situation Potential market development strategy
- In aggregate Australia and the Pacific Islands are a large and - Start in Australia
attractive market for New Zealand food and beverage exporters - Focus on winning “next door” rather than across a small
- Close physically and culturally volume of exports across a wide range of countries
- Population of 32m (Australia 22m; P.I. 10m); same GDP as - With Woolworths operating across both markets, New
India (aggregate nominal) Zealand supply is regularly being compared with Australian
- Mixture of highly developed markets and lower income - New Zealand F&B exports are achieving excellent success
countries in Australia across a wide range of sectors and firms
- Use own salesforce rather than outsource; consider
- Region is effectively New Zealand’s home market targeted acquisitions to build an in‐market presence
- New Zealand has excellent market share in the region - Take Pacific Island market seriously
- F&B import share typically 15‐30% - Do not operate under out dated assumptions or second
- Higher in associated countries (e.g. Cook Islands) hand advice about levels of market development
- In aggregate a large market where NZ F&B has strong share
- Significant trade agreements in place (e.g. CER1 with Australia - French territories in particular are high income and have
1983; Protocol on Investment in the New Zealand and Australia modern global retailers (e.g. Carrefour; global #2)
CER Agreement, 2011) - Build a relationship with Carrefour and Casino;
leverage this into other markets
- New Zealand achieving strong value growth to Australia in - A small effort should produce strong results (as it is a low
particular (see “Moving to the Centre” report for details) priority for others)
- Consider a wider “island”‐focused strategy
- New Zealand F&B exports are disproportionally successful
per capita in islands worldwide (e.g. Caribbean)
PAGE 24 1. CER Australia New Zealand Closer Economic Relations Trade Agreement; AANZFTA = ASEAN‐Australia‐New Zealand Free Trade Agreement
AUSTRALASIA/PACIFIC – REGIONAL OVERVIEW
The Australasian/Pacific Island region is now effectively New Zealand’s home market
Map of countries in Australasia/Pacific region % of global population
(2010) (people; 2010)
Hawaii
Fed State of Other, Aus/

Palau Micronesia Pacific,
Marshall 99.5%
Islands 0.5%
Papua New
Guinea
Kiribati
Solomon
Islands Tokelau
Tuvalu
Cook
Samoa Islands
Vanuatu Fiji
French
Tonga Polynesia % of global gross domestic product
New (% US$; nominal; 2010)
Caledonia The region has
Australia
the same GDP
as India
New
Zealand
Aus/
Pacific
Other 2%
98%
PAGE 25 Source: Wikimedia Commons; Coriolis
AUSTRALASIA/PACIFIC – MARKET CHARACTERISTICS
Australasian/Pacific Island markets have similar cuisine to NZ with common building blocks; markets also face a
similar set of issues
Overview of key characteristics of the Australia / Pacific food & beverage market environment
(2011)
Cuisine and culture Distribution Competitive environment
Food building blocks Market characteristics Key imported temperate foods and beverages

AU/NZ Pacific Islands AU/NZ Pacific Islands AU/NZ Pacific Islands
‐ Bread ‐ Tropical fruit ‐ Supermarket sector ‐ Retailers generally ‐ Inter‐regional trade ‐ Grains
‐ Temperate fruit & ‐ Tropical vegetables consolidated small and fragmented ‐ Premium spirits ‐ Meat
vegetables ‐ Chicken, seafood Expenditure on by market (Brandy, Whisky, Gin) ‐ Temperate fruit and
‐ Beef, chicken, pork ‐ Sauces (e.g. fish sauce) foodservice/food away ‐ Strong independent ‐ Processed foods vegetables
‐ Processed foods ‐ Beer and imported larger than retail food sector ‐ Processed foods
‐ Local beer and wine; wine and spirits (i.e. “spend more in ‐ Many distributors have ‐ Imported foods for
imported spirits restaurants than in strong market power tourists
supermarkets”)
Cultural & regulatory characteristics Supply chain issues Key suppliers of temperate foods and beverages

AU/NZ Pacific Islands AU/NZ Pacific Islands AU/NZ Pacific Islands
‐ Common regional food ‐ Variable standards by ‐ Highly efficient modern ‐ Large number of small ‐ Inter‐regional ‐ Australia
standards/regulations market; many accept supply chain markets leading to high ‐ China ‐ New Zealand
across AU/NZ standards of others cost and inefficient ‐ United States ‐ France
‐ Some have EU distribution ‐ Europe ‐ Other Europe
standards ‐ Some exceptions, ‐ China
particularly in French
territories
PAGE 26 Source: Coriolis
AUSTRALASIA/PACIFIC – KEY SUPERMARKETS BY MARKET
Australasian and Pacific Island food retailing is still relatively fragmented outside AU/NZ
Key chain food retail operators by outlet type* across Australia and select Pacific Island markets
(2011)
Major regional groups with multi‐country operations
Strong operators in single market in region
Australia 823 super 742 super

1,208 liquor 766 liquor
561 petrol 619 conv
1,300+ super
174 dept 250 super 3 hyper
New Zealand 158 super 12 dept

48 conv
181 super/446 conv/94 liquor
French 1 hyper 1 super
Polynesia 2 super
Papua New
Guinea
5 super 4 super 2 hyper 1 hyper 6 super 21 super
New 1 1 super
Caledonia
Fiji
RB Patel
24 super 23 super 8 super

Vanuatu 1 discount
PAGE 27 *Supermarket, convenience, liquor, department, hypermarket; discount, Source: various company websites; various company annual reports; various published articles; Coriolis analysis
AUSTRALASIA/PACIFIC – KEY INDICATORS
The Australasian/Pacific region is made up of two large economies and a large number of small islands; while
Australia is the key opportunity, the aggregate size of the Pacific Island market should not be ignored
GDP/capita Population GDP F&B Import $/capita Total F&B Import value
(US$/person; 2010 or (people; m; 2010) (US$b; 2010) (US$/person; 2010) (US$m; 2010)
latest available)
Australia $41,531 22.4 $930 $420 $9,399

New Zealand $25,025 4.4 $110 $648 $2,840
French Polynesia $23,106 0.3 $6.1 $1,515 $400
Guam $15,579 0.2 $2.8 $368 $66
New Caledonia $13,253 0.2 $3.3 $1,411 $351
Wallis & Futuna $12,296 0.0 $0.2 $717 $11
Cook Islands $9,160 0.0 $0.2 $1,154 $23
Palau $8,200 0.0 $0.2 $557 $11
Northern Mariana $7,280 0.1 $0.6 $126 $11
American Samoa $6,899 0.1 $0.5 $335 $22
Niue $6,673 0.0 $0.0 $2,220 $3
Nauru $3,690 0.0 $0.0 $557 $6
Fiji $3,590 0.8 9.8m $3.0 $28b $344 $292 $2b
Samoa $3,168 0.2 $0.6 $419 $75
Marshall Islands $2,608 0.1 $0.2 $308 $19
Tonga $2,490 0.1 $0.3 $441 $46 In aggregate the
Pacific Islands
Vanuatu $2,308 0.2 $0.6 $173 $42 import US$2b
Fed. Micronesia $2,145 0.1 $0.2 $254 $28 worth of F&B
Tuvalu $1,494 0.0 $0.0 $225 $2
Solomon Islands $1,277 0.5 $0.7 $106 $55
1
Tokelau $1,250 0.0 $0.0 $1,945 $3
Papua New Guinea $1,218 6.7 $8.2 $72 $486
Kiribati $1,163 0.1 $0.1 $265 $26
PAGE 28 1. 1993 data (latest available); obviously greater today as it would be difficult for a country to import more F&B per capita than its GDP; Source: CIA World Fact Book; UN Comtrade

database; Coriolis analysis
AUSTRALASIA/PACIFIC – TOTAL IMPORT VALUE
Australia is the largest market; regional trade is across a wide range of sectors, however processed foods and
beverages account for 50%
Aggregate Australasia/Pacific total F&B import value from all source countries
(US$b; 2010)
By receiving country By product
Dairy $1.1
7%
Beverages $2.3
16% Meat $1.1 8%
Australia $9.4
66%
Seafood $1.5
10%
Pacific Islands Produce $1.1
$2.0 14% 8%
Processed $4.9
35%
Grains $0.6 4%
New Zealand Other $1.7
$2.8 20% 12%
US$14.2b US$14.2b
AUSTRALASIA/PACIFIC – NZ PERFORMANCE
New Zealand performs well in the region, in terms of share and sales across most sectors
NZ share of regional cross‐border Value of NZ F&B imports to region Share of regional cross‐border F&B exports/imports

exports/imports of F&B by sector by sector by sector: NZ vs. AU vs. all other
(% of value; 2010) (US$m; 2010) (% of value; 2010)
NZ Australia Other
Dairy 54% $443 54% 9% 37%
Meat 18% $152 18% 10% 72%
Seafood 19% $212 19% 1% 81%
Produce 23% $191 23% 8% 69%
Grains 2% $10 2% 34% 64%
Other 4% $46 4% 8% 88%
Processed 17% $661 17% 17% 66%
Beverages 21% $369 21% 9% 70%
PAGE 30 Note: Calculation is sum of exports to the region (or cross‐border/inter‐country trade); therefor New Zealand regional share excludes New Zealand sales to itself; likewise Australia
share excludes Australia itself; Source: UN Comtrade database; Coriolis analysis
AUSTRALASIA/PACIFIC – NZ PERFORMANCE
New Zealand performs very well across much of the region and is particularly strong in countries with an
association with New Zealand (i.e. Niue and the Cook Islands)
Value of F&B imports from NZ F&B imports per capita NZ share of total F&B import
NZ by country by country value by country
(US$m; 2010) (US$/person; 2010) (%; 2010)
Australia $1,789 $80 19%

French Polynesia $78 $297 20%
Guam $5 $30 8%
New Caledonia $50 $200 14%
Wallis & Futuna $3 $185 26%
Cook Islands $21 $1,058 92%
Palau $0 $1 0%
Northern Mariana $3 $31 25%
American Samoa $9 $141 42%
Niue $2 US$338m $1,385 62%
Fiji $79 $93 27%
Samoa $19 In aggregate the $108 26%
Pacific Islands
Marshall Islands $0 import US$2b $3 1%
worth of F&B; how
Tonga $14 do we get more $131 30%
share?
Tuvalu $0 $34 15%
Solomon Islands $6 $12 12%
Papua New Guinea $47 $7 10%
Kiribati $0 $3 1%
PAGE 31 Note: Some countries not shown due to lack of data; all data should be treated as directional due to data quality issues; data is reporter‐received by country not sent by New Zealand;
Source: UN Comtrade database; Coriolis analysis
AUSTRALASIA/PACIFIC – IMPORT VALUE INTO REGION ACROSS PEERS
New Zealand already performs well into our closest neighbours; however opportunities remain to take further
share from temperate peers
Aggregate export value to Australia/Pacific Islands by sector: NZ vs. select temperate countries or regions Comments/Notes
(US$b; 2010)
‐ To triple F&B exports to Australia and the
Pacific looks hard; we should, however be
Beverages able to ”eat Europe’s lunch”
$2.2 Processed ‐ Peers in similar temperate zones
$2.1 (temperate peers) will send similar
High cost Europe sends Other
products to Australia and the Pacific Islands
more than us; why aren’t
we supplying this? Grain
Produce
Seafood
Meat
Dairy
$1.4
Only AU
exports to
Pacific $0.7
Islands
Note
$0.4 ‐ Data is as reported by sender; does not sync
with data as reported by receiver (for
$0.2 understood methodological reasons)
$0.2
$0.1 $0.1
New Australia USA Canada Europe South China Japan Other E

Zealand America Asea
PAGE 32 Note: Some countries not shown due to lack of data; all data should be treated as directional due to data quality issues; Source: UN Comtrade database; Coriolis analysis
TABLE OF CONTENTS
Section Page
Contents 4
Glossary of terms 5
F&B IP Overview 8
3. East Asia 44
1. South Asia 54
3. North America 64
4. Europe 70
c. Other markets 75
SE ASIA – RECOMMENDATIONS
South East Asia is the next logical market for New Zealand food & beverage exporters with a strong presence in
their home market (New Zealand, Australia and the Pacific Islands)
Situation Recommended market entry strategy
- South East Asia is a highly attractive market for New Zealand food - Start in Singapore
and beverage exporters - High income country with rule‐of‐law that speaks English
- Next closest market after Australia - Only 5m people so “do‐able” for New Zealand
- Population of 583m (more than all of Central and South manufacturing to scale‐up to supply without major capital
America) expenditure
- Increasing wealth leading to increased demand for - Modern supermarket sector consolidated into 3 chains
imported food and beverages - Commit to the market; treat as a “region of New Zealand”;
put salespeople in the market; regularly call on retailers;
- South East Asia is a natural trading partner for New Zealand run promotions
- Tropical environment unable to efficiently produce many - Central location that is a natural regional base and
temperate foodstuffs distribution hub
- Already imports proportionally a lot of F&B from New
- New Zealand has a relatively strong presence in the region Zealand
- Awareness by some consumers of New Zealand as a quality
supplier - Expand into Malaysia
- Long term (100 year+) supply of dairy and meat - Slightly larger population than Australia (28m people)
- Particularly into former co‐members of the British Empire - Already imports proportionally a lot of F&B from New
Zealand
- Significant trade agreements in place or in development - Easily serviced from Singapore
- AANZFTA1, 2010 (12 member) linkage in development
- Malaysia NZ FTA, 2010 - Expand into other key markets in the region
- Thailand NZ, CEP, 2005 - Thailand, Indonesia, the Philippines and Viet Nam
- Singapore NZ CEP, 2001
PAGE 34 1. AANZFTA = ASEAN‐Australia‐New Zealand Free Trade Agreement; CEP = Closer Economic Partnership; FTA = Free Trade Agreement
SE ASIA – REGIONAL OVERVIEW
South East Asia is the closest regional market to New Zealand after Australasia; it represents almost 10% of world
population and 3% of world GDP
Map of countries in South East Asia/ASEAN % of global population
(2010) (people; 2010)
Laos
SE Asia
Myanmar Other 9%
91%
Vietnam
Philippines
Thailand
Cambodia
% of global gross domestic product
(% US$; nominal; 2010)
Brunei
Malaysia
Singapore
Other SE Asia
Indonesia 97% 3%
East Timor
All countries here are
ASEAN members
ASEAN Flag
PAGE 35 Note: East Timor is not currently part of ASEAN; Source: Wikimedia Commons; Coriolis
SE ASIA – MARKET CHARACTERISTICS
South East Asian markets have similar cuisine with common building blocks; markets also face a similar set of
issues
Overview of key characteristics of the South East Asian food & beverage market environment
(2011)
‐ Rice ‐ Continuing strong presence of wet markets and fresh ‐ European spirits (Brandy, Whisky, Gin)

‐ Tropical fruit (rambutan, durian, etc.) specialists ‐ Ingredient milk powder for local manufacturers to turn
‐ Tropical/Asian vegetables ‐ Supermarket sector consolidated within markets but into consumer dairy items (e.g. yoghurt drinks, infant
‐ Chicken, seafood less so across markets formula)
‐ Sauces (e.g. fish sauce) ‐ Expenditure on foodservice/food away larger than ‐ Apples
‐ Beer and local spirits retail food (i.e. “spend more in restaurants than in ‐ Beef
supermarkets”)
‐ Religious limitations on protein consumption (Muslim ‐ Markets somewhat bi‐polar with world‐class, best ‐ Australia

peoples don’t eat pork and require meat to be halal) practice retailers (e.g. Tesco) alongside wet markets ‐ China
‐ Multiple languages across region leading to ‐ Modern supply chains developing in higher income ‐ United States
requirement for packaging by country countries with spread of chain supermarket operators ‐ Europe
‐ No common regional food standards or regulations ‐ Sophistication of supply chain more variable elsewhere ‐ New Zealand
‐ Muslim restrictions on alcohol consumption ‐ Convoluted supply chain to support continuing
‐ Various degrees of alcohol intolerance (ALDH2 significant role of numerous wet markets selling fresh
deficiency) within population (particularly those of meat, seafood, fruit and vegetables
East Asian origin)
SE ASIA – KEY SUPERMARKETS BY MARKET
South East Asian food retailing is a mixture of regional chains and strong local operators
Key chain food retail operators by outlet type* across higher income South East Asia
(2011)
Singapore 7 hyper 2 hyper

105 super
Malaysia 123+17+2 25 hyper 32 stores 23 dept

hyper/super 14 conv 4 super
Thailand 663 stores 13 super 16 hyper

89 super
Indonesia 120 super 67 hyper

38 hyper 16 super
125 conv
Philippines
Vietnam 3 super 14 hyper
Brunei 1 hyper 1 hyper

2 super
PAGE 37 *Supermarket, convenience, liquor, department, hypermarket; discount, Source: various company websites; various company annual reports; various published articles; Coriolis
analysis
SE ASIA – KEY INDICATORS
South East Asian countries range from very rich to very poor; the key opportunity for F&B exports is in the six
major economies
(US$/person; 2010) (people; m; 2010) (US$b; 2010) (US$; 2010) (US$b; 2010)
Australia
$9.4b
Brunei $36,750 0.4 $15 $652 $0.3
Singapore $32,701 5.0 $163 $1,826 $9.1
Malaysia $7,327 28.3 $207 $424 $12.0
These six
Thailand $4,194 63.5 $266 $114 countries are $7.3
the primary
opportunity;
Indonesia $2,199 234.2 $515 $40 511m people, $9.5
importing F&B
worth $49b
Philippines $1,688 94.0 $159 $65 $6.1
Vietnam $1,070 85.8 $92 $46 $4.0
Laos $905 6.3 $6 $‐ N/A
Cambodia $814 13.4 $11 $13 $0.2
Myanmar $679 50.5 $34 $3 $0.2
East Timor $528 1.1 $1 $14 $0.0
PAGE 38 Source: CIA World Fact Book; UN Comtrade database; Coriolis analysis
SE ASIA – TOTAL IMPORT VALUE
The six major markets account for 99% of F&B imports; F&B imports are spread across a range of sectors
Aggregate SE Asia total F&B import value from all source countries
(US$b; 2010)
Beverages
Brunei $3.13 6% Dairy $4.51 9% Meat $2.29 5%
$0.3 1%
Malaysia $12.0
East Timor 25%
Singapore $9.1
$0.0 0% 19% Processed
Myanmar $8.03 17% Seafood $4.49
$0.2 0% 9%
Cambodia Top 6
$0.2 0% 99%
Vietnam $4.0 Produce $4.24
Thailand $7.3
Laos $0.0 8% 9%
15%
0%
Other $12.56
26%
Philippines
$6.1 13%
Grains $9.29
19%
Indonesia $9.5 e.g. palm oil,
19% soy beans
(mostly inter‐
regional)
US$48.6b US$48.6b
SE ASIA – IMPORT VALUE BY SOURCE
One third of F&B imports come from within the region, two thirds from outside the region
Aggregate SE Asia total F&B import value from all source countries by mega‐region
(US$b; 2010)
By source By source by product
Dairy 8% 92%
Meat 4% 96%
SE Asia Inter‐
Regional $15.5 Seafood 30% 70%
32%
Produce 21% 79%
Grains 34% 66%

External $33.0
68%
Other 51% 49%
Processed 36% 64%
Beverages 17% 83%

US$48.6b
SE Asia External
Inter‐
Regional
SE ASIA – NZ PERFORMANCE
New Zealand performs very well in Singapore; Malaysia is strong and Thailand, Indonesia, the Philippines and
Vietnam stand out as opportunities
Value of NZ F&B imports by country NZ F&B imports per capita by country NZ share of total F&B import value by country
(US$b; 2010) (US$/person; 2010) (US$b; 2010)
Brunei $0.00 $6 1%
Singapore $0.42 $84 5%

What is required
to move these
Malaysia $0.48 $17 4% countries to
Australian levels of
share (i.e. ~20%)
Thailand $0.34 $5 5%
Indonesia $0.53 $2 6%
Philippines $0.38 $4 6%
Vietnam $0.11 $1 3%
Laos $‐ $‐
Cambodia $0.002 $0 1%
Myanmar $0.01 $0
East Timor $0.000 $0 0%
SE ASIA – NZ PERFORMANCE
New Zealand performs well in dairy and meat into SE Asia; processed foods also showing some success
NZ share of regional F&B imports Value of NZ F&B imports to region
by sector by sector
(% of value; 2010) (US$b; 2010)
Dairy 36% $1.6
Meat 12% $0.3
Seafood 1% $0.05
Produce 2% $0.1
Grains 0% $0
Other 0% $0.02
Processed 2% $0.2
Beverages 1% $0.03
SE ASIA – IMPORT VALUE INTO REGION ACROSS TEMPERATE PEERS
Temperate country/region peer group suggest (1) there is more opportunity in dairy and (2) processed and
beverages are opportunities
Aggregate export value to South East Asia by sector: NZ vs. select temperate countries or regions Comments/Notes
(US$b; 2010)
‐ To triple F&B exports to SE Asia New
Zealand would need to export more than
$6.2
Beverages Europe to the region
Processed ‐ To grow NZ needs to either grow faster
than the growth of the market or take sales
Other
from competitors
Grains
$4.9 ‐ Data here suggests there are further
Produce opportunities to take dairy sales from the
Seafood US and Europe
$4.3 $4.3
Meat ‐ Data here suggests that there are further
$3.7
opportunities in processed foods and
Dairy beverages; conceptually NZ should be able
to take share from Europe and the US
$2.3
Note
‐ While this analysis may look simple, the
$1.2 underlying dataset contained 103,807 data
points
$0.8
$0.6 ‐ Data is as reported by sender; does not sync
understood methodological reasons)
New Australia USA Canada Europe S America China Japan Other E

Zealand Asia
TABLE OF CONTENTS
Section Page
Contents 4
Glossary of terms 5
F&B IP Overview 8
3. East Asia 44
1. South Asia 54
3. North America 64
4. Europe 70
c. Other markets 75
EAST ASIA – RECOMMENDATIONS
East Asia is the current shining opportunity for New Zealand F&B exports
Situation Recommended market entry strategy
- East Asia is a highly attractive market for New Zealand food and - Start in Hong Kong (similar in many ways to Singapore)
beverage exporters - High income country with rule‐of‐law that speaks English
- Huge potential market (1.6b people) - Only 7m people so “do‐able” for New Zealand
- Either sophisticated high wealth consumers or rapidly manufacturing to scale‐up to supply without major capital
becoming so, leading to increased demand for premium expenditure
imported food and beverages - Modern supermarket sector consolidated into 2 chains
- Commit to the market; treat as a “region of New Zealand”;
- A clear “once in a lifetime” opportunity to grow with China for put salespeople in the market; regularly call on retailers;
the short‐medium term run promotions
- Long run China will be a major competitor in F&B to New - Central location that is a natural regional base and
Zealand (regions with similar climate but more scale and distribution hub
less cost) - Already imports proportionally a lot of F&B from New
- China should be self‐sufficient in dairy within a decade Zealand
- New Zealand has a relatively strong presence in the region - Expand into Taiwan
- Strong position in dairy (38% of regional dairy imports) - Similar population to Australia (23m people)
- Position in meat, produce and processed foods - Already imports proportionally a lot of F&B from New
Zealand
- Significant trade agreements in place or in development - Can be ignored by others/competitors
- On‐going discussions with Japan
- HK, China NZ CEP, 2011 (NZ China FTA, 2008) - Expand into other key markets in the region
- Korea NZ FTA negotiations - Japan, South Korea and China
- Leave China to last; easy to do poorly, difficult to do well
- New Zealand currently poor at developing high status‐brands
demanded by regions’ consumers
PAGE 45 CEP = Closer Economic Partnership; FTA = Free Trade Agreement
EAST ASIA – REGIONAL OVERVIEW
East Asia represents 23% of world population and 20% of world GDP
Map of countries in East Asia % of global population
(2010) (people; 2010)
Mongolia Other
77% East Asia
23%
North
Korea
Japan
South
Korea
China % of global gross domestic product
Taiwan
Hong Kong
Other
80% East Asia
Macao
20%
EAST ASIA – MARKET CHARACTERISTICS
While East Asia has three distinct major cultures (Chinese, Japanese and Korean), the markets have strong
common characteristics
Overview of key characteristics of the East Asian food & beverage market environment
(2011)
‐ Rice and wheat (more in Northern regions) ‐ Continuing strong presence of wet markets and fresh ‐ European spirits (Brandy, Whisky, Gin)

‐ Temperate and tropical fruit specialists ‐ Ingredient milk powder for local manufacturers to turn
‐ Asian vegetables ‐ Supermarket sector highly fragmented across most into consumer dairy items (e.g. yoghurt drinks, infant
‐ Pork, chicken, seafood, beef markets formula)
‐ Processed foods ‐ Expenditure on foodservice/food away larger than ‐ Counter‐seasonal temperate fruit
‐ Sauces (e.g. fish sauce) retail food (i.e. “spend more in restaurants than in ‐ Beef
‐ Beer and local spirits supermarkets”)
‐ Key languages predominantly Mandarin, Cantonese, ‐ Convoluted supply chains involving multiple levels of ‐ Inter‐regional

Japanese & Korean leading to requirement for distributors across all markets ‐ Australia
packaging by country ‐ Markets somewhat bi‐polar with world‐class, best ‐ United States
‐ No common regional food standards or regulations practice retailers (e.g. Tesco) alongside wet markets ‐ Europe
‐ Various degrees of alcohol intolerance (ALDH2 ‐ Continuing significant role of numerous specialists and ‐ New Zealand
deficiency) within population (particularly those of wet markets selling fresh meat, seafood, fruit and
East Asian origin) vegetables (particularly in China)
EAST ASIA – KEY SUPERMARKETS BY MARKET
East Asian food retailing is highly competitive with strong local chains battling many of the largest retailers in the
world
Key chain food retail operators by outlet type* across select East Asian countries
(2011)
Japan Exited 142 super 321 super 8 hyper
… many more
South Exited 305 hyper Exited 7 hyper

Korea
Taiwan 294 super 421 hyper Exited 24 hyper 6 hyper

2 super
Hong Kong 282 super Exited Exited
964 conv
338 HBC 240 super
China 551 conv 1,416 88 hyper 322 hyper 114 hyper

163 HBC hyper
57 discount … many more
PAGE 48 *Supermarket, convenience, liquor, department, hypermarket; discount, Source: various company websites; various company annual reports; various published articles; Coriolis
analysis
EAST ASIA – KEY INDICATORS
East Asian countries range from very rich to very poor; the key opportunity for future F&B exports to the region
is China
Australia
$9.4b
Japan $40,100 127 $5,108 $466 $59.3
Macao SAR $40,022 1 $22 $1,536 $0.8
Hong Kong
$29,716 7 $209 $2,447 $17.2
SAR
South Korea $16,268 50 $810 $293 $14.6
Taiwan $15,628 23 $362 $407 $9.4
China $3,596 1,339 $4,814 $43 $57.9
In 2011 China moved
Mongolia $1,523 3 $4 into the #1 position in $82 $0.2
East Asia and #2 in the
world after the USA
North Korea $1,172 24 $28 $15 $0.4
EAST ASIA – TOTAL IMPORT VALUE
East Asia imported US$160b worth of F&B in 2010 spread across the five key markets
Aggregate East Asia total F&B import value from all source countries
(US$b; 2010)
Dairy $5.3 3%
Macao SAR
Beverages
Japan $59.3 $0.8 1%
$9.1 6%
37%
Processed Meat $21.5
$17.3 11% 14%
North Korea Hong Kong SAR
$0.4 0% $17.2 11%
Top 6 Seafood $26.2
Mongolia 99% 16%
$0.2 0% South Korea
$14.6 9%
Other $52.2
33%
Taiwan Produce $13.3
$9.4 6% 8%
China $57.9
36%
Grains $14.8
e.g. palm oil, 9%
soy beans
US$160b US$160b
EAST ASIA – NZ PERFORMANCE BY SECTOR
New Zealand performs well in dairy into East Asia; share is low otherwise with produce, meat and processed
foods having limited presence
NZ share of regional F&B imports Value of NZ F&B imports to region Value of total F&B imports to region by sector
by sector by sector (US$b; 2010)
(% of value; 2010) (US$b; 2010)
NZ Other
Dairy 38% $2.0 $2.0 $3.3
Meat 3% $0.6 $0.6 $20.9
Seafood 1% $0.4 $0.4 $25.9
Produce 4% $0.6 $0.6 $12.7
Grains 0% $0.0 $0.0 $14.8
Other 0% $0.1 $0.1 $52.1
Processed 3% $0.5 $0.5 $16.9
Beverages 1% $0.1 $0.1 $9.0
EAST ASIA – NZ PERFORMANCE BY COUNTRY
New Zealand performs very well in Hong Kong; all other key countries appear to have opportunities for share
growth
(US$b; 2010) (US$/person; 2010) (US$b; 2010)
Japan $1.2 $10 2%
What is required
Macao SAR $0.0 $18 1% to move these
countries to
Hong Kong share (i.e. ~20%)
$0.3 $46 2%
SAR
South Korea $0.3 $6 2%
Taiwan $0.5 $20 5%
China $1.9 $1 3%
Mongolia $0.0 $3 4%
North Korea $‐ $‐ 0%
EAST ASIA – IMPORT VALUE INTO REGION ACROSS PEERS
While there are opportunities into temperate East Asia and growth is clearly possible, data suggests growth will
come outside traditional raw ingredients
Aggregate export value to East Asia by sector: NZ vs. select temperate countries or regions Comments/Notes
(US$b; 2010)
‐ Tripling F&B exports to East Asia would
appear to be possible
Beverages
‐ However, data suggests that a targeted
$31.2 Processed approach is required
Other
Grains
$25.8 Produce
Seafood
Meat
Dairy
$16.3
$11.1
$6.2 $6.9
$4.1 Note
$3.4
‐ Data is as reported by sender; does not sync
$1.5
understood methodological reasons)
New Australia USA Canada Europe South China Japan Other East
Zealand America Asia
TABLE OF CONTENTS
Section Page
Contents 4
Glossary of terms 5
F&B IP Overview 8
3. East Asia 44
1. South Asia 54
3. North America 64
4. Europe 70
c. Other markets 75
SOUTH ASIAN – REGIONAL OVERVIEW
The South Asian region, encompassing the Indian Subcontinent, represents 23% of the world population but only
2% of world GDP
Map of countries in South Asia % of global population
(2010) (people; 2010)
Other South
Nepal 77% Asia
Pakistan Bhutan 23%
Bangladesh % of global gross domestic product
India
South
Asia
Other 2%
98%
Sri Lanka
SOUTH ASIA – KEY INDICATORS
None of the South Asian countries are rich; they range from poor to very poor; there is however, a growing
number of upper to middle income households
(US$/person; 2010 or latest (people; m; 2010) (US$b; 2010) (US$; 2010) (US$b; 2010)
available) Australia
$9.4b
Bhutan $2,142 0.7 $1 $112 $0
Sri Lanka $2,024 20 $41 $88 $2
Pakistan $979 170 $167 $28 $5
India $925 1,184 $1,095 $9 $10
Bangladesh $560 164 $92 $23 $4
Nepal $418 30 $12 $18 $1
SOUTH ASIA – TOTAL IMPORT VALUE
In aggregate South Asia imported US$21b worth of F&B in 2010 (about +23% more than Hong Kong); most
imports are food basics rather than value‐added premium/processed F&B
Aggregate South Asia total F&B import value from all source countries
(US$b; 2010)
Beverages
Processed $0.8 $0.4 2%
Dairy $0.6 3%
4%
Pakistan $5 India imports Meat $0.0 0%
22% about as Seafood
much F&B as $0.2 1%
Singapore
Sri Lanka $2
9%
Bhutan $0 0%
Produce $4.7
Nepal $1 3%
22%
Other $12.8
61%
India $10 48%
Bangladesh $4
18%
Grains $1.6
7%
e.g. sugar, oils
& fat
US$21b US$21b
SOUTH ASIA – NZ PERFORMANCE BY COUNTRY
New Zealand achieves a respectable F&B import share in Sri Lanka and has opportunities for improvement
elsewhere
(US$m; 2010) (US$/person; 2010) (US$b; 2010)
The 6 countries here (1.4b
people) import about as much
F&B from NZ as Fiji, Samoa
and French Polynesia
Bhutan $‐ combined (1.3m people) $‐ 0.0%
Sri Lanka $64 $3.12 3.5%
Pakistan $36 $0.21 0.8%
India $47 $0.04 0.5%
Bangladesh $28 $0.17 0.7%
Nepal $2 $0.07 0.4%
TABLE OF CONTENTS
Section Page
Contents 4
Glossary of terms 5
F&B IP Overview 8
3. East Asia 44
1. South Asia 54
3. North America 64
4. Europe 70
c. Other markets 75
NA/ME/CA – REGIONAL OVERVIEW
The North Africa/Middle East/Central Asia region is a predominantly Muslim region at the intersection of Africa,
Asia and Europe; it accounts for 7% of world population and 4% of world GDP
Map of countries in South East Asia/ASEAN % of global population
(2010) (people; 2010)
Kazakhstan
NA/ME/
Other CA
Mongolia 7%
Georgia Uzbekistan 93%
Kyrgyzstan
Azerbaijan
Armenia Turkmenistan
Tajikistan
Syria
Lebanon Afghanistan
Morocco Israel Iraq Iran
Jordan
Kuwait
Algeria
Libya Bahrain % of global gross domestic product
Western Egypt Qatar (% US$; nominal; 2010)
Sahara UAE
Saudi
Arabia
Oman
Yemen NA/ME/
Other CA
96% 4%
NA/ME/CA – KEY INDICATORS
The NA/ME/CA region is made up of a wide range of countries

(US$/person; 2010 or latest (people; m; 2010) (US$b; 2010) (US$; 2010) (US$b; 2010)
available) Australia
$9.4b
Qatar $54,546 1.7 $93 $897 $2
United Arab Emirates $49,706 4.6 $229 $1,167 $5
Kuwait $38,492 3.0 $115 $1,112 $3
Israel $28,373 7.6 $216 $513 $4
Bahrain $24,475 0.8 $19 $1,346 $1
Oman $18,397 2.8 $52 $695 $2
Saudi Arabia $14,631 26.2 $384 $364 $10
Libya $9,441 6.4 $61 $303 $2
Lebanon $7,732 4.2 $33 $458 $2
Kazakhstan $6,606 16.2 $107 $133 $2
Turkmenistan $6,014 5.1 $31 $51 $0.3
Azerbaijan $4,725 9.0 $43 $109 $1
Iran $4,419 75.1 $332 $10 $1
Algeria $3,805 35.4 $135 $169 $6
Jordan $3,572 6.3 $23 $351 $2
Morocco $2,849 31.9 $91 $119 $4
Armenia $2,682 3.2 $9 $176 $1
Georgia $2,475 4.4 $11 $185 $1
Syria $2,415 22.5 $54 $107 $2
Egypt $2,388 78.7 $188 $118 $9
Iraq $2,228 31.5 $70 $141 $4
Uzbekistan $1,091 27.8 $30 $22 $1
Yemen $1,082 1 24.3 $26 $98 $2
Kyrgyzstan $854 5.5 $5 $92 $1
Tajikistan $658 7.0 $5 $51 $0.4
Afghanistan $457 29.1 $13 $21 $1
NA/ME/CA – TOTAL IMPORT VALUE
North Africa, the Middle East and Central Asia imported US$69b worth of F&B; the region requires significant
imports of food “basics” (grains, sugar, oils & fats) due to it being (in general) quite dry
Aggregate NA/ME/CA total F&B import value from all source countries
(US$b; 2010)
Tajikistan $0.4 1%
Kyrgyzstan $1 1% Afghanistan $1 1%
Qatar $2 2% Beverages $3
Yemen $2 3%
4%
Uzbekistan $1 1%
United Dairy $6 9%
Arab
Iraq $4 6%
Emirates Kuwait Bahrain $1 2%
$5 8% $3 5% Processed $9
Oman $2 3% 13% Meat $7 9%
Israel $4 6% Seafood $2
Egypt $9 14% 3%
Produce $7
Syria $2 3% Other $15 23% 10%
Saudi Arabia $10 14%
Georgia $1 1%
Armenia $1 1% Morocco
$4 6%
Algeria $6 9% e.g. sugar, oils Grains $20

Jordan $2 3% Libya $2 3%
& fat 29%
Lebanon $2 3%
Kazakhstan $2 3%
Iran $1 1%
Turkmenistan $0.3 0%
Azerbaijan $1 1%
US$69b US$69b
NA/ME/CA – NZ PERFORMANCE BY COUNTRY
New Zealand performs well in a number of the richer countries, but there are opportunities across the region

(US$m; 2010) (US$/person; 2010) (US$b; 2010)
What is required
to move these
countries to
Qatar $17 $10 1%
United Arab… $7 $1.42 0% share (i.e. ~20%)
Kuwait $100 $33 3%
Israel $2 $0.28 0%
Bahrain $66 $84 6%
Oman $29 $10 1%
Saudi Arabia $266 $10 3%
Libya $15 $2 1%
Lebanon $5 $1.20 0%
Kazakhstan $0 $0.02 0%
Turkmenistan $0 $0.04 0%
Azerbaijan $18 $2 2%
Iran $55 $0.73 8%
Algeria $188 $5 3%
Jordan $45 $7 2%
Morocco $67 $2 2%
Armenia $10 $3 2%
Georgia $8 $2 1%
Syria $99 $4 4%
Egypt $132 $2 1%
Iraq $1 $0.02 0%
Uzbekistan $5 $0.18 1%
Yemen $29 $1 1%
Kyrgyzstan $0 $0.05 0%
Tajikistan $2 $0.24 0%
Afghanistan $0 $0.00 0%
TABLE OF CONTENTS
Section Page
Contents 4
Glossary of terms 5
F&B IP Overview 8
3. East Asia 44
1. South Asia 54
3. North America 64
4. Europe 70
c. Other markets 75
NORTH AMERICA – REGIONAL OVERVIEW
The North American region, encompasses the United States (50 states) and Canada (13 provinces/territories),
accounts for 5% of global population and 27% of global GDP
Map of countries and regions in North America % of global population
(2010) (people; 2010)
Alaska
Yukon
Northwest Nunavut
Territories N.
America
Other 5%
95%
Newfoundland
Canada & Labrador
British
Alberta
Columbia
Saskatchewan
Manitoba
Quebec
Washington
Ontario New Brunswick
Nova Scotia % of global gross domestic product
Oregon Montana
N. Dakota Prince Edward I. (% US$; nominal; 2010)
Idaho MN VT
Maine
Wyoming S. Dakota WI NY
NH Massachusetts
MI RI
Nevada Nebraska IO CT New Jersey
PA
California Utah IL IN OH Delaware
Colorado
WV Maryland
Kansas MO Virginia
KY
United Arizona New Oklahoma AR TN N. Carolina Other N.
States Mexico 73% America
MS AL S. Carolina
Texas Georgia 27%
Florida
Louisiana
NORTH AMERICA – KEY INDICATORS
The United States and Canada are both rich countries that import a lot of food and beverages (F&B)

Australia
$9.4b
United States $46,582 309.8 $14,430 $306 $95
Canada $39,059 34.2 $1,335 $804 $27
NORTH AMERICA – TOTAL IMPORT VALUE
In aggregate North America imported US$122b worth of F&B in 2010; imports underperform in dairy and meat
Aggregate USA/Canada total F&B import value from all source countries
(US$b; 2010)
Dairy $2.9 2%
Meat $7.5
6%
Beverages
$22.7 19%
United States Seafood $17.5
78% 14%
Processed
$23.8 20% Produce $23.0
19%
Canada 22%
Other $20.8
17%
Grains $4.0 3%
US$122b US$122b
NORTH AMERICA – NZ PERFORMANCE BY COUNTRY
New Zealand is a relatively minor exporter to the United States and Canada

(US$m; 2010) (US$/person; 2010) (US$b; 2010)
United States $1,817 $5.87 1.9%
Canada $302 $8.83 1.1%
PAGE 68 Note: Some amount of the shipments to the Netherlands and Belgium (in particular) are for on shipment to the rest of Europe; unfortunately these are not effectively separable in

the data; given what is here is the receiving countries report, there will therefore be some double counting; Source: UN Comtrade database; Coriolis analysis
NORTH AMERICA – NZ PERFORMANCE BY SECTOR
New Zealand performs well in dairy and meat into North America in terms of share; share is low otherwise
NZ share of regional F&B imports Value of NZ F&B imports to region Value of total F&B imports to region by sector

by sector by sector (US$b; 2010)
(% of value; 2010) (US$b; 2010)
NZ Other
Dairy 17% $0.5 $0.5 $2.5
Meat 13% $1.0 $1.0 $6.5
Seafood 1% $0.2 $0.2 $17.3
Produce 1% $0.1 $0.1 $22.8
Grains 0% $0.0 $0.0 $4.0
Other 0% $0.0 $0.0 $20.8
Processed 0% $0.1 $0.1 $23.7
Beverages 1% $0.3 $0.3 $22.4
TABLE OF CONTENTS
Section Page
Contents 4
Glossary of terms 5
F&B IP Overview 8
3. East Asia 44
1. South Asia 54
3. North America 64
4. Europe 70
c. Other markets 75
EUROPE – REGIONAL OVERVIEW
The European region (including Russia) accounts for 12% of global population and a third of global GDP
Map of countries in Europe % of global population
(2010) (people; 2010)
Norway
Iceland Other Europe/
Finland
88% Russia
12%
Sweden
Estonia
Russia
Denmark Latvia
Lithuania
Netherlands
Ireland Belorussia
U.K. Poland
Germany % of global gross domestic product
Belgium
Czech (% US$; nominal; 2010)
Lux Ukraine
Slovakia
France Austria Hungary Moldova
Swiss
Slovenia Romania
Bulgaria
Other Europe/
Portugal Spain
Italy 67% Russia
Turkey 33%
Balkan Greece
countries
EUROPE – KEY INDICATORS
Europe is made up of a wide range of countries ranging from very rich to poor

(US$/person; 2010 or (people; m; 2010) (US$b; 2010) (US$; 2009) (US$b; 2009)
latest available) Australia
$9.4b
Luxembourg $92,611 0.5 $47 $3,954 $2
Norway $75,420 4.9 $369 $1,141 $6
Switzerland $62,200 7.8 $484 $1,179 $9
Denmark $55,647 5.5 $308 $1,755 $10
Ireland $50,860 4.5 $227 $1,504 $7
Netherlands $48,121 16.6 $799 $2,292 $38
Finland $45,168 5.4 $242 $829 $4
Austria $44,716 8.4 $374 $1,167 $10
Belgium $42,623 10.8 $462 $2,818 $31
Sweden $42,462 9.4 $398 $1,233 $12
France $40,735 65.4 $2,666 $706 $46
Germany $40,033 81.8 $3,273 $900 $74
Iceland $37,056 0.3 $12 $1,232 $0
United Kingdom $35,428 62.0 $2,198 $800 $50
Italy $34,637 60.3 $2,090 $614 $37
Spain $31,224 47.0 $1,466 $613 $29
Greece $29,922 11.3 $338 $675 $8
Cyprus $28,958 0.8 $23 $1,296 $1
Slovenia $24,037 2.1 $50 $896 $2
Portugal $20,664 10.6 $220 $869 $9
Malta $18,528 0.4 $8 $1,406 $1
Czech Republic $18,045 10.5 $190 $589 $6
Slovakia $16,277 5.4 $88 $673 $4
Croatia $13,916 4.4 $62 $416 $2
Estonia $13,470 1.3 $18 $1,048 $1
Hungary $12,403 10.0 $124 $365 $4
Poland $11,083 38.2 $423 $276 $11
Latvia $10,805 2.2 $24 $660 $1
Lithuania $10,801 3.3 $36 $708 $2
Russia $8,681 141.9 $1,232 $179 $25
Turkey $8,385 72.6 $608 $73 $5
Romania $7,486 21.5 $161 $203 $4
Montenegro $7,122 0.6 $4 $793 $0
Bulgaria $5,910 7.6 $45 $272 $2
Belarus $5,177 9.5 $49 $206 $2
Bosnia Herzegovina $4,502 3.8 $17 $368 $1
Macedonia $4,308 2.0 $9 $310 $1
Serbia $4,304 9.9 $42 $90 $1
Albania $3,671 3.2 $12 $202 $1
Ukraine $2,522 45.9 $116 $92 $4
Georgia $2,475 4.4 $11 $152 $1
Moldova $1,495 3.6 $5 $‐ $‐
EUROPE – TOTAL IMPORT VALUE
In aggregate Europe imported US$463b worth of F&B in 2009; imports were spread across all sectors
Aggregate European total F&B import value from all source countries
(US$b; 2009)
Sweden 2%
Austria 2%
Finland 1%
Belgium 7%
Dairy $35
Netherlands 8%
Beverages $51 8%
France 10% 11%
Ireland 1%
Denmark 2% Meat $59 13%
Luxembourg 0%
Switzerland 2%
Georgia 0%
Ukraine 1%
Serbia 0% Albania 0%
Processed $96
Germany 16%
Macedonia 0% Norway 1% 21%
Bosnia Herzegovina 0%
Seafood $43
Belarus 0%
Bulgaria 0%
9%
Montenegro 0%
Russia 5%
Romania 1%
Turkey 1%
United Kingdom
Lithuania 1% Produce $73
11%
Latvia 0% Other $81 17% 16%
Poland 2% Iceland 0%
Hungary 1%
Estonia 0%
Croatia 0%
Grains
Slovakia 1%
Italy 8% $25 5%
Portugal 2% Spain 6%
Czech Republic 1%
Slovenia 0%
e.g. coffee,
Malta 0% Cyprus 0% Greece 2%
cocoa, sugar,
oils & fat
US$463b US$463b
EUROPE – NZ PERFORMANCE BY COUNTRY
New Zealand is a relatively minor player in European F&B imports

(US$m; 2009) (US$/person; 2009) (US$b; 2009)
Luxembourg $0 $0.00 0.0%

Norway $18 $3.70 0.3%
Switzerland $67 $8.60 0.7%
Denmark $69 $12.53 0.7%
Ireland $27 $6.04 0.4%
Netherlands $320 $19.28 0.8%
Finland $21 $3.89 0.5%
Austria $31 $3.64 0.3%
Belgium $401 $37.04 1.3%
Sweden $39 $4.16 0.3%
France $333 $5.08 0.7%
Germany $549 $6.72 0.7%
Iceland $1 $2.08 0.2%
United Kingdom $905 $14.58 1.8%
Italy $86 $1.43 0.2%
Spain $138 $2.93 0.5%
Greece $40 $3.56 0.5%
Cyprus $14 $17.81 1.4%
Slovenia $1 $0.41 0.0%
Portugal $19 $1.77 0.2%
Malta $5 $11.46 0.8%
Czech Republic $3 $0.28 0.0%
Slovakia $1 $0.11 0.0%
Croatia $4 $0.82 0.2%
Estonia $1 $1.02 0.1%
Hungary $0 $0.04 0.0%
Poland $8 $0.20 0.1%
Latvia $0 $0.06 0.0%
Lithuania $0 $0.09 0.0%
Russia $109 $0.77 0.4%
Turkey $5 $0.07 0.1%
Romania $0 $0.00 0.0%
Montenegro $0 $0.64 0.1%
Bulgaria $2 $0.28 0.1%
Belarus $3 $0.33 0.2%
Bosnia Herzegovina $1 $0.28 0.1%
Macedonia $0 $0.07 0.0%
Serbia $1 $0.06 0.1%
Albania $1 $0.34 0.2%
Ukraine $5 $0.10 0.1%
Georgia $6 $1.34 0.9%
PAGE 74 Note: Some amount of the shipments to the Netherlands and Belgium (in particular) are for on shipment to the rest of Europe; unfortunately these are not effectively separable in

the data; given what is here is the receiving countries report, there will therefore be some double counting; Source: UN Comtrade database; Coriolis analysis
TABLE OF CONTENTS
Section Page
Contents 4
Glossary of terms 5
F&B IP Overview 8
3. East Asia 44
1. South Asia 54
3. North America 64
4. Europe 70
c. Other markets 75
SUB‐SAHARAN AFRICA – REGIONAL OVERVIEW
Sub‐Saharan Africa has the population of Europe/Russia and the GDP of Australia
Map of countries in Sub‐Saharan Africa % of global population
(2010) (people; 2010)
Mauritania
Other SS Africa
Mali Niger Eritrea 88% 12%
Senegal Chad
Burkina Sudan Djibouti
Gambia
G. Bissau Guinea Faso
Benin
Ghana Nigeria Ethiopia
Sierra Leone Ivory
Coast C.A.R.
Liberia Cameroon Somalia
Togo
Equatorial Guinea Uganda Kenya
Gabon Congo Rwanda % of global gross domestic product
D.R. Burundi (% US$; nominal; 2010)
Congo
Tanzania
Slightly less
Angola than Australia1
Malawi
Zambia
Zimbabwe Mozambique
Other, SS
Botswana 98.4% Africa,
Madagascar
Namibia 1.6%
Swaziland
Lesotho
South Africa
PAGE 76 1. New Zealand has the same GDP as the 27 smallest economies in the region; Source: Wikimedia Commons; Coriolis
SUB‐SAHARAN AFRICA – NEW ZEALAND EXPORT OVERVIEW
71% of New Zealand’s exports to sub‐Saharan Africa are dairy products
New Zealand F&B export value to Sub‐Saharan Africa by sector New Zealand F&B export value to Sub‐Saharan Africa by key countries
(US$m; 2010) (US$m; 2010)
Beverages $1
0%
Processed $65 Other 26 $72
Other $1 0% 17% 19%
Produce $5 1%
Nigeria $136
35%
Seafood $20 5%
Ghana $41 10%
Meat $21 6%
Dairy $274 71%
South Africa $57
15%
Sudan $81 21%
US$386m US$386m
CENTRAL/SOUTH AMERICA – REGIONAL OVERVIEW
Central and South America (effectively “Latin America”) represents 8% of world population and 7% of world GDP
Map of countries in Central/South America % of global population
(2010) (people; 2010)
Mexico
Cuba
Belize C/S
Other
America
92%
8%
Venezuela
Columbia
Ecuador
% of global gross domestic product
Peru
Bolivia Brazil
Other
Chile 93.0% C/S
America
Uruguay 7.0%
Argentina
CENTRAL/SOUTH AMERICA – NEW ZEALAND EXPORT OVERVIEW
90% of New Zealand’s exports to Central and South America are dairy products
New Zealand F&B export value to C/S America by sector New Zealand F&B export value to C/S America by key countries
(US$m; 2010) (US$m; 2010)
Other S. America
$80 9%
Mexico $231
27%
Dairy $779 90%
Meat $58 7%
Seafood $5 1% Venezuela $326
Other Central
38%
Produce $7 1% America $71 8%
Other $0 0%
Processed $9 1%
Beverages $5 0%
Caribbean $154
18%
All of Central and South
America imports less
US$ 863m than Singapore US$ 863m

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Food & Beverage Information Project 2011

We address all the problems that are involved in growth: strategy,

We bring to our clients specialised industry and functional expertise.

A hallmark of our work is rigorous, fact‐based analysis, grounded in

However, we deliver results, not reports. To that end, we work side by

The Coriolis name

PO Box 90‐509, Victoria Street West, Auckland 1142, New Zealand

It creates a common set of facts and figures on the current

A$/AUD Australian dollar NA/ME/CA North Africa / Middle East / Central Asia

Investors Firms Government

Overview Investor’s Guide Industry Snapshot

Sectors Dairy Meat Seafood Produce Processed Beverages Nutraceuticals

Markets Global Markets High Potential Market Profiles

Investors Firms Government

Overview Investor’s Guide Industry Snapshot

Sectors Dairy Meat Seafood Produce Processed Beverages Nutraceuticals

Markets Global Markets High Potential Market Profiles

Processed $1.0 $430 Other 9%

$30.9 65‐80 80‐95 95‐10

F&B export value by region over time CAGR Absolute

$16.7 10.4% +$10.5

$0.9 C&S America 9.3% +$0.5

$4.3 East Asia 12.3% +$2.9

$2.3 South East Asia 11.7% +$1.5

26% SS Africa Size of bubble = export value

Australia/Pacific SE Asia East Asia South Asia NA/ME/CA SS Africa C&S America Europe/Russia North America

Fed State of Other, Aus/

Cuisine and culture Distribution Competitive environment

Food building blocks Market characteristics Key imported temperate foods and beverages

Cultural & regulatory characteristics Supply chain issues Key suppliers of temperate foods and beverages

Australia 823 super 742 super

New Zealand 158 super 12 dept

24 super 23 super 8 super

Australia $41,531 22.4 $930 $420 $9,399

PAGE 28 1. 1993 data (latest available); obviously greater today as it would be difficult for a country to import more F&B per capita than its GDP; Source: CIA World Fact Book; UN Comtrade

NZ share of regional cross‐border Value of NZ F&B imports to region Share of regional cross‐border F&B exports/imports

Dairy 54% $443 54% 9% 37%

Meat 18% $152 18% 10% 72%

Seafood 19% $212 19% 1% 81%

Produce 23% $191 23% 8% 69%

Grains 2% $10 2% 34% 64%

Other 4% $46 4% 8% 88%

Processed 17% $661 17% 17% 66%

Beverages 21% $369 21% 9% 70%

Australia $1,789 $80 19%

New Australia USA Canada Europe South China Japan Other E

Cuisine and culture Distribution Competitive environment

Food building blocks Market characteristics Key imported temperate foods and beverages

‐ Rice ‐ Continuing strong presence of wet markets and fresh ‐ European spirits (Brandy, Whisky, Gin)

Cultural & regulatory characteristics Supply chain issues Key suppliers of temperate foods and beverages

‐ Religious limitations on protein consumption (Muslim ‐ Markets somewhat bi‐polar with world‐class, best ‐ Australia

Singapore 7 hyper 2 hyper

Malaysia 123+17+2 25 hyper 32 stores 23 dept

Thailand 663 stores 13 super 16 hyper

Indonesia 120 super 67 hyper

Vietnam 3 super 14 hyper

Brunei 1 hyper 1 hyper

Brunei $36,750 0.4 $15 $652 $0.3

Singapore $32,701 5.0 $163 $1,826 $9.1

Malaysia $7,327 28.3 $207 $424 $12.0

Vietnam $1,070 85.8 $92 $46 $4.0

Laos $905 6.3 $6 $‐ N/A