Send Business Soaring! Capture The Chinese Market By Targeting These Industries

29-Sep-2021
Send Business Soaring!  Capture The Chinese Market By Targeting These Industries

The Chinese market is booming!

Even in the midst of a global pandemic, it remains ones of the strongest and most dynamic economies in the world.

If you want to make the most out of the business opportunities this presents, you need to know which markets are soaring and why.

Identifying the Chinese Market High-Growth Segments

Let’s dive right in…

Food and beverage

In recent years China surpassed the USA as the world’s biggest consumer market for food and beverage!

That’s a BIG deal.

This makes the country an attractive destination for food and beverage brands to really take off, especially now that China’s consumers are gaining more spending power.

The food sector of the Chinese market is the largest in the world.

Now is a great time for restaurateurs and food retailers to target the middle and upper class in China by selling premium products.

Chinese Economy

It’s also a great opportunity to make a positive difference in the world.

Did you know that China has one of the largest vegan populations in the world?

The country’s appetite for meat is fading as a new revolution takes hold.

If you conquer China with your Vegan food and beverage products, you’re well on your way to a much more sustainable earth.

Healthcare

Between 2011 – 2020 China’s spending for healthcare reached $1 trillion – that’s nearly a 300% increase.

In 2021, with the global pandemic still in mind, the profits of multinational companies – including pharmaceuticals, medical products, and consumer health no doubt broke new records!

If you’re already in the healthcare space it may be a good time to look to China to maximize the opportunities that come along with this unprecedented growth.

health in china

Let’s face it, maintaining good health is at the forefront of everyone’s mind.

There’s also a rising demand for the best available medical treatments and services, making high-quality health care a profitable industry in the nation.

Private Education

Back in 2015, China’s education industry reached more than $235 billion, according to Deloitte, so you can only imagine what it is worth today.

There’s a huge push for educational training, K12 training, and vocational training.

Alongside the country’s technological innovations, ever-widening Internet access is helping to fortify this sector.

For China’s younger generations learning fluent English is highly beneficial to optimise their chances of career success.

That’s why there’s a huge push to boost Chinese children’s English language learning experience, online, with native speakers.

The Chinese government is investing more in education and they’ve been prioritizing the amendment of private education-related laws and other policies in recent years.

Clean technology

With great economic success comes great responsibility…

China is one of the most polluted places on the planet.

That said, they are trying to do something about it.

The Chinese market is heavily investing in clean and renewable energy.

They’re way ahead of the United States in clean technology, a result of strong government backing, and big investments – it shows no signs of slowing down.

Renewable energy accounts for 38.3 per cent of the country’s total installed power capacity, a rise of 1.7 percentage points.

Power generation from renewable energy sources reached 1,870 TWh in 2018, an increase of 170 TWh and making up 26.7 per cent of the country’s total.

Cloud computing

To reiterate my earlier point of widening internet access many businesses in China are looking to move their processes to the cloud, and this invites cloud service providers all over the world to enter the Chinese market.

In addition, China has become a promising location to sell software for research and mathematical modeling, and this can become a lucrative industry.

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In 2013, China’s cloud computing market was estimated to be worth $1.5 billion, today this figure is over 20 billion!

This represents a compound annual growth rate of around 40%.

Ecommerce

Lastly, let’s talk about arguably the most obvious industry in the Chinese market – eCommerce.

In 2020, the retail e-commerce sales value in China amounted to around 2.3 trillion U.S. dollars, up from 1.8 trillion the previous year. This amount was forecasted to reach 3.57 trillion U.S. dollars in 2024.

customer retention ecomerce

The impressive growth of China’s online retail market is driven by the increase of smartphone users, people’s increased spending power, widespread use of social media, and cross-border shopping.

That’s a wrap!

Ready to Capture the Chinese Market and Send Business Soaring?

We hope this blog inspired your business ventures in 2021 and beyond.

Remember – with new markets comes increased customer service requirements and back-office admin.

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We’re here to help.

If you would like to discuss outsourcing to Smiles On Demand, contact us using the form below and speak directly to our CEO about your business needs.

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