长风破浪会有时：亚太消费品企业的海外拓展之路（英）

As growth in domestic markets slows, Asian companies must expand internationally to keep thriving. Here are several approaches to success.By Derek Deng, Nikhil Ojha, Jiho Park, and David ZehnerThe Global Odyssey: Asia-Pacific Consumer Product Companies’ Quest for International ExpansionCopyright © 2024 Bain & Company, Inc. All rights reserved.Authors and acknowledgmentsDerek Deng is a senior partner who leads Bain & Company’s Consumer Products practice in Greater China and is based in Shanghai. You can contact him by email at Derek.Deng@Bain.com.Nikhil Ojha is a senior partner who leads Bain & Company’s Strategy practice in the Asia-Pacific region and is based in New Delhi. You can contact him by email at Nikhil.Ojha@Bain.com.Jiho Park is a partner with Bain & Company’s Consumer Products practice based in Seoul. You can contact him by email at Jiho.Park@Bain.com.David Zehner is a senior partner who leads Bain & Company’s Consumer Products practice in the Asia-Pacific region and is based in Sydney. You can contact him by email at David.Zehner@Bain.com.The authors extend gratitude to all who contributed, including Miya Wang, Yifei Gao, Heewon Kang, and Bain Capability Network for their help preparing this report from Bain.The Global Odyssey: Asia-Pacific Consumer Product Companies’ Quest for International Expansion3At a Glance Achieving success in international markets is crucial for any company striving to establish itself as a global leader. For Asia-Pacific CPGs, international growth is more critical than ever due to maturing domestic markets. Fortunately, the growing popularity of Asian culture enhances their chances of success. We observe three global expansion pathways for Asia-Pacific-headquartered FMCGs: into neigh-boring Asia-Pacific countries, into Europe and North America, and into future emerging markets. Over the past decade, European and North American markets have gained more significance. Our analysis of successful Asia-Pacific FMCG players reveals three strategic approaches for international expansion: expanding the existing core business abroad, establishing a new core business, and, for those without a strong core, launching with an international focus. For those expanding their core business, there are four strategic variations: from ethnic group to general audience, from niche vertical to broad spectrum, a market development play, and head-to-head competition. Despite common pitfalls observed in international expansion, some Asia-Pacific FMCGs success-fully learned from these early missteps, mitigated these challenges, and achieved outstanding results.IntroductionAchieving success in international markets is crucial for any company striving to establish itself as a global leader. Nestlé, the world’s largest fast-moving consumer goods (FMCG) company, started international expansion within 15 years of its founding and now derives 99% of its total revenue from foreign markets. More recently, with declining birth rates and agin