By Nandhini Rajagopal
Kitchenomics is where kitchen and business economics are assessed and addressed in a beneficial way to both manufacturer and consumer. The concept of kitchenomics in Asia is addressed in this article, which brings to light, the economic status of the region, the cooking trends and the changes that will bear an impact in the market. The Asian market is broadly classified into three regions: South-western, North Eastern, and South Eastern.
The regions included in the South Western region are India, Pakistan, Srilanka, and Burma. India with a GDP of 8.5% is considered as one of the future global powers and a safe haven for Foreign Direct investment (FDI). The cooking trends of this region have both culture and modernity attached to it that makes it viable and safe market for all the food and kitchen accessories manufacturers. The economy and market are promising for processed food, precooked food, stylish kitchenware and kitchen accessories for chefs and cooks. Introduction of new spices and new flavors will help drive the spices and flavor industry as Indian cuisines use a lot of flavor and spices in their food. Pakistan with a GDP of 2.4% is probably one of the least preferred choices to start a business due to the poor economy. However, the local governments' dependence on the import of subsidized foods creates a scope for partnering with Pakistan in the canned food and precooked food segment, which is a safer bet than trying to establish business in the segments of kitchenware and kitchen accessories. Srilanka with an annual growth rate of 8.2% was among the countries in which business transactions were least preferred because of the socio-political status of the country. Now that the country is slowly coming out from its internal issues, spices and flavor industry and kitchenware are all in the segment that offers better prospect for the industry. Burma with an annual growth rate of 3.2% is a region where spices and ingredient market is more welcoming than the kitchenware and appliances market. Curries form a major part of the cuisines here which are based from yoghurt.