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Kína tækifæri í austri Magnús Bjarnason

Kína tækifæri í austri Magnús Bjarnason. Iceland generates higher export revenue per capita from fisheries than any other independent country in the world, it is a key strategic goal to establish a solid infrastructure for export from Iceland to China. Contributed 11 per cent of GDP

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Kína tækifæri í austri Magnús Bjarnason

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  1. Kína tækifæri í austri Magnús Bjarnason

  2. Iceland generates higher export revenue per capita from fisheries than any other independent country in the world, it is a key strategic goal to establish a solid infrastructure for export from Iceland to China. • Contributed 11 per cent of GDP • Generated more than ¼ of all export revenues • Directly employes over 9,000 people Source: McKinsey Iceland Report 2012

  3. Global footprint with € 600m in sales USA: Icelandic brand plus new business developements Europe: UK, Bene-Lux, Spain, France & Italy Asia: China & Japan Key global drivers Major global followers Source: Bain MTG Analysis, October 2011 Less connected states

  4. Icelandic China • Based in Qingdao 15 people in sales and administration and 90 people in our newly opened factory • BRC approved and technical expertise required to offer service to retailers and foodservice customers in the UK & Asia • Icelandic sells 8,000 mt of fish products 2012 / 2013 into the Chinese market , 80% sold in bulk (containers), 20% in pallets (boxes) – € 25m in sales • Icelandic plans to grow on the back of the new FTA providing superior seafood products to the Chinese market and create a unique access for producers in Iceland to the fast growing Chinese market

  5. The Icelandic China business today is Mackerel, Greenland Halibut and Capelin Icelandic China Business Iceland Import for Domestic Distribution : Major Species Iceland Import for Re-Process : Major Species (%) • Large Halibut • Heads • Tails • Body • Small Halibut • Sold to Chinese restaurants • Mackerel • US$2.5-US$3kg • Sold to small processors • Japanese Restaurants • Capelin • Roe sold to small processors and Japanese restaurants • Whole sold to wholesale • Red Fish (Hong Yu 红鱼) • Norwegian Mackerel (Nuo Wei Hai Yu 挪威海鱼) • Greenland Halibut (Bimuyu 比目鱼) • Capelin (Duochunyu 多春鱼) • Cod (Zhenxueyu 真鳕鱼) • Haddock (Heixianyu 黑线鱼) • Herring 100 100 100 100 100 Domestic Re-Export Halibut Mackerel 600 15,000 (tons) 6,000 10,000 10,000

  6. Consumption is being driven by increasing numbers of middle class consumers China Consuming Class (millions people) CAGR (%) 700 15 22 400 13 200 100 12k+ 5k-12k Consuming class = Per capital US$5k plus at 2005 values Source: InterChina

  7. This is largely driven by urbanization … 20 million new urban residents every year China Urbanization: 2009-2020 For the first time, there are more people residing in the cities Urbanresidents(Million people) Urbanizationrate(%) 900 60% 56%790m 800 51%690m 700 55% 600 500 50% 400 300 45% 200 100 40% 2011 2013 2018 2020 2009 2010 2012 2014 2015 2016 2017 2019 Source: China City Planning & Design Institute.

  8. The strongest growth is from the smaller cities and interior regions … and retail sales in interior regions are increasingly tracking coastal regions Retail sales in smaller cities are accelerating ahead of the bigger cities … Retail Sales Of Consumer Goods(RMB Billion) Retail Sales Of Consumer Goods(RMB Billion) Coastal (East, Northeast) T1 Cities T2+T3 Cities Interior (West, Central) YOY: 16% YOY: 18% CAGR: 18% CAGR: 19% YOY: 18% CAGR: 14% CAGR: 15% CAGR: 19% YOY: 13% CAGR: 17% CAGR: 13% CAGR: 13% Source: China Statistical Yearbook. Source: China Statistical Yearbook.

  9. Even in Tier 4 cities we are seeing the impact of growth and modernization Example: Taizhou in Zhejiang 4 star hotel KFC National Supermarket Chain International Retail Chain

  10. Because these new consumers are increasingly spread across 100’s of cities it is useful to think of China as a collection of markets China : Regional Clusters China is a cluster of markets Shenyang Beijing Dalian Tianjin Qingdao Huang River Xian Jinan ` Zhengzhou Shanghai Hefei Wuhan Yangtze River Chengdu Chongqing Fuzhou Changsha Guangzhou Xiamen Xun River Shenzhen

  11. China restaurant formats growing at ~13% p.a.; FSR accounts for ~75% of the market Customer segments/accounts- restaurant 13% Note: Other incl. 100% home delivery/takeaway, self-service cafeterias, and pizz consumer foodservices Source: Euromonitor; Bain analysis

  12. Western chained FSR/QSR market is more concentrated compared to Asian ones Customer segments/accounts- restaurant Note: Chained restaurants in ‘other’ segment (100% home delivery/takeaway, self-service cafeterias, and pizza consumer foodservices) not included here (total size is minimal) Source: Euromonitor; Bain analysis

  13. China retail: Strong growth in retail market; modern trade gaining share Customer segments/accounts- retail Modern trade Source: Annual reports; GS Supermarkets report; Access Asia; Euromonitor; Statistical Yearbook of China Chain Stores; Expert Interviews; Lit research; Bain analysis; EIU exchange rates

  14. Retail chains: fragmented with national players and many different regional/provincial players Customer segments/accounts Note: Includes all large supermarkets (>6000 sq meters) Source: Bain experience

  15. The top 12 species account for about 80% of frozen fish imports Top 12 Imported Species in 303 US$/Ton Tons (US$m) (000’s) 648.4 1,299 248.3 2,225 (1) 125.2 2,702 (2) 81.9 1,653 (3) 71.6 1,804 98.2 1,612 12.8 9,524 50.0 2,331 62.1 1,859 ~US$2.7b or ~80% 176.8 611 50.8 1,980 28.0 3,473 (1) Includes Atlantic, Pacific, Greenland, Blue, Black (2) Includes Atlantic, Sockeye and other (3) Excludes Halibut, Plaice, Turbot, Sole Source: China Customs

  16. Iceland quota overlaps with some imported species that China wants Top 12 Imported Species in 303 Iceland Quota Comment (000’ tons) How Much Stays? N/A <10% Cod, Saithe, Blue Whiting, Russian, Norway 20% 270.3 (1) 50% 190 Herring, Loophole 1,2 15% N/A But can Source (2) But can Source 40% N/A ? 1.4 (3) Lemon sole ? 6.4 American plaice, plaice 90% Nil 31 ? N/A 90% 13.5 Greenland Halibut 10% (1) Includes Atlantic, Pacific, Greenland, Blue, Black (2) Includes Atlantic, Sockeye and other (3) Excludes Halibut, Plaice, Turbot, Sole Source: China Customs

  17. Icelandic Group Vision Built on our Core Competences Icelandic inspires consumers in its core markets to eat more quality fish from sustainable resources Unique access to the seafood resource in the North Atlantic through ownership and strategic alliances Market driven with a deep understanding of consumers needs and trends Best-in-Class operations, with focus on efficiency, quality and flexibility Innovated seafood category manager with focus on R&D throughout the value chain Attract and retain top talent with expert knowledge of seafood and consumer behavior

  18. China is our growth market

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