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CHAPTER 3
Philippine-made vinegar, soy sauce, ketchup, atsara, fish sauces are some of the more competitive products of the industry. Its competitiveness is attributed to its relatively low export prices, availability of technologies in the production of condiments and sauces, and relatively low labor costs in urban and rural areas. Revenue in the Sauces & Condiments segment amounts to US$515m in 2019. The market is expected to grow annually by 2.4% (CAGR 2019-2023) in the Philippines. Because of While there are about 1,000 manufacturers of condiments and sauces in the country, only 50% are approved by the Philippine Food and Drug Administration (FDA), which means that there is still untapped potential for increasing supply if the remaining 500 companies are supported through additional investments. Through proper investments and government support, the Philippine condiments industry can further develop and contribute to the growth of the economy Also, in India, there are too many existing products like Ashaar so it is very hard to control the market because of its wide competition. By exporting it to the Philippines is a good choice. Since the food culture of Indians and Filipinos is basically the same. The love for exploring new flavors and spices can help attain the said "untapped" market.
SMART Objectives :
•
To introduce a new type of relish/complimentary condiment to Filipino-Cuisines or Filipino-Dishes
•
To penetrate the condiments market and establish a new type of "relish" condiment to the market in Quezon City
•
To provide a substitute for Atsara lovers and give them a taste of "new" flavor yet similar to the taste of Atsara
•
To increase product awareness in the country through online and offline by 20% at the end of 2020.
Philippine-made vinegar, soy sauce, ketchup, atsara, fish sauces are some of the more competitive products of the industry. Its competitiveness is attributed to its relatively low export prices, availability of technologies in the production of condiments and sauces, and relatively low labor costs in urban and rural areas. Revenue in the Sauces & Condiments segment amounts to US$515m in 2019. The market is expected to grow annually by 2.4% (CAGR 2019-2023) in the Philippines. Because of While there are about 1,000 manufacturers of condiments and sauces in the country, only 50% are approved by the Philippine Food and Drug Administration (FDA), which means that there is still untapped potential for increasing supply if the remaining 500 companies are supported through additional investments. Through proper investments and government support, the Philippine condiments industry can further develop and contribute to the growth of the economy Also, in India, there are too many existing products like Ashaar so it is very hard to control the market because of its wide competition. By exporting it to the Philippines is a good choice. Since the food culture of Indians and Filipinos is basically the same. The love for exploring new flavors and spices can help attain the said "untapped" market.
SMART Objectives :
•
To introduce a new type of relish/complimentary condiment to Filipino-Cuisines or Filipino-Dishes
•
To penetrate the condiments market and establish a new type of "relish" condiment to the market in Quezon City
•
To provide a substitute for Atsara lovers and give them a taste of "new" flavor yet similar to the taste of Atsara
•
To increase product awareness in the country through online and offline by 20% at the end of 2020.
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