Foreign Market Analysis

Foreign Market Analysis

Introduction

Purpose

The purpose of this project is to analyze the international market (Japan) that is of interest to the producer and exporter of ornamental fish. Specific recommendation for the producer/exporter of ornamental fish will be discussed after the analysis of the international market and product profile.

Methods of Collecting Information

International market and product profile information will be collected based on secondary data. For example, the Central Intelligence Agency publishes the World Factbook, a comprehensive source for general country data. Internet, journals, magazines and newspaper articles on ornamental fish industry will also be used.

The Product - Asian Arowana (commonly known as 'Dragon Fish' in Singapore)

Ornamental fish originated from Singapore with the brilliant colors, multiple species, varieties and unique features are well known in the international market.

Ornamental fish hobbyist's favorite fish from Singapore is called the 'Dragon Fish' (see photograph below). The Dragon Fish are bred under controlled environment where the

chemical composition of the feed, water and pH levels is being monitored closely.

The breeding, farming and export of ornamental fish is a knowledge-based industry. The ability to meet the customer's needs for high quality fish is a critical factor, since ornamental fish must not only be pretty to look at but also robust enough to withstand long air transportation.

Each could fetch up to US$50k at retail. Dragon fish typically has a life span of up to 25 years. Singapore Dragon Fish bound for the overseas market are packed and handled with great care to ensure high survival rate during transportation.

Foreign Market Demand (Japan)

Most ornamental fishes sold in Japan are grown in Japan. In fact, Japan is a net exporter of ornamental fish. However there is a demand for exotic goldfish , like the Dragon Fish, from Southeast Asia. The leading exporters of ornamental fish to Japan are Hong Kong, China and Singapore. In 2002, imports from China accounted for 62.8% of total volume, followed by Hong Kong (19.1%) and Singapore (14%).

Main Competitors

A number of Asia Pacific countries export ornamental fish to Japan. They are Singapore, Malaysia, Australia and New Zealand, Indonesia, Thailand and Vietnam.

In recent years Singapore has concentrated on cultivation of Asian Arowana (Dragon Fish), and in position to provide consistent supplies at set quantity levels. Singapore hosted an international promotional symposium for Southeast Asia (Thailand, Malaysia and Singapore), and it has also set export promotion delegations to Japan. As a result, industry sources say, importers like Japan are increasingly ...