Recent market analysis reveals that Singapore-based snack company IRVINS is diversifying its product portfolio beyond its renowned salted egg snacks. This strategic initiative aims to enhance market expansion and drive business growth, offering significant insights and lessons for exporters targeting diverse global markets.
Market Trends
IRVINS, initially famous for its salted egg crab dish from a seafood restaurant, ventured into the snack industry in 2014 with salted egg potato chips and fried fish skin. The snacks quickly gained popularity, leading to the opening of its first retail store in 2016. IRVINS has since expanded internationally, now present in over 12 overseas markets, including Malaysia, Thailand, Vietnam, Hong Kong, the Philippines, and the UAE. Additionally, the brand exports to China via Tmall Global and is available in US and Canadian retailers like Costco and Albertsons.
The company’s unique selling proposition has been its salted egg-flavoured products. However, to facilitate further growth, IRVINS rebranded from IRVINS Salted Egg to simply IRVINS in 2021, signalling its intention to diversify its product range. According to Aje Permana, Senior Manager of Business Development, IRVINS is continuously exploring portfolio expansion opportunities and is open to entering any market with the right distribution partners.
As part of its growth strategy, IRVINS actively engages in collaborations to innovate and expand its product offerings. Past collaborations have included character licensing with brands like Pokémon, Super Mario, and Gudetama, and co-development of products with Nissin, resulting in instant noodle packs and bowls.
At the FHA-Food & Beverage 2024 event in Singapore, IRVINS introduced two upcoming products: salted egg cornflakes and salted egg papadum. The cornflakes, designed for children, omit the red chilli pepper typically found in IRVINS products and will feature smaller, child-friendly packaging. The salted egg papadum stems from the brand’s continuous innovation, transforming traditional dishes into snack formats. Both products are expected to launch later this year.
IRVINS has tailored its product offerings to meet the preferences of different markets. For instance, western consumers prefer the Salted Egg Salmon Skin series due to their familiarity with salmon, whereas Asian consumers favour the original Salted Egg Fish Skin made with Pangasius dory fish skin, which has a more pungent flavour suited to their palate. This adaptability highlights IRVINS' commitment to understanding and catering to diverse consumer tastes.
Strategic Actions
Develop and Market Healthier Convenience Food Products
Food brands should focus on developing and marketing healthier convenience food products to meet the demand created by the healthy food corner initiative.
Conduct market research to identify consumer preferences for healthier food options in the convenience store sector.
Develop a range of products with low sodium, sugar, and fat content that appeal to young consumers.
Collaborate with convenience store chains to ensure product placement in healthy food corners.
The expansion of the healthy food corner project creates a substantial market for healthier convenience foods. By aligning product offerings with this initiative, food brands can tap into a growing demand for health-conscious products.
This strategy can lead to increased sales and market share for healthier food products. It also enhances brand reputation by associating with public health initiatives and catering to health-conscious consumers.
Leverage Strategic Collaborations for Innovation
Engage in strategic collaborations to co-develop new products and leverage brand partnerships for mutual growth.
Identify potential partners with complementary strengths and market presence.
Develop collaborative projects that bring unique products to market, such as co-branded snacks or licensed packaging designs.
Utilize joint marketing efforts to maximise reach and consumer engagement.
Collaborations can accelerate product innovation, increase brand exposure, and create unique offerings that stand out in the market. IRVINS' past collaborations have demonstrated the potential for successful partnerships.
This approach can enhance product development capabilities, expand market reach, and boost sales. Collaborative innovation can also strengthen brand loyalty and attract new customer segments.
Adapt Product Offerings to Regional Preferences
Customize products to align with regional consumer tastes and preferences to optimise market penetration.
Conduct thorough market analysis to understand regional flavour preferences and cultural nuances.
Tailor product formulations and marketing strategies to suit local tastes, such as offering different fish skin types for various markets.
Monitor consumer feedback and sales data to continuously refine and improve product offerings.
Adapting to regional preferences ensures that products resonate with local consumers, leading to higher acceptance and satisfaction. IRVINS' success in tailoring products for western and Asian markets highlights the importance of this strategy.
This strategy can enhance consumer satisfaction, improve market penetration, and drive sales growth. By catering to local tastes, IRVINS can build stronger connections with consumers and achieve sustained success in diverse markets.
Kommentarer