Betting on the Asian market with “Latitude 45” smoked salmon range.
Since the last quarter of 2020, the Chilean salmon farmer Multiexport Foods has been exporting products from one of its smoked salmon brands to Singapore, with a view to including other countries in the region such as Malaysia.
“Latitude 45”, one of Multiexport Foods’ smoked salmon brands, entered into the Singapore market during the last quarter of 2020, the company wrote in a press release.
Available in Singapore, is currently a catalog of five different products, which can be found in Dairy Farm, a major retail group that owns many stores in Southeast Asia. Dairy Farm is a member of the Jardine Matheson Group, a USD 47 billion dollar market cap company and one of the largest conglomerates listed on the Singapore Stock Exchange.
“Singapore is one of the most developed emerging markets in the world. In this sense, we see an opportunity for growth, given mainly by the large percentage of middle class that inhabits the country and that is open to trying flavors and trends from other places. We also believe it is also a gateway to other Southeast Asian countries,” said Multiexport Foods Consumer Products Manager Josefina Lyon.
Until before the entry into Singapore, “Latitude 45” products were sold only in the United States, however, through Asia’s brand expansion plan, Multiexport is also considering incorporating the Malaysian market during 2021, including new value-added products.
“Latitude 45” products in Singapore use the same packaging used in the United States, however, the recipe has small variations. In 2021, the company estimates that about 80 tonnes of produce will be exported to the country.