Asia is home to 22 of the world’s 37 megacities and 4.5 billion people. 60% of the world’s population live here, in a region that has almost limitless potential as a growth market.
Despite the ravages of COVID, Asia remains a global powerhouse. China and India are now amongst the world’s biggest economies, whilst the countries that make up Southeast Asia effectively comprise the world’s fifth largest economy.
Asia’s astonishing economic growth is set to continue because of a number of key drivers; among them:
- Large and relatively young populations
- Massive investments in physical and digital infrastructure
- Increased value-add and strengthened pace of innovation in the manufacturing sector
- A rapidly growing middle class driving domestic consumption and overtaking exports as a primary driver of growth
Today, Asia is also where most of the world’s leading tech innovations are born – especially in the field of A.I. and virtual reality – in countries such as Singapore, S. Korea, Taiwan, Japan, Indonesia and India.
In combination, all these factors have caused explosive growth in recent years in a number of key industry sectors.
Asia’s fastest growing industry is Gaming
Digital advances have been behind astronomical growth in the online Gaming industry in Asia in recent years, especially in countries such as China, Japan, S. Korea and India. This sector includes action video games and online casino gaming.
In 2018 revenue from the gaming industry in the Asia-Pacific region was $71.4 billion, more than twice that of the North American region. (1) The onset of the pandemic, along with rapid smart phone penetration, has accelerated that growth curve. Today the Asia Pacific region has over half the world’s three billion video gamers. (2)
E-Commerce is a booming industry in Asia
In Asia today China and India are leaders in the online trading business.
China is the world’s leading online shopping market and accounts for over 50% of the total global e-commerce transactions. With total annual revenue of around $1.33 trillion and over 560 million buyers, China’s e-commerce market is estimated to be larger than those of the US, UK, France, Germany, and Japan combined. (3)
India is home to the world’s third-largest online shopper base of 140 million, behind only China and the US. However, the market is still massively untapped, given the potential to reach India’s huge internet user base of approximately 625–675 million people. (4)
Food and beverage recognized as one of Asia’s fastest-growing industries
The ASEAN region is rich in agricultural products and resources, many of which are processed or packaged and sold wholesale.
With production of USD3.0 trillion, the Asia Pacific is the world’s largest food, beverages and tobacco producer. That growth looks set to continue, with the region leading the world in the production of vegetable oils, grain mill products and commodities such as sugar, coffee, tea and spices. (5)
Delivery & Logistics is now a booming industry thanks to e-commerce and COVID
Delivery and logistics is now one of Asia’s fastest growing sectors due to the booming e-commerce industry, improved transportation networks and the Covid 19 pandemic.
China’s logistics industry ranked first in the world in freight volume, turnover rate and express delivery volume in 2020 (6), whilst Indonesia’s logistics and delivery market is expected to grow upwards at an annual rate of 9.3% to reach $16.3 billion by 2023. (7)
One other industry that has grown exponentially over the past two years in Asia and around the world is respiratory ventilator manufacturing; one of Covid’s few positives. In fact, the Asia Pacific ventilator market is expected to reach US$ 1,843.10 million in 2027, up from US$ 556.25 million in 2019.(8)
In every crisis there is opportunity!
Like to know more about the Asian business market? Or are you thinking of expansion and need some advice and guidance? Then don’t hesitate to contact CXC Global. CXC are experts on the Asian business market along with all aspects of workforce recruitment, hiring and management throughout the region.
(1) com/top-4-fastest-growing-industries-in-asia
(2) com/topics/2196/video-game-industry-in-asia/#dossierKeyfigures
(3) gov/knowledge-product/exporting-china-market-overview
(4) com/india-is-home-to-the-third-largest-online-shopper-base-of-140-m-report
(5) com/food-beverages-and-tobacco-industry-in-asia-pacific/report
(6) cn/english/2021-11/03/c_1310287496.htm
(7) com/top-4-fastest-growing-industries-in-asia
(8) com/news-release/2020/11/27/2135439/0/en/The-Asia-Pacific-ventilator-market-is-expected-to-reach-US-1-843-10-million-in-2027-from-US-556-25-million-in-2019.html
