Multinational food manufacturers wishing to succeed in Latin America need to focus on developing “regional” products – rather than flooding the continent with global brands, says a report.
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According to a study from analysts Business Monitor International (BMI), the buzzword on the continent is “regionalisation”.
The report pointed to Nestlé’s plans to focus its NPD not just on various markets in Latin America but even to the specific tastes of regions within Brazil.
Nestlé has seen sales grow twice as fast in north-east Brazil as it has in other, more affluent parts of the country, the BMI report said.
Its growth there has led the Swiss food giant to develop a programme to develop products for “low-income consumers in emerging markets”.
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By GlobalDataThe programme has been launched in the north-eastern Brazilian state of Bahia and Nestlé plans to roll-out the strategy to other Latin American countries, including Argentina, Chile and Mexico.
