Jim O’Neill, the former Goldman Sachs economist who coined the term BRIC, is now taking about a new group of countries he calls MINT – Mexico, Indonesia, Indonesia and Turkey. All four could be considered turbulent markets with very high risk. Let’s take a look at the Asia Pacific component of this new cluster – Indonesia.
The food service market is the 4th fastest growing market in the region at 7.7% during the 2007-2012 period behind China, India and Vietnam. Indonesia is rapidly urbanizing at a compounded growth rate of 3.4% for the past 20 years and boasts household disposable income growth per year during that period of 7.6% – a very impressive result. The consumer food service market is valued at $39 Billion, the highest in Southeast Asia. KFC operates over 400 restaurants successfully in the country.
Indonesia should be a prime focus for international restaurant operators and they should take the time and effort to seek opportunities there. Jim O’Neill is right; the “I” in “MINT” makes sense!