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1、Resilience Amid Disruption:How Some Asia-Pacific Incumbents Are Outmaneuvering InsurgentsAnalysis of 23 consumer product goods categories across 11 Asia-Pacific markets reveals a nuanced reality.By Jichul Kang,Gerald Tan,Weiwei Xing,and David ZehnerCopyright 2024 Bain&Company,Inc.All rights reserved

2、.Authors and acknowledgmentsJichul Kang is a partner who leads Bain&Companys Consumer Products practice in South Korea and is based in Seoul.You can contact him by email at .Gerald Tan is a partner with Bain&Companys Consumer Products practice based in Singapore.You can contact him by email at .Weiw

3、ei Xing is a partner with Bain&Companys Consumer Products practice based in Hong Kong.You can contact her by email at .David Zehner is a senior partner who leads Bain&Companys Consumer Products practice in the Asia-Pacific region and is based in Sydney.You can contact him by email at .The authors ex

4、tend gratitude to all who contributed,including Bruno Lannes,Charlotte Apps,Ravi Swarup,Nina Kaspar,Prapti Sahni,Zara Lightowler,Miya Wang,Yifei Gao,and Ranqi Liu from Bain.Resilience Amid Disruption:How Some Asia-Pacific Incumbents Are Outmaneuvering Insurgents1At a Glance Our analysis of 23 consum

5、er product goods categories in 11 Asia-Pacific markets from 2018 to 2022 shows that while insurgents have made significant inroads,many incumbents have main-tained or even increased their market share.No single category or market factor explains the success or failure of incumbent brands.Channel dyn

6、amics seem to be more influential than category characteristics.But what matters most is how incumbents manage their categories and brands.Successful incumbents blend their inherent strengths with insurgent strategies,leveraging scale while embracing agility and innovation.The rise and reinvention o

7、f established Asia-Pacific CPG brands amid insurgent threatsWe have all heard the narrativeinsurgent brands are on the rise while large incumbent brands face an increasingly gloomy future due to falling barriers to entry and thriving innovation.However,Bain data analysis across 23 consumer product g

8、oods(CPG)categories in 11 Asia-Pacific markets from 2018 to 2022 reveals a more nuanced reality.While insurgent brands have made inroads in capturing market share from established brands,this trend is not all-encompassing.Despite the genuine threat posed by these emerging brands,many established bra

9、nds continue to achieve success.With strategies specifically tailored to their strengths and market dynamics,incumbents can thrive even amid the growing presence of insurgents.We studied 253 category and market combinations in Asia-Pacific over five years.We found that while large incumbent brands l

10、ost in 112 cases(defined as losing more than 1 percentage point of market share in aggregate),incumbents held steady in 72 cases and won(gained more than 1 percentage point of market share in aggregate)in 69 cases.There was no single category where incumbents lost share across every Asia-Pacific mar

11、ket,nor a single market where they lost share across all categories(see Figure 1).So,while insurgents have gained ground in more situations than incumbents have gained,the results show significant variation depending on the specific market and category.Resilience Amid Disruption:How Some Asia-Pacifi

12、c Incumbents Are Outmaneuvering Insurgents2Notes:pp=percentage points;Incumbent brands are defined as top 10 brands in terms of 2018 market share in every category x country,excluding brands thatno longer exist in 2022;Market share in terms of total value RSP for alcoholic beverages and retail/off-t

13、rade RSP for other categoriesSources:Euromonitor;Bain analysisMalaysia PhilippinesJapanIndiaChinaVietnamIndonesiaSingaporeThailandSouthKoreaAustraliaWin(incumbents aggregate share gain 1 pp)Stable(share change within 1 pp)Lose(share lose 1 pp)BeerSpiritsWineBath andshowerColorcosmeticsFragrancesHair

14、 careOral careSkin careConfectioneryEdible oilsMeals andsoupsMilk formulaPet foodSavorysnacksSweetbiscuitsLaundry careNappies/diapers/pantsBottled waterCarbonatesDrinking milkproductsEnergy drinksJuiceAlcoholicbeverageBeauty andpersonal careHome careNon-alcoholicbeverageFoodFigure 1:Its true that in

15、surgents are succeedingbut there are many exceptions,and incumbent winners abound3Incumbent brands performance in 23 tracked categories,by country(201822)Total number of categories:100%8060402002022 retail e-commercesales penetrationWeighted averagetraditional trade percentageof 23 categories2Notes:

16、1)E-commerce penetration for China is published by the National Bureau of Statistics and includes the online retail sales of goods,but does not include theonline retail sales of non-physical goods(i.e.,services).2)Weighted average traditional trade penetration of 23 categories based on Euromonitor d

17、ata,excludingcategories x country combinations with no available data for traditional trade penetrationSources:National Bureau of Statistics of China;Korean Statistical Information Service;Japan Ministry of Economy,Trade,and Industry;eMarketer;Euromonitor;Bain analysisMalaysia235%30%2323232323232323

18、232%7%9%26%5%3%27%13%53%78%2%9%2%46%18%60%22%7%2334%11%PhilippinesIndiaIndonesiaVietnamSingaporeSouth KoreaThailandChinaAustraliaJapanIn the Philippines,large incumbentslost in 7 of 23 categoriesIn S.Korea,large incumbentslost in 16 of 23 categoriesCountries with leading e-commerce/traditional trade

19、 penetrationLose(share lose 1 pp)Win(incumbents aggregate share gain 1 pp)Stable(share change within 1 pp)Figure 2:South Korea,Singapore,and China were the most insurgent-friendly markets;Malaysia,the Philippines,and India were the most incumbent-friendlyChannel dynamics seem to be more influential

20、than category characteristicsOur analysis of 11 Asia-Pacific markets shows a varied competition pattern between incumbents and insurgents(see Figure 2).Notably,South Korea,Singapore,and China emerge as the most favorable environments for new entrants.This trend could be linked to their thriving e-co

21、mmerce sector and well-established networks of third-party suppliers,making these regions particularly conducive for insurgent growth.South Korea,for example,stands out as one of the leaders in the Asia-Pacific region for e-commerce development.The country witnessed an impressive e-commerce sales pe

22、netration of approximately 34%in 2022.This market is also distinguished by its robust infrastructure of third-party suppliers,to which small brands can outsource elements of their value chain.Such an ecosystem significantly reduces the barriers to entry for new businesses,intensifying the competitiv

23、e pressure on established companies.This heightened competition is reflected in large incumbents losing ground in 16 of the 23 monitored categories.In contrast,Malaysia,the Philippines,and India are the most favorable markets for incumbents.This trend can be attributed to the dominance of traditiona

24、l trade,especially in the Philippines and India,and the relatively low penetration of e-commerce.The complex channel dynamics in these markets create a challenging environment for new entrants.Resilience Amid Disruption:How Some Asia-Pacific Incumbents Are Outmaneuvering Insurgents4Sources:Euromonit

25、or;Bain analysisIncumbent brands performance in 11 tracked countries,by category(201822)Total numberof markets:100%806040200AlcoholicbeverageBeauty and personal careFoodHomecareNon-alcoholicbeverageWin(incumbents aggregate share gain 1 pp)Stable(share change within 1 pp)Lose(share lose 1 pp)WineBeer

26、SpiritsBath andshowerFra-grancesOralcareColorcosmeticsHaircareSkincareConfec-tioneryMilkformulaSweetbiscuitsEdibleoilsPetfoodSavorysnacksMealsand soupsNappies/diapers/pantsLaundrycareBottledwaterJuiceEnergydrinksCarbo-natesDrinkingmilkproducts1111111111111111111111111111111111111111111111In Confecti

27、onery,large incumbents lost in 1 of11 marketsIn Skin care,large incumbentslost in 9 of 11 marketsFigure 3:Hair care and skin care were the most insurgent-friendly categories;confectionery was the most incumbent-friendlyFor instance,traditional trade accounts for approximately 53%of the retail value

28、across the 23 categories analyzed in the Philippines.This significant share underscores the importance of robust route-to-market(RTM)capability for brands aiming to succeed in the market.Such a landscape presents a formidable barrier to entry for new competitors.This is reflected in the fact that la

29、rge,established incumbents only lost in 7 of the 23 categories,indicating their continued dominance in a market where traditional channels still play a pivotal role.Category-by-category,our analysis revealed a spectrum of outcomes.Overall,the beauty and personal care sector emerged as the most recep

30、tive to insurgent brands,in stark contrast to other sectors,including alcoholic and non-alcoholic beverages,food,and home care.Within the beauty and person-al care category,hair care and skin care were particularly insurgent-friendly,with established brands losing their market share in 8 and 9 of th

31、e 11 markets,respectively.On the opposite end,the confectionery category proved to be the stronghold for incumbent brands,as incumbents only lost in 1 of the 11 markets within this category(see Figure 3).Resilience Amid Disruption:How Some Asia-Pacific Incumbents Are Outmaneuvering Insurgents5Note:1

32、)The aggregate share gain for foreign incumbent brands was higher than that for local incumbent brands;Local brands are defined as brands owned by thecompanies in the local market;foreign brands are classified as brands owned by companies headquartered outside of the local country,including other As

33、ia-Pacificcountries and other regionsSources:Euromonitor;Lit.search;Bain analysisForeign incumbents solidifyingwinners positionLocal incumbents catching up onforeign incumbentsForeign incumbents catching upon local incumbentsExample:IndonesiaExample:VietnamExample:South KoreaIn 21 out of 23 categori

34、es,foreign incumbentsheld higher share than locals in 2018.MarketdominatorGrowthleader inwinningcategoriesIn Singapore,Vietnam,Malaysia,Australia,Thailand,and China,foreign incumbentslead in market share across the majority ofcategories and are consolidating dominance.In India,Indonesia,and the Phil

35、ippines,foreign incumbents lead in market shareacross the majority of categories,whilelocals are catching up.In South Korea and Japan,local incumbentslead in market share across most categories,while foreign incumbents are growing faster.In 15 out of 23 categories,foreign incumbentsheld higher share

36、 than locals in 2018.In 6 out of 23 categories,foreign incumbentsheld higher share than locals in 2018.All categoriesIncumbent winning categoriesAll categoriesIncumbent winning categoriesAll categoriesIncumbent winning categoriesWinStableLoseForeign brandsLocal brands923237423In 9 out of 23 categori

37、es,incumbent brands inaggregate gained share1+pp from 2018 to 2022In all 9 categoriesthat incumbentswon,foreignincumbent brandsoutgrew local ones1In 4 categories,incumbent brandsin aggregategained share1+pp from2018 to 2022In 3 out of 4categories,foreignincumbentbrandsoutgrewlocal onesFigure 4:Local

38、 incumbent brands showed stronger growing momentum in India,the Philippines,and Indonesia;foreign brands still lead most of the tracked categoriesDelving into the performance of large incumbents based on their origins,three distinct patterns emerge(see Figure 4).In most Asia-Pacific countries,such a

39、s Australia,Singapore,and Vietnam,foreign incumbent brands(i.e.,incumbent brands owned by overseas-headquartered companies)continue to lead in market share across the majority of the 23 tracked categories and demonstrate greater resilience by outgrowing their local peers in most winning categories.H

40、owever,in India,the Philippines,and Indonesia,while foreign incumbents also lead in market share across most categories,it is the local incumbents that exhibit a stronger ability to gain share in the winning categories.For instance,foreign brands in Indonesia led 15 out of the 23 tracked categories

41、in 2022.Nonetheless,local incumbents have shown higher growth in five of the seven incumbent-winning categories,including wine,juice,and sweet biscuits,from 2018 to 2022.The success of these local brands can be attributed to their extensive distribution networks in rural areas and lower-tier cities,

42、where they effectively leverage traditional trade channels.In South Korea and Japan,local brands have traditionally dominated the market.However,foreign brands have recently begun to lead growth in some incumbent-winning categories,such as carbonates in Japan and fragrance and diapers in South Korea

43、.6Covid-19 experience was also nuanced Another common narrative is that the Covid-19 pandemic enabled incumbent brands to regain traction as consumers sought out well-known brands during times of uncertainty.At the same time,larger manufacturers were better equipped to navigate supply chain disrupti

44、ons.Again,our study showed a mixed impact among the Asia-Pacific countries.During the year of peak Covid-19 restric-tions,incumbent brands experienced increased success in 7 of the 11 countries we analyzed.India and China saw the most substantial gains,where incumbents gained in eight and five addit

45、ional categories,respectively,compared to the previous year.On the other hand,in countries like Malaysia,Singapore,Vietnam,and Australia,there were either no significant changes or incumbents lost in more categories during the peak periods of Covid-19 restrictions.In summary,incumbents gained tracti

46、on during Covid-19 in some markets,but not in others.Insurgents have momentum in many situations,but our data show resilient incumbent brands can hold steady or gain share across a wide range of markets and categories in Asia-Pacific.While market,category characteristics,and macro situations do cont

47、ribute to incumbents success to some extent,what matters most is how they manage their categories and brands.What we learned from large incumbent winners In todays era of swift disruption,established players can find it challenging to match the agility of emerging competitors.Our research reveals th

48、at successful incumbent companies are adept at incorporating the most effective strategies from insurgent competitors while leveraging their inherent strengths.They have harnessed their scale to their advantage.They have skillfully navigated typical pitfalls,such as complexity and inertia,which ofte

49、n beset large organizations.Additionally,they have shown a capacity for innovation,investment,and execution that would make even the most ambitious insurgents proud.The success of Asia-Pacific incumbent brands can be expressed in a four-part framework(see Figure 5):Resilience Amid Disruption:How Som

50、e Asia-Pacific Incumbents Are Outmaneuvering Insurgents7Learn from insurgent playbookMaximize incumbent advantages Limited siloes,allowing for fastcommunication and decisionsFoster a culture characterized by anextraordinary sense of insurgency,afrontline obsession,and an owner mindsetAdopt innovativ

51、e marketing models,embracing evolving digital trends,e.g.,content marketing,social commerce,etc.Rapid innovation cycle,enabled byoperational improvements andecosystem partnershipsFocus on building market position withflexibility to take multi-year path toprofitabilityEstablish distinctive hero SKU(s

52、)firstbefore building a brandDesignDecideDeliverDigitalizeConsumer needsfirst;no opportunitytoo smallAgility ininnovationsLong-term top-linegrowth focusedFoundersmentalityHero SKU firstIntegrated,cross-functionalEvolving marketingmodelsOperatingmodelHow to winMemorabilityPropositionAvailabilityLocal

53、ization(For foreign brands)Respond to unmet consumer needs oremerging trends,even if the initialincremental value of opportunity appearsmodest or potentially dilutiveAccumulated in-depth consumerand marketknowledgeEstablished know-how in innovationsFast scalingthroughomnichannel reach Global reachSt

54、able returnsTalentattractivenessExtensive consumer and marketinsights enabled by systematic studies,tracking,and monitoringLeverage established omnichannelfootprints and rich know-how in RTM asthe moat,enabling rapid scale andachieving cost-effectivenessRich know-how and assets,includingpatents,tale

55、nts,processesDiversified portfolios and risk manage-ment stabilize returns and increase“staying power”;ability to free upresources to invest in high-priorityprojects(brands,innovations,businesses,etc.)Replicate repeatable models from/toglobal marketsM&A powerhouseAbility to strategically leverage me

56、rgerand acquisitions as a means toaccelerate revenue or profitability growth 1234Ability to attract top talents enabled bystrong reputation and mature talentdevelopment systemWhere to playConsumer insightsPortfolio strategyFigure 5:Incumbent winners adapt the best of the insurgent playbook while max

57、imizing their incumbent advantages1.Where to play:These incumbents establish an in-depth understanding of local consumers to identify growing demand and drive portfolio growth within and beyond the current market.2.How to win:They foster a repeatable growth model by building strong brand memorabilit

58、y,establishing a best-served brand proposition,and optimizing availability.3.How to operate:Successful incumbents develop differentiated capabilities that create sustain-able competitive advantages.4.How to localize(for foreign brands):Successful foreign incumbents proactively localize core capabili

59、ties,enabling them to compete like local players.Where to playSuccessful incumbents capitalize on the extensive consumer and market insights gained from years of operation to identify emerging market opportunities.They are attuned to the market,searching for unmet consumer needs,and are often willin

60、g to innovate based on emerging trends,even when these new prospects initially seem minor compared to their existing business.Other successful incumbents adopt solutions that insurgents are trying to scalesolutions that resonate with consumersand use their scale advantage to build distribution and b

61、rand awareness and achieve cost-effectiveness quickly.8By-health,a leading Chinese vitamin and dietary supplement(VDS)brand,exemplifies this strategy.In recent years,By-health has been proactive in identifying and responding to emerging consumer trends.It has strategically entered burgeoning niche s

62、ub-segments,such as eye health,liver protec-tion,and beauty and weight management,positioning itself as one of the early movers in these areas.The brand has forged partnerships with prestigious institutions for advanced research and develop-ment,leveraging its stature as a major player to build a co

63、mpetitive edge through accumulated expertise.By-health has also dramatically accelerated its innovation process,achieving a pace on par with insurgent brands.This agile approach has been instrumental in By-healths ascent to the top position in Chinas VDS market,supplanting the previous market leader

64、.As a result of these strategies,By-health has achieved a CAGR of 15%20%from 2018 to 2022.Similar examples can be observed among successful incumbents in the region.Baixiang,a leading noodle brand in China,has transformed its approach to innovation by becoming consumer-centric.Embracing a“test and l

65、earn”philosophy,the brand has adapted to emerging consumer trends and scaled by leveraging its established channels,leading to the successful launch of several health-focused premium products.Meanwhile,Great Northern,the leading Australian beer brand owned by Carlton&United Breweries,can attribute i

66、ts success to its deliberate positioning,which targeted its competitors stronghold in terms of occasions(outdoor lifestyle),taste(light profile),and geography(Queensland).Likewise,a leading food brand in India,Tata Sampann,has achieved an approximately 20%CAGR in the past five years by addressing co

67、nsumer needs for high-quality,healthy,and nutri-tious staple foods.It was one of the first movers into the branded pulses market in India,gradually expanding into categories such as spices,poha,and dry fruits.By leveraging their unparalleled consumer insights to expand methodically into high-potenti

68、al niches,some incumbent winners have fueled tremendous growth.Their strategic playbook could provide a model for other incumbents looking to play to their strengths.How to winWinning incumbent brands in the Asia-Pacific markets have crafted a repeatable growth model by building strong brand memorab

69、ility,establishing a well-defined brand proposition,and optimizing availability across their markets.Our research reveals that incumbent winners adopted strategies inspired by their insurgent com-petitors.These strategies include focusing on long-term top-line growth,prioritizing a“hero”SKU approach

70、,and employing a marketing strategy that follows the evolving market landscape.Simultaneously,these incumbents leverage their strengths,including fast-scaling capabilities and an established omnichannel presence.They effectively combine insurgent brands learnings with their established market advant

71、ages,such as global reach and M&A capabilities.9Resilience Amid Disruption:How Some Asia-Pacific Incumbents Are Outmaneuvering InsurgentsPucuk Harum,Indonesias top ready-to-drink(RTD)tea brand,exemplifies this.It leverages the distribution network of its parent company,Mayora,to achieve the highest

72、numerical distribution in the RTD tea market.The brand consistently invested above the average in advertising for years,focusing on its hero productthe regular 350 ml Pucuk Harum Jasmine.This strategic focus has helped it capture an approximately 30%share of the RTD tea category with this single SKU

73、.In expansion,certain incumbent victors enhance their global presence by adopting global best practices for international markets.For instance,Samyang Foods achieved a 20%CAGR in overseas revenue over the past five years.This success stems from replicating a global expansion model initially develope

74、d and proven effective in China and then applied to other international markets.Addition-ally,the brand has leveraged social media as the primary touchpoint to sustain a“viral”effect and maintain active engagement with consumers.Finally,the resources and capabilities of incumbents to engage in M&A p

75、rovide them with a growth advantage.For example,Amore Pacific recently acquired COSRX,an insurgent cosmetic brand.This acquisition contributes significant operating profit to Amore Pacifics bottom line.For more M&A studies,please read“Overseas Ambition:Asia-Pacific Consumer Products Companies Use M&

76、A to Accelerate Growth.”How to operateInsurgents are characterized by their agility,integrated organization,and creative house culture.Our analysis suggests that successful incumbent companies and brands increasingly embrace this founders mentality,which can be defined by three distinct traits:an ex

77、traordinary sense of insurgency,a frontline obsession,and an owners mindset.Meanwhile,many incumbent winners transformed their organizations into more integrated and cross-functional entities that reduce com-plexity and act decisively to overcome and dismantle bureaucracy,thereby allowing them to co

78、mpete more effectively in a dynamic market.Meanwhile,incumbent winners leverage their diversified portfolios and robust risk management capabilities to maintain financial resilience amid market fluctuations.They actively manage their cost structure,redirecting financial resources when necessary to r

79、evitalize growth.For example,South Korean food and beverage company Nongshim conducted a scaled cost transformation program in recent years,nearly doubling its EBIT.This strategy provided the necessary resources to invest in high-priority projects.Moreover,the established stability,reputable standin

80、g,and well-developed talent systems of incumbent winners make them appealing to professionals.Prospective employees see large incumbents as able to provide secure and progressive career paths.This gives them an edge in the fierce competition for talent.10How to localize for foreign brandsOur researc

81、h highlights that localization plays a crucial role in the success of foreign companies in the Asia-Pacific region.A prime example of this can be seen in China.Successful foreign incumbents in this intense market gain a competitive edge by employing a“4D approach”:Design for China by rigorously tail

82、oring products for Chinese consumers and having local R&D.Decide in China by adapting the operating model for more local decision authority.Deliver at China speed using the ecosystem and micro-battles for rapid pace,trial and error,and fast learning.Digitize China operations with data-driven and alg

83、orithmic approaches,including closed-loopconsumer engagement.In China,a few foreign brands(including LOreal Paris,Huggies,and Budweiser)have excelled in competitive Chinese local markets with this 4D approach.Read more:“How to Behave Like a Chi-nese Brand”;“Consumer Products:Nows the Time to Double

84、Down on China.”ConclusionOur 2018 to 2022 analysis in the Asia-Pacific region challenges the notion that insurgent brands universally disrupt incumbents.Many incumbents have successfully maintained or grown their market share amid tight competition.Despite insurgent challenges,these incumbents thriv

85、ed by blending their incumbent strengths with insurgent tactics,which allows them to counter threats and strengthen their market position effectively.Methodology Our study focused on the major consumer product brands in the Asia-Pacific region over the last five years.We analyzed data from 23 key co

86、nsumer product categories,including beverages,food items,beauty and personal care products,and home care goods,across 11 significant Asia-Pacific markets from 2018 to 2022.Utilizing the comprehensive database of Euromonitor,we tracked the performance of what we catego-rized as“large incumbent brands

87、”the top 10 brands by market share in each category and country as of 2018.Our analysis continued through 2022,excluding any brands that ceased to exist by that year.We measured the relative success of these large incumbent brands in each category and country by assessing whether their aggregate mar

88、ket share changed by more than 1 percentage point from 2018 to 2022.A change greater than this threshold indicated a win or loss,while a smaller change suggested stability within that specific category and market.Bold ideas.Bold teams.Extraordinary results.Bain&Company is a global consultancy that h

89、elps the worlds most ambitious change makers define the future.Across 65 cities in 40 countries,we work alongside our clients as one team with a shared ambition to achieve extraordinary results,outperform the competition,and redefine industries.We complement our tailored,integrated expertise with a

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