Tsai Eng-Meng, the leader of a family-run business in Taiwan, found success in the 1980s by creating snacks and beverages, particularly chips made from rice flour. This success helped turn him into a billionaire, with Want Want China expanding to over 80 factories and 41,000 employees in mainland China. However, recent years have seen a decline in both sales and shares for Want Want China due to slower growth in mainland China, where the company gets 90% of its revenue.
In response to this decline, Want Want China is shifting its growth strategy by expanding into private-label snack business and introducing new low-alcohol beverage drinks targeting women. The company is also looking to increase its revenue share from outside of China, with a focus on a new factory in Vietnam. This shift in strategy is part of the company’s goal to become a global brand, with a focus on promoting its rice cracker business worldwide.
The family behind Want Want China, including Tsai Eng-Meng and his sons Kevin and Matthew, are working together to pursue wider ambitions for the company. Kevin is leading the company’s efforts in Taiwan, while Matthew serves as the chief operating officer in Shanghai. The company’s shift towards private-label products marks a change in mindset, as it looks to leverage its manufacturing capabilities and expand its market reach.
Despite its past success, Want Want China acknowledges the need for new products and markets to maintain its competitive edge. The company is exploring opportunities in the coffee drinks market and has introduced a range of low-alcohol beverages. It is also expanding its international business, with a focus on markets like Indonesia and Southeast Asia, as well as setting up operations in Germany and targeting the U.S. and Australia.
One of the key factors driving Want Want China’s international expansion is the abundant availability of rice, a key ingredient in its products, in countries like Vietnam. The company is also leveraging its existing manufacturing capabilities and distribution networks to tap into new markets. With a focus on innovation and adaptation, Want Want China is aiming to stay ahead in the competitive snack and beverage industry.
As Want Want China charts a new course for growth and expansion, the company remains committed to its core products and brands while exploring new opportunities in emerging markets. By diversifying its product offerings and expanding its reach internationally, Want Want China is positioning itself for long-term success in the ever-evolving food and beverage industry.
