The franchising industry in Asia has been growing rapidly in recent years. According to Franchising.com, the Asia-Pacific region is the largest franchise market in the world, accounting for over 30% of all franchised businesses globally.
China is the largest franchise market in Asia with over 4,000 franchise brands and more than 500,000 franchise outlets. Southeast Asia (ASEAN) is also a growing market for franchising, with countries such as Indonesia, Philippines, Thailand, Malaysia, Singapore, Cambodia, Myanmar, and Vietnam seeing renewed focus from the franchise industry due to their young labor markets, rapidly growing middle classes, and low costs of living.
Other East Asian countries have attractive and developed franchising industries. For example, Korea has seen significant growth in its franchising industry in recent years. The number of franchise brands in Korea has increased by more than 50% since 2010. Japan is also a major player in the franchising industry in Asia. According to a report by the International Franchise Association (IFA), Japan has over 1,500 franchise brands and more than 240,000 franchise outlets. Taiwan is another country that has seen growth in its franchising industry. The number of franchise brands in Taiwan has increased by more than 20% since 2010.
In addition to these countries, countries in South Asia are seeing significant growth in their franchising industries. According to a report by Entrepreneur, the franchising industry in India is growing at 30-35% year-on-year and is pegged to touch USD 100 billion by 2024. India is already the third-largest franchise market in the world, after the US and China with over 4,600 active franchisers and nearly 200,000 outlets operated by almost 1.7 lakh franchisees.
Franchise consulting can be very beneficial for those who are looking to start a franchise business in Asia or seeking to franchise their business throughout Asia. A franchise consultant can help you navigate the complex process with expert advice and guidance on everything from legal issues to market entry strategies.
VF Franchise Consulting is one of the top franchise consulting companies in Asia that provides a wide range of services to help you start your franchise business. They have a team of experienced consultants who can help you with everything from market research, site selection, training, supply chain support, to franchise development.
In conclusion, the franchising industry in Asia is growing rapidly and there are many countries that are seeing significant growth in their franchising industries. China is the largest franchise market in Asia, followed by India, Japan and Korea. Southeast Asia (ASEAN) and Taiwan are also growing markets for franchising. Some of the major trends in the franchising industry in Asia include increased interest from international brands, focus on technology, growing demand for healthy food options, and increased focus on sustainability. VF Franchise Consulting is an expert in Asia for franchise consulting and marketing.