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 Acknowledgment

I would like to express my gratitude and special thanks to my ……sir. This research paper

would not be completed without my team and their teamwork. I am grateful for my team

helping me in……. I would like to give my earnest regards to ………college. In the hindsight,

the resources of my university and teamwork from my peers made this research successful.

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 Table of contents

Executive Summary............................................................................................................... 4

Introduction............................................................................................................................ 5

Literature Review................................................................................................................... 6

Methodologies........................................................................................................................ 8

Research Design:...............................................................................................................8

Data collection....................................................................................................................8

1. Primary Data............................................................................................................ 8

2. Secondary Data........................................................................................................9

Findings................................................................................................................................ 12

PESTEL Analysis............................................................................................................. 14

SWOT Analysis................................................................................................................ 16

Discussion............................................................................................................................ 17

Conclusion & Recommendations....................................................................................... 18

Recommendations........................................................................................................... 18

Appendix............................................................................................................................... 20

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 Executive Summary

This research paper aims to find out about the potential market of the Sukuti business. A

Nepalese-origin product in a foreign market. The research identifies the customer interest

and prospect of establishing a dry meat business in the South Korean market catering to the

present Nepalese migrants and other Asian migrants from the South Asian region of the

continent. The paper also analyzes the product's potential to reach Eastern foreign market

where there is higher meat consumption. The report finds out about the internal and external

business environment and the necessary framework for a business to establish in a foreign

market.

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 Introduction

Meat has always been an important diet in human history. Meat recipes have always

evolved since the dawn of time. The meat product Sukuti is a delicacy which is a favorite

among Nepalese food enthusiasts. Sukuti is prepared in a traditional way where the meat is

cooked by smoke from burning wood. The smoked meat “Sukuti” originated from the Limbu

tribe of Nepal. It is favored by many other ethnicities such as Newar, Magar, Gurung,

Chhetri, Rai, Limbu, and Tamang often favor this food during family gatherings, and

festivities, and as a cozy snack. It has become one of the staple dishes in the country. It is

widely consumed in the Tibet and Himalayan regions of Nepal and India.

In retrospect, the meat product was used to save the winter food source due to the

scarcity of meat during the season. Animal meat also bears a religious history to the Newar

society, where every part of the animal is sacred, and no part of the animal is wasted. To

elaborate, the Newar community offers animal sacrifice to the shrine of gods. For large

animals such as buffalo and he-buffalo, a whole village comes together to process the meat.

Due to the abundance of meat during the festivals, most meats are cooked under the smoke

thus these delicacies are later enjoyed. The meat does not get spoiled for a long time thus it

can be consumed as snacks, dinner, or lunch. Among Asian countries, South Korea and

Japan are the most meat-consuming nations besides China. According to Nam, Jo, & Lee

(2010), Meat consumption has rapidly increased in Asia after the growth of their per-capita

income since the 90s.

China is the biggest meat producing nation in the world, also the most meat

producing and consuming countries in Asia include Hongkong, Macao, Taiwan, China, North

Korea, Japan, South Korea, and Mongolia. (Wahid & Srivastava). There are prospects for

the product of meat Sukuti to capitalize in these East Asian markets. Similarly, there are

multiple purposes of meat. It can be used as a daily source of protein sustenance, as the

meat is dried out without using any impurities, chemicals, or oil. It can be a lean source of

protein for those who want to lead a healthy lifestyle.

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 Literature Review

Globalization has brought the whole world together, there are opportunities to

exchange culture, tradition, and food among people. The arrivals of migrants from one

country to another have again diversified the food and culture of the nation. This research

aims to reach to the Nepalese market in South Korea and offer them a traditional favorite

product that they are likely to purchase. It shall also be an opportunity for a gourmand to

explore the foreign flavors and decipher their taste. Majorly, the food of East Asian culture is

considered artistic, sensitive, and full of life and, the food of sustenance. There are hundreds

of recipes and meat products throughout South Korea. However, it might not fit the palate of

Nepalese consumers who tend to love their own cuisine. Sukuti might also act as a gateway

for other countries' citizens to enjoy their own palate. As per Yonhap News Agency (2023),

there are around one million and forty-three thousand migrants in South Korea which has

increased by 9.8% since 2022. Each of these foreign nationals have their own tastes,

preferences, and fashion that can be influenced by the country’s culture but their

psychological desire to seek their traditional foods are often present within the individuals.

According to The Kathmandu Post (2024), there are around 60,000 Nepalese

population living in South Korea. The major cities like Seoul, Ulsan, and Hwaseong consists

of the Nepali population working and studying in the country. Likewise, people who have

migrated to East Asia are mainly from the Gurung, Newar, Magar, and Tamang tribes of

Nepal who mainly prefer to enjoy meat products. Sukuti is catered to the meat-lovers and

food enthusiasts who will be interested in diving into its flavor. The product shall be designed

to be more organic than processed for the consumers to feel the home-loving taste that they

experience in their life. As per Krishna & Somavarapu (2017), Foods can be categorized into

different segments that include convenience foods, fast foods, home foods, and restaurants

foods. Here, convenience foods refer to easily available products such as instant noodles,

and deep frozen meat products. Foods that are available in convenience stores are called

convenience foods. Also, fast food refers to the products of chain restaurants such as

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McDonald's, Pizza Hut, and KFC. Home foods are homely cooked meals whereas restaurant

foods are gourmet cuisines that individuals consume during their special occasions. Among

them, over 60% prefer home foods over processed meals. Even though Sukuti is likely to be

considered convenience food, it shall bring the nostalgia and flavor of home foods that the

Nepalese community has missed. Sukuti will target meat lovers, who are interested in trying

different types of meat that are cooked over fire smoke for longer hours. The Nepali Times

(2021) has stated that meat consumption within the Nepalese community and country has

been increasing for a long time. Since the 90s the consumption of meat has increased from

6kgs to 18kgs in present.

Additionally, South Korea has a strong meat-eating culture. In 2023, a person is

estimated to consume over 60 kgs of meat per year in the country (Chosun, 2024). It has

surpassed the benchmark that the consumption of rice had set which was over 59 kgs.

Moreover, the most preferred product of meat lovers in S. Korea is pork which is evaluated

to be consumed by over 67% of the population. Pork consumption accounts for over half of

the consumption metrics in South Korean society. In 2023 alone, people consumed over

30kgs of pork meat, and behind the pork is chicken meat which is a well-consumed cuisine

in the country. There are multiple other demographics besides the natives who prefer meat

products over non-meat products. The Sukuti product can be targeted to the migrant

population in the country. Besides, it will also be a popular product in Nepal due to its

growing population of meat lovers. Global meat industry (2024) has stated that the meat

industry of the world is nearing the 1 trillion mark also they are likely to surpass over 1.3

trillion dollars by 2027. There are chances for Sukuti to establish in the S. Korean, Nepalese,

and World markets as a unique and distinct product for avid animal meat consumers.

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 Methodologies

Research Design:

This report includes Quantitative with descriptive research design. Quantitative

research mainly relies on numbers-based results where, the data can be interpreted to

understand the natural process of why, when, how, and who. The descriptive research

design explain the characteristics of consumer perception and respondents' unbiased

opinions about the research. The data in descriptive methods can be interpreted by

histogram, pie-chart, and bar-graph.

Additionally, this research design typically includes how we have collected the data

and also the instruments that we have used to collect the data. The research also explains

how those instruments have been used and the intended means for analyzing the data. The

research explains the information about the materials used to conduct the research in the

research methodology section. After formulating the business plan we wanted to evaluate

customer perception and ground reality of starting a business. In order to get those data, we

utilized both primary and secondary data collection methods.

Data collection

The collection of data has become a pertinent part of the research. The data is

organized from various demographics of different ages, castes, colors, creeds, and cultures.

The data analysis of the research projects an unbiased viewpoint of the participants. This

study aims to interpret both primary and secondary data to find out about the customer

interests in new products to both Nepalese and foreign meat lovers.

1. Primary Data

Primary data is developed and interpreted by the researcher. The primary data is

collected via interview questionnaires among meat enthusiasts and frequent visitors to

convenience stores who purchase meat products. Direct interviews with customers and staff

8
are conducted to ascertain the market space, niche product opportunities in the market, and

customer satisfaction within the segments of meat products. The data is collected through

observation, interviews, and questionnaires.

Some of the questions asked in the questionnaire asked to the staff of a convenience store

are as follows:

I. What is the main food product that is sold in the store?

II. Do customers have only the option of frozen meat in the store?

III. Do customers like to purchase meat regularly or they purchase the product in bulk?

IV. Do customers simply prefer frozen meat or processed meat for example salami,

corned beef, jerky, chicken nuggets, and sausages?

V. Does processed meats expire quickly in comparison to frozen meats?

VI. Are there any new meat products in the market?

VII. What is the customer response towards the new meat products in the market?

Additionally, the research also includes Google form reports from customers who are

interested in the meat products. The research form is available in the appendix.

2. Secondary Data

Secondary data is already available data that is collected from various sources. The

secondary data include news outlets, company reports, research reports, journals, and

leaflets. These research data are included and interpreted to understand the possibility of

Sukuti product and their market dynamics in the country.

In terms of our secondary data collection, we have used a mathematical function to calculate

the raw data;

C= P+I-E

Where,

C = Consumption of meat in a particular country

P = Meat production in the country

I = import of the meat

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E = Export of the meat

In the above formulation, we have subtracted the export while adding the value of

import.

For example,

Nepal produced 520,742 tonnes in 2021 according to the Nepal government report.

Also, it is estimated that Nepal imported around 1.9 tonnes of meat in 2021 (Volza, 2023).

Similarly, Nepal is estimated to have exported around 7.99 tonnes of meat to neighboring

countries like Bbuta, Vietnam, China, and India. By using the formula we can calculate that

consumption of meat in the country is around 520,736 tonnes of meat is consumed in the

country with a population of 30.55 million. It is estimated that per person Nepalese consume

18kg per year. Likewise, we have deciphered the following values from the East Asian

countries in terms of their meat consumption about import and export by using the formulae.

Consumption of meat in the East Asian Countries

Country name Meat consumption in a year (per person)

Hong Kong 137.08 kg

China 60.6 kg

Taiwan 77.57 kg

South Korea 70.71 kg

Japan 49.33 kg

Mongolia 88.38 kg

Table: Meat consumption in east Asian countries

With a population of only 7.5 million Hongkong has the largest meat-consuming population in

East Asia (Global Meat Industry, 2024). There is a good foundation for the product Sukuti to

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market in Asian countries with the highest meat-consuming population. Following the four

Ps, place, price, promotion, and product Sukuti should market its product with a glocalization

mindset. Glocalization refers to targeting a global market with a local mindset. Sukuti’s

marketing should target the existing Nepalese consumer base and further expand to the

people who prefer to try new meat products. For instance, per the Home Affairs Department

of Hong Kong, there are more than twenty-nine thousand Nepalese population in the nation.

Targeting the corner market of the Nepali population along with niche products is likely to

build a better image and a strong consumer base for the brand.

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 Findings

This chapter deciphers the business environment and consumer interest in the dynamic

business model of Sukuti products. This result consists of a PESTEL, SWOT, and customer

demand analysis that dissects various segments of business and its prospects.

Customer Demand

Customer demand and inquisitiveness are analyzed by a Google form that finds out

different interests, fashions, and customer convenience in terms of meat products. The

sample of 28 candidates between the ages of 15 and 55 from South Korea and Nepal shows

that 55.2% of respondents prefer dry meat products instead of fried meat, stew, and meat

curry. It shows good hope for the dry meat market.

Figure 1: Shows the preferences of meat products of Nepalese and South Korean consumers

The above pie chart shows the percentage of meat preferences of respondents that include

fried meat(13.8%), dry meat (55.2%), and all of the above (31.0%). All of the above options

include dishes option such as dry meat, fried meat, home-cooked meat, and meat stew.

Among the respondents, dry meat consumers are mainly Nepalese migrants whereas South

Korean consumers are more attached to fried meat. Sukuti is a flexible dish that can be

consumed as fried, barbecued, or stew. Many traditional dishes of Nepal made with Sukuti

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are Sukuti fry, Sukuti barbecue, Sag Sukuti, Sukuti stew, Sukuti with sponge gourd or potato

stew, and Sukuti soup. Similarly, the product line of Sukuti includes Buff, Mutton, Pork, and

Chicken. The majority of meat aficionados prefer all types of animal products thus there is a

chance for Sukuti products to capitalize in the East Asian market.

Additionally, 72.4% of the respondents consume meat regularly and 48.3% of

participants prefer different types of meat including pork, mutton, chicken, and buffalo.

Overall, it shows that the Nepalese community both within the country and migrants living in

South Korea are interested in purchasing a product called Sukuti. There are fewer

Nepalese-origin products and even fewer businesses related to meat products. Nepalese

products are likely to gravitate to the Nepali migrant community. As per the research, here is

the donut chart of the respondent's interest in the inception of the Sukuti product.

Figure 2: Customer Interest towards Commercial Sukuti Market

The above donut chart shows that 96.4% of respondents are interested in the business of

Sukuti. 3.6% of participants are not interested in the brand of Sukuti. The highest number of

Nepalese migrants are interested by the idea of establishing a niche business in Sukuti. The

brand image and marketing catered toward the community shall lay the groundwork for a

good customer base. The motive of the Sukuti product is to provide a delicious, healthy, and

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convenient snack option to consumers. It will be a natural and high-quality product that will

attract pre-existing consumers. A good business plan with proper investment seems to be

feasible for this business plan to take off in near time.

PESTEL Analysis

PESTEL analysis includes political, economic, social, technological, environmental,

and legal observations through primary and secondary data. Politically, a startup faces

issues in terms of registration, taxation, and commencement of business. A good political

environment is pertinent for the success of the organization. Due to globalization and

advancement in technology, it has become easier for products like Sukuti to establish

business on two fronts such as establishing their parent company in Nepal or Korea and

providing products to both countries. The tax matters can be settled between Nepal or Korea

where double taxation won’t take place for the startup. Even though Nepal has an unstable

government, it would be beneficial for companies like Sukuti to establish their parent

company in Korea for stability purposes. A strong government attracts both venture

capitalists and foreign investments for the company to move forward and grow in the future.

Economic analysis of S. Korea shows that they have a self-reliant economy where

the country has more exports than imports. On the other hand, Nepal has more imports than

exports thus the country might be plagued with inflation and other economic crises that might

not be healthy for startups. Economic fundamentals such as GDP, GNP, FDI, and other

parameters are much better in South Korea than in Nepal. According to the World Bank

(2024), S. Korea’s economy is 30 times higher than Nepal’s economy. However, there are

prospects for the product to do well, after its export from S. Korea. Sukuti is one of the

favored dishes in Nepali culture. Socially S. Korea does not differ from Nepal. They are a

conservative society while Nepal is also a family-oriented conservative country. Both of the

countries consume meat in large amounts and on a daily basis. Also, the tribes and

communities that mostly reside in S. Korea are Tamang, Gurung, Sherpa, Rai, and Magar

who are of Mongolian origin thus they fit well with the society. Socio-cultural environments

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like the population, gender, density, and age of the customers shall matter before starting an

organization catering to the demand of the consumers.

Technologically Eastern Asian countries like Japan, S. Korea, and the Philippines are

far more advanced than Southeast Asian countries. That said, Nepal is technologically poor

and does not have advanced resources for businesses like Sukuti to succeed in the country

or reach foreign markets. Nonetheless, S. Korea has advanced technology and resources

that can help operate a decent manufacturing machine for the processing of the product.

Good technology helps to save the cost of the business and develops a product in quickest

and most efficient way possible. The business environment is based on the inputs of various

factors such as purchasing power of consumers, sales, demand, inflation, and population

size. Based on these factors Nepal does not have the similar purchasing power as S. Korea.

However, the country’s fashion and customer demand changes frequently which might not

lead to stable business performance for a new organization. Likewise, Nepal favors in such

parts, with the right marketing there are possibilities for the organization to have better

business performance sales and capitalization of the meat market in Nepal. There are no

commercial Nepali brand that operates within the country which sales processed product

similar to Sukuti. There are chances for the brand to monopolizes, if they are able to capture

the attention and develop the food based on their liking.

The legal environment is quite different in both Nepal and S. Korea. S. Korea has

strong patent and copyright laws, where an organization is both risk and protected. Nepal is

the polar opposite compared to South Korea. It does not have strong patent and copyright

laws thus there are chances for products like Sukuti to lose their unique selling point, should

their competitors discover the idea to sell those products. Similarly, there is strong

bureaucracy in Nepal thus lobbying for loans, securing subsidies, or securing a license in the

country for production shall take a while for the person. S. Korea is an ideal place to start a

business like Sukuti but the organization shall face issues in terms of finances and cost that

shall be incurred while establishing a business. In parallel comparison with S. Korea, Nepal

15
is much cheaper destination but it has multiple infrastructure and resources lacking for the

business commencement.

Findings show that there are customers who are interested in the meat product

Sukuti but the business environmental forces make it difficult for Sukuti to start its business

in Nepal. Likewise, there is decent opportunity for the Sukuti business to take off in South

Korea. The Korean consumers are peculiar but experimental in terms of their food

preferences but the market analysis shows potential for the dry meat business.

SWOT Analysis

SWOT analysis of the business shows its strength in the innovative and new

products that appeal to the new generation of foodies. It has weaknesses in terms of its

limited product line and lack of resources. Besides, they have the opportunity to capitalize on

the dry meat market. However, there is the threat of pre-existing dry meat market products

that might act as a substitute for Sukuti, if this product cannot differentiate itself from other

existing products. The organization has strengths, weaknesses, opportunities, and threats.

Therefore, their business model should circle around the 4 Ps, people, product, promotion,

and price. The economic price will attract more customers, and better product placement

and promotion will appeal to a larger market. Likewise, understanding people’s demands,

interests, fashion, and preferences is likely to generate word-of-mouth marketing of the

product that will be beneficial to strengthen the local consumer base within the Nepalese

community.

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 Discussion

This research paper has found out about the potential market of dry meat and

customer enthusiasm towards the new product of dry meats. Sukuti does have the

opportunity to capitalize on the growing meat market. Despite global warming and

consciousness towards veganism, there is only a small segment of people who are seeking

meat substitutes. As per our customer demand result, about 62.1% of participants think

there is no alternative of meat. 13.8% of respondents think lab-crafted meat to be the future

while 17.2% of participants to consider vegetables to be the best substitute of meat. The rest

of the participants consider veganism to be an option. Hence, the meat market is huge and

growing there are opportunities for dry meat products, and Sukuti to have better market

reception after introducing the product. The pre-existing consumer base and Nepalese

community in foreign countries are likely to be targeted customers for the product. It might

face different barriers like political, environmental, technological, and social. To overcome

these barriers, a starting business should be dynamic and follow the business plan with

better planning and forecasting.

Based on the nature of planning Sukuti should have a systematic approach towards

identifying the objectives. It should be future-oriented thus long-term thinking should be

required while building a business. The consideration of markets outside South Korea and

the inclusion of East Asian markets should be planned. Likewise, Sukuti's business should

have both short-term and long-term goals. The organization should have a flexible and

dynamic approach. Likewise, the decision-making process should be divided based on

management and operations. Where management decisions should be collective and

plan-oriented while operational decisions should be prompt without organizational

bureaucracies. Ultimately, there are possibilities for this business to succeed but a business

should be prepared for myriad of things that might take place in their routine activities.

17
 Conclusion & Recommendations

Lastly, the Sukuti business has the potential to attract a myriad of customers from

South Korea and Nepal. The research is based on the customer’s intentions and interest in

dry meat products. The majority of responses were from women, participants from the age of

15-25, preferred dry meat, and had consumed meat regularly. It shows the inclination of

participants towards meat products. However, there are multiple barriers for Sukuti business

to succeed in the South Korean and Nepalese markets. The business model of this product

is favorable for the product to develop in the South Korean market, targeting the Nepalese

migrants living in the country. Similarly, in the long term, if the business grows then there are

probability for Sukuti to diversify its market to Southeast and East Asian countries. The

business plan should be based on SMART objectives which set targeted goals, benchmarks,

and specific revenue targets that aims towards gaining client’s attention. The organization

should have a product that provides healthy, convenient, and traditional aesthetics with

unique flavors. The brand should add a sense of adventure, encourage customers to taste

new products, and provide them with experience of dried products.

Recommendations

The Sukuti business should have tangible goals and an actionable plan that goes

beyond the passion for the product. A roadmap for the product with the calculation of

resources, expenses, and projected revenue should be evaluated. Besides, international

distribution, it is essential for the product to focus on its local community-based customers to

have a better product base. The business should conduct its activities ethically and provide

quality service to the customers. Financial projections should be long-term. Sukuti should not

only evaluate short-term gains but also long-term tangible and intangible rewards. For

instance, copyrights, patents, and intellectual property should be sought after and improved

for the perpetuity of an organization. Overall, Sukuti does have a promising business thus

there are chances for it to do well in the near future.

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 References

Nam, K. C., Jo, C., & Lee, M. (2010). Meat products and consumption culture in the East.

Meat Science, 86(1), 95-102.

Wahid, A., & Srivastava, S. K. (2021). Status of Production and Consumption of Meat: A

Study of Different Countries of the East Asia Region. Indian Vet. J, 98(11), 28-34.

Yoon-Seung, K. (2023, December 18). Number of immigrants in S. Korea rises some

Koreans eat more meat even compared to the staple food rice. (2024, March 3). The

Chosun Daily.

https://www.chosun.com/english/travel-food-en/2024/03/03/FJF3GFH275ASBG4UT7

466JWHMI/#:~:text=Meat%20consumption%20per%20capita%2C%20which,kilogra

ms%20for%20the%20first%20time.

Meat Imports in Nepal - Import data with price, buyer, supplier, HSN code. (2023, October

31). https://www.volza.com/p/meat/import/import-in-nepal/

News | Nepali Times. (2024.). Nepali Times.

https://nepalitimes.com/news/meat-money-and-the-middle-clas

Race Relations Unit - Information Centre - Demographics. (2024).

https://www.had.gov.hk/rru/english/info/demographics.htm

Topic: Global meat industry. (2024, January 10). Statista.

https://www.statista.com/topics/4880/global-meat-industry/#topicOverview

World Bank Open Data. (n.d.). World Bank Open Data.

https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=NP-KR

Yoon-Seung, K. (2023, December 18). Number of immigrants in S. Korea rises some 10 pct

in 2023. Yonhap News Agency.

https://en.yna.co.kr/view/AEN20231218002200320#:~:text=The%20number%20of%

20immigrants%20aged,down%201%2C000%20over%20the%20period.

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 Appendix

How old are you?*

15-25

26-35

36-45

46-55

56-65

66-75

76-85

86-95

What is your gender?*

Male

Female

Prefer not to say

Which country are you from?*

South Korea

Nepal

India

East Asian country

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What kind of meat products do you like?

Dry meat

Fried meat

Stew

Meat Curry

All of the above

Do you consume meat in regular basis?

Regularly

Weekly

Fortnightly

Once a month

Once a year

What animal meat do you prefer?

Pork

Mutton

Chicken

Buffalo

All of the above

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Do you like processed meat, for instance supermarket meat?

Yes

No

What kind of meat do you like?

Straight from the butcher

Pre-packaged meat

Would you be interested if a product like Sukuti will be available commercially in the market?

Yes

No

What matters the most for you in terms of your meat products?

Food Aesthetics

Taste

Both

What do you think best pairs with meat?

Rice

Beer

Noodles

All of the above

What kind of flavor do you prefer for your meat to taste?

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 Spicy

Tangy

Aromatic

Made with lots of Onion, Tomato and Garlic (Home Cooked)

What would be the best alternative of meat in your mind?

No Alternative

Lab crafted meat

Vegetables

Other:

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