Last year, we published an article titled “Food fads of the hipster Chinese.” Number one on our list: avocados. Today, CNBC reports that global avocado sales to China are expected to more than double in 2018.
- Crocodile pears (鳄梨 èlí) or butter fruit (牛油果 niúyóuguǒ) in Chinese, avocados were first introduced into China in 1925, but have only recently started to go mainstream in the mainland.
- Demand “appears to just double every year, from what we’ve seen,” says the president of California-based Mission Produce, “the world’s largest distributor of avocados.”
- “Healthy” and “trendy” are buzzwords among China avocado industry people.
- Mexico is probably the biggest beneficiary of the increased demand. Latin American countries as a group shipped about 76 million pounds of avocados last season to China.
- Kiwi fruit and olive oil are the other items in the above-mentioned review of Chinese hipster foods that I think will see strong demand.
Farm to table — there’s an app for that
In other food news, Bloomberg reports that “Meicai, a China startup that helps farmers sell vegetables to restaurants, has raised $450 million in a funding round.”
- $2.8 billion is Mecai’s valuation after the new investment. The company was founded in 2014.
- Farms sell their vegetables directly to small and medium-size restaurants using the app.
- Tech talent
Chinese workers abandon Silicon Valley for riches back home / Bloomberg
“An exodus triggered by abundant capital, growing innovation and flourishing career opportunities.”
- Venture capital
Asia close to eclipsing U.S. as world’s biggest VC market / FT (paywall)
“Asia is closing in on the U.S. as the biggest home for venture capital, with total funding of $70.8bn last year to America’s $71.9bn, according to the latest PwC/CB Insights MoneyTree Report.”
- Rich people
China’s youngest billionaire gets $6 billion richer in seven days / Bloomberg
“China’s richest woman, Yang Huiyan 杨惠妍, added $6.1 billion to her wealth in just seven days of market trading, trailing only Amazon.com Inc.’s Jeff Bezos in growing her fortune this year.”
Distrusting China’s medical system, patients turn to U.S. doctors online / LA Times
- On-demand and electric transport
Didi continues pivot into two-wheeled mobility with beta test of electric bike rental / TechNode
- Natural gas shortage
China’s fertilizer makers left out in the cold amid winter fuel crisis / SCMP
- Luxury retail
At risk of being left behind, Prada finally sells online in China / Jing Daily
Chinese bitcoin mining giant sets up Swiss subsidiary / Reuters
China’s largest cryptocurrency thrives despite intense crackdown / Bloomberg