The purpose of this report is to analyze the market surrounding the potential for the multinational company which finds a new opportunity to launch a new product in the market “Plant-based meat” in the market criteria such as timeliness, durability, attractiveness, and customer value with evaluating the potential marketing opportunity for the company to launch where it will analyze the different elements such as the what are the potential customers for the product of the company and how much customers are willing to pay to buy the customers with analyzing that what is the market condition and competition for the product. This report will analyze the unmet market needs to support the business opportunity. It will analyze the potential customers of the company and what are the benefits of the customers seeking with identifying what are risks exist in the market.
In the current situation, the food industry is the fastest growing industry in the world and it has a wide range of opportunities in the market which ensures the success of the product of the company that has been developed with following modern requirements in the food industry (Fdf.org.uk, 2021). The product which has been launched by the company is a diet conscious product “Plant-based burger” where it has a good opportunity in the market.
Plant-based products are a modern concept in the food industry that has been mainly developed with the plants and manufactured to tastes and appear like real meat which is very beneficial for health. It is a modern concept in the food industry which is healthier in comparison to regular meat because it is very low in saturated fat and calories developed with the coconut oil, beet juice, peas, wheat gluten, and proteins in the vegetables (Thehumaneleague, 2021). The product is unique in the market and it attracts a wide range of customers for the company because it is a fitness-based product wherein current scenario the impact of Covid changes the food habits of the people and they switch to the options of healthy food and its alternatives. The number of vegetarian people also increases in the market UK which is a positive factor for the product of the company.
The price of the product is not much higher and its production cost is also low with the normal burger. The price of a normal meet in the country is very cheap in comparison to other countries where the average price of a normal meet is £ 13.15 per kilogram (Cohen, 2021). The plant-based meat is made of vegetables which is available at low prices. The production cost of plant-based meat is estimated at $ 5.99 (€ 5.39) where the customers are willing to buy the product on € 15-17 easily. Plant-based meat is a demanding product in the market UK because the customers are attracted with the affordable price for the product in comparison of its competitors. The number of vegetarians in the market of UK is increasing which shows the product as their supplementary source for the different types of meat products (Oliver, 2022).
Plant-based meat is a new and modern concept in the market but it is the market condition is very high in the market because there is already a big organization that sells its product in the market of the UK such as Vbites, beyond meat, Vivera, Gardein, and many more, where the plant-based meat market is rapidly growing category in the industry and the market is more than $1.4 billion (Peta.org.uk, 2022). The organization has to face a high amount of competition in the market UK for selling the product in the market at an effective price with providing the quality products for the customers in the market. Vivera sold more than 40,000 units in the market UK where these companies are also providing a wide range of product categories in the category of plant-based meat were including Sausage, Deli slices, and many more which attract the customers to buy the products (Perishablenews, 2018). The competition in the industry is reduced by selling the products at an effective price with quality.
Several organizations sell plant-based meat in the market UK but the company sells the products in the market with innovativeness where the product is mainly focused on the fitness freak people who want to eat junk food but in a healthy manner. The company develops the product with innovativeness through adding the micro and macro food elements such as protein, minerals, trace elements, lipids, and many more which makes the product the best combination of junk food with ingredients of healthy food (Morris and Mohiuddin, 2020). The uniqueness in the product of the company provides a competitive advantage for the company as well as finds a new business opportunity for the company in the food market. Research conducted that eating more plant-based meat increases the risk of a heart attack in humans where the company aims to reduce the sodium and fillers from the which contains high saturated fats, so it is an unmet market need for the company to attract new customers in the market.
The potential customer market for the company is very wide because it is already popular with its customers from different age groups. After all, it is a health-based food product that has been categorized into junk food. Nowadays the awareness of the people is constantly increasing to adopt healthy food habits, so there is a wide range of scope for the product in the market. The potential customer area for targeting the customer is young people and people who are fitness and gym freaks because the younger generation likes to eat junk food where the target customers are in the age between 10 years to 45 years. The targeted customers are millennials and the younger generation were 21.3% of people of the country were under the age of 18 (Ethnicity, 2018). Currently, there was 6% of the total people in the market of UK is vegetarian which finds a good opportunity for the company to attract those customers because the product is an alternative option for vegetarian people (Johnson, 2022). Research shows that the demand for meatless food is grown further to more than £ 1.1 billion in the market of UK by the year 2024. UK people are more willing to eat junk and fast food where the demand for plant-based meat is very high.
The product is mainly developed for those people who are more willing to eat healthy food where it targets the younger generation people because they are more attentive to their health. Plant-based meat is a product that fulfills the needs of its customers to eat healthy food in form of junk food which helps them to eat according to their health. The product is more valuable for the people who are vegetarian so it provides intrinsic value for the customers of the company. It improves the healthy eating habits of the customers by developing the food culture of the country and reduces the risk of inflammation, cancer, bowel regularity and mamani more (Sayer, 2022).
In the market UK, the primary risk for the product plant-based meat is that the market is full of with high level of competition because various organizations have been already sale different types of products with the mixture of ingredients of plant-based meat which is a major risk for the company. The primary competitors of the company are Beyond meat, Gardein, Vbites, and many more and they cover a wide range of areas in the market of UK. Another risk for the product in the market is the social behavior of the customers and there is a myth in the market that plant-based burger is made of meat.
Plant-based meats emit 30 to 90% fewer greenhouse gases in comparison with conventional meat which also reduces the risk of animal cruelty by improving the health of the individuals (Gfiorg, 2022). In the market, the demand for meat and healthy products are very high where the company aims to launch the product in different product categories through effective promotion of the product in the market.
Conclusion
Based on the above study it is concluded that the product for the business opportunity is “Plant-based meat” which has wide range opportunities in the market of UK because the product is mainly developed for the young age people and people who are more attentive towards their fitness where it is estimated that the customers are willing to pay £ 15-17 easily to buy the product which is finalized with analyzing the market demand and production cost of the product. The market competition is very high for the product in the market where the primary competitors of the company are Beyond meat, Vivera, Vbites, and many more. The potential customer for the company is young and fitness-oriented people which is viable for the customers because it is a healthy product in form of junk food.
References
Cohen, M., 2021. Impossible Foods, Beyond Meat battle to achieve price parity with real meat. [Online]Available at: https://www.cnbc.com/2021/08/25/impossible-foods-beyond-meat-battle-price-parity-with-real-meat.html[Accessed 2 March 2022].
Ethnicity, 2018. Age groups. [Online]Available at: https://www.ethnicity-facts-figures.service.gov.uk/uk-population-by-ethnicity/demographics/age-groups/latest[Accessed 3 March 2022].
Fdf.org.uk, 2021. Facts and stats. [Online]Available at: https://www.fdf.org.uk/fdf/business-insights-and-economics/facts-and-stats/#:~:text=Industry%20at%20a%20glance%202020&text=Figures%20show%20that%20the%20food,manufacturing%20sector%20in%20the%20country.[Accessed 03 March 2022].
Gfiorg, 2022. Plant-based meat for a growing world. [Online]
Available at: https://gfi.org/resource/environmental-impact-of-meat-vs-plant-based-meat/#:~:text=Plant%2Dbased%20meat%20emits%2030,from%20the%20entire%20transportation%20sector.
[Accessed 3 March 2022].
Johnson, G. R., 2022. How many vegetarians and vegans are in the UK?. [Online]Available at: https://www.finder.com/uk/uk-diet-trends[Accessed 3 March 2022].
Oliver, R., 2022. Veganism Statistics 2022 – How Many Vegans Are There In The UK?. [Online]Available at: https://trulyexperiences.com/blog/veganism-uk-statistics/#:~:text=The%20number%20of%20vegans%20in,over%20the%20past%2012%20months.&text=If%20the%202%20million%20people,UK%20had%20purchased%20plant%20milk.
[Accessed 3 March 2022].
Perishablenews, 2018. Huge Demand For Vivera 100% Plant-Based Steak: First 40,000 Units Sold. [Online]
Available at: https://www.perishablenews.com/meatpoultry/huge-demand-for-vivera-100-plant-based-steak-first-40000-units-sold/
[Accessed 3 March 2022].
Peta.org.uk, 2022. Vegan Meat Brands That Are Changing Everything. [Online]Available at: https://www.peta.org.uk/living/vegan-meats/[Accessed 3 February 2022].
Sayer, A., 2022. The Health Benefits of Plant-Based Meats. [Online]Available at: https://www.themanual.com/food-and-drink/benefits-of-plant-based-meat/[Accessed 3 March 2022].
Thehumaneleague, 2021.What Is Plant-Based Meat, And Is It Healthy?. [Online]Available at: https://thehumaneleague.org/article/plant-based-meat[Accessed 2 March 2022].
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