The purpose of this study was to understand the- To understand the factors influencing customers to buy plant based meat, to explore limitations of buying plant based meat. And to suggest marketing strategies to improve sales of plant based meat through HORECA.
This report is based upon the Secondary and Primary research, reports on the same topic.
The worldwide plant-based meat industry was worth USD 5.06 billion in 2021 and is predicted to rise at a compound annual growth rate (CAGR) of 19.3 percent between 2022 and 2030 and India's meat replacement industry i.e. Plant Based Meat industry is expected to develop at a compounded annual growth rate of 7.48 percent between 2021 and 2026, reaching US$ 47.57 million by 2026.
Factors influencing customers to buy plant based meat are
1) Ethical view point
2) sustainability
3) Food safety
Limitations of buying plant based meat are
1) Taste
2) Lack of variety of dishes
3) Meat attachment
India is an evolving market for the Plant Based Meat / Mock Meat industry and there is a lot of potential for the brands entering in this market space. As India is an evolving market, my study was done to find the factors influencing the purchase decision of consumers with respect to Plant Based Meat products. My objectives in this project report is 1) To understand the factors influencing customers to buy plant based meat. There is currently very niche market for Plant based meat / Vegan meat products. My objective 1 is dedicated to find the factors responsible that motivates or stimulates the consumers to buy Plant based meat. 2) To explore limitations of buying plant based meat. Reason to include 2nd objective was to study and find the factors affecting or stopping customers from buying plant based meat. 3) To suggest marketing strategies to improve sales of plant based meat through The hotel/Restaurant/Café (HORECA). While working with GoodDot, I found that The hotel/Restaurant/Café (HORECA) segment led the plant-based meat market and accounted for the largest revenue share of 58.6% in 2021. My reason to include 3rd objective was to suggest ways to further strengthen the sales in hotel/Restaurant/Café (HORECA) segment.