Strategic analysis of the market for plant-based meat substitutes

Details

Supervisors

Ducarroz, Caroline

Faculty

Louvain School of Management

Degree label

Master [120] en sciences de gestion, à finalité spécialisée

Abstract

Abstract At a time when consumers are reducing their meat consumption due to concerns about the impact of such consumption on the environment, health or animals, the number of studies in the literature on this trend towards a diet that we will call flexitarian continues to grow. However, few studies focus on the emergence of a market driven by the flexitarian trend, i.e. the market for plant-based meat substitutes. In fact, these meat-like but meat-free products are increasingly popular but still have a very small market share compared to meat. What marketing strategies should be adopted to increase the market share of plant-based meat substitutes? Focusing on the market for plant-based meat substitutes, this work aims to provide some answers to this problem. More specifically, this research will explore the influence of the external environment on this market, the attitudes of the average consumer towards these products, and the importance of product development strategies. This research has an exploratory nature and the empirical part consists of two qualitative studies. The first one involved 18 interviews with Belgian young omnivores to explore the reasons behind their attitudes towards plant-based meat substitutes and explore their potential to become regular consumers of these products. The main results showed that young omnivores’ motivations towards sustainability do not translate into desired benefits, and several product barriers have been identified which can explain their negative attitudes towards plant-based meat substitutes. However, it has been shown that product development strategies could remove these product barriers. The second qualitative study was conducted with 14 professionals and experts in order to explore the impact that the external environment could have on the marketing strategies of companies offering plant-based meat substitutes in Belgium, and in order to explore the importance of the product development strategy. The main results showed that the external environment presented opportunities and barriers for their marketing strategies, and that a product development strategy was 1 essential, but combined with a market penetration strategy with pricing, distribution channel and promotion strategies. The results can be useful for marketing, strategy and innovation departments of companies operating in the food-industry willing to have an overview of the market and to learn about different marketing strategies to increase the market shares of plant-based meat substitutes.