MKT 340 – Group Project Guidelines (Fall 2022)
Due Date: 14th November 2022 – each group member to upload a copy of the group project to Blackboard
The Group Project is worth 30% for this course. There should be 3 to 4 people per group and the Word Limit Guidelines of the Report are 1500-2000 words.
This is a group written report. Your task as a group is to write a report on:
The objective of the group project is to critically analyse the impact of new PBFB companies or existing business that are adding new innovative PBFB to their offerings.
Explainer: Plant-based Food and Beverage Sector (PBFB)
The PBFB sector is worth an estimated $7 billion and during the Covid-19 pandemic, sales of plant-based foods grew almost twice as fast as the U.S. retail food market (15%), increasing by 27% in 2020. In addition to familiar ingredients such as chickpeas, soy and soy products like tofu, there has been a lot of innovation with the introduction of new plant-based foods. For example, Lupini beans that contain three times more protein than eggs and three times more fibre than oats and contain all nine amino acids. Kelp – which is a type of seawood, is packed with vitamins, minerals and antioxidants and can be found in Kelp jerky and burgers, among other things.
Moreover, the discovery of novel goods such as plant-based milk, egg substitutes, and meat substitutes in recent years has resulted in rising consumer acceptance of these food items. These goods are high in critical nutrients and taste virtually comparable to those derived from animals. Furthermore, awareness campaigns by celebrities and atheletes have promoted the intake of vegetarian products in order to have a health diet in addition to easy accessibility of these products over online sales channels, which are expected to propel the market further.
American plant-based meat, egg and diary substitute companies have gained record innovation funding, and between 2010 and 2020 this totalled $2.7 billion. However, $1.2 billion of this amount was raised between 2019 and the first quarter of 2020, which highlights the sudden and recent growth in this trend.
As a result of this sustained innovation investment, we are now seeing the emergence of major brands that are internationalizing their business such as: Beyond Meat, Oatly and Gardein.
In the UK, demand for plant-based meat and diary alternatives has boomed in recent years, doubling in value from 2016-2020 to around $1.5 billion at retail. Plant-based food tend to sell strongest among young, urban consumers who believe eating less meat is healthier and more sustainable for the environment. Growing numbers of the UK population intend to become meat free, vegetarian, or vegan during the next year.
Table 1 – Plant-based Food and Beverage Market by Category
|Type of PBFB||Source of PBFB||Sales Channel of PBFB|
|Dairy Substitute||Soybean||Offline Sales Channel:
Other Sales Channel
|Meat Substitute||Nuts||Online Sales Channel:
|Egg Substitute||Wheat||E-commerce Platform|
Detailed Written Report Structure to Follow for above given topic.
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