A COMPREHENSIVE STUDY OF 'VEGAN MEAT' AND THE CONSUMER PERCEPTION REGARDING THE PRODUCT

Abstract

Like every other species residing this planet, human or the Homo sapiens are also outcome of years of evolution but one striking feature that separates the human kind from all other forms of life is the presence of an evolved conscience. The brain separates the humans from all other life forms and this brain holds the capacity of making things better than what they already are. We can call this capability innovation. One such innovative product that has come to life in past decade is the ‘Vegan meat’. It is an oxymoron of sorts to say vegan and meat together but the fact is that this product is made to mimic the behaviour of animal meat so that people find an alternative to the conventional meat that they are used to consuming. There are many companies that have fully immersed themselves in the research and development of this product. The most prominent ones of them are Beyond Meat and Impossible Foods. Now, this product is still in its initial phases. If we talk in respect of the Product Lifecycle Curve then it can be safely placed in the growth area. The products which are in the growth phase face many challenges in all the facets of the business. The main concern in this study is only with the overall perception of this product and strategic analysis of the prospects regarding the same. In indian markets, this product is still very new and largely unknown. Only one food chain, that is Dominos, has introduced it in Indian markets that too in a very restrictive way so as to understand the initial trends. Thus, there are a lot of unknown factors attached with the product that is the whole aim of this study- try to analyse these unknown factors and make general predictions for a better reachability and marketing. With the rise in human population, the demand for food is only surging up and up, and this particular food category - the vegan meat alternative might become one important alternative in the future, if properly marketed.