marketing report and need the explanation and answer to help me learn.
Analyse the macroenvironment forces and discuss the impacts of three (3) different macroenvironment trends
A consumers buying behaviour of plant-based meat can be influenced by cultural, social, and personal factors. Explain these potential consumer characteristics and suggest three (3) marketing strategies
Requirements:
SECTION II The Growing Plant-based Meat Market in Singapore
Meat alternatives have made a splash in recent times. The Singapore government famously set the objective to produce 30 per cent of its nutritional needs locally by 2030. The growing meat alternative space consists of plant-based analogues made from more familiar legumes, grains, and vegetables, as well as more high-tech products from fungi. These all compete for a slice of the US$20 billion global meat substitutes sector.
Although these plant-based lunch meats, burgers, and nuggets often don’t taste as good as actual meat or seafood, they are nutritionally adequate. Food scientists are now developing new technologies to make these meat alternatives taste more delicious and resemble animal meat better.
A slew of plant-based products launched in Singapore over the past two years has placed the country in the spotlight as an alternative protein hub, amid a growing global awareness of the massive carbon footprint of rearing livestock for food. The United Nations Food and Agriculture Organisation estimates that livestock farming contributes 14.5 per cent of all man- made global greenhouse gas emissions. It highlights the importance of new, sustainable food sources and alternative proteins. Environmentally conscious Singaporeans have already made their choice to eat less meat and seafood, preferring plant-based dishes.
In 2021, Californian company Impossible Foods debuted its plant-based Impossible Pork across more than 120 restaurant outlets in Singapore. The minced meat product is made from the same key ingredient as its beef alternative – soya protein, along with sunflower oil and coconut oil. It also contains “heme”, a molecule found in humans, animals and plants that gives the product its meaty look and flavour.
Compared with real pork, Impossible Pork is said to have more proteins as well as less fat, calories and cholesterol. While there are burger and pasta options made with the minced pork alternative, the versatile product also features heavily in Asian cuisine. For example, New Ubin Seafood has the Claypot Mee Tai Bak with Impossible Pork ($18), Straits Chinese Nonya Restaurant has the Impossible kueh pie tee ($10.80), and Cai Eats has the Impossible ngoh hiang ($35). Meanwhile, Bak kwa chain Fragrance, as well as burger restaurant Three Buns, have also created their versions of bak kwa made with Impossible Pork.
At Chinese restaurant Tasty Loong by Chef Pung at the Link Hotel in Tiong Bahru, its chef- owner Pung Lu Tin, 60, features the meat alternative in six dishes. He says: Impossible Pork feels the closest to real pork for me – both in flavour and texture. I don’t have to add too much seasoning either, maybe just a bit of sauce.
We never needed to use Impossible Beef since we’re a Chinese restaurant. That’s more suitable for the Western ones to make burgers. But as interest in these plant-based products grew and I saw many chefs using it, I decided to try it as well. The company, Impossible Foods, launched its Impossible Beef in Singapore in 2019. It partnered with some restaurants at Marina Bay Sands and also did a pop-up for consumers to try the product at Lau Pa Sat.
The plant-based beef is now available across 700 restaurants and retails across supermarkets and convenience stores. Impossible Pork – which launched in 2020 at the Consumer Electronics Show in Las Vegas – marked its debut in the United States and Hong Kong in 2021. Its entrance into Singapore comes amid a slew of meat alternatives available in the growing plant-based scene here in the country.
Other pork alternatives include Hong Kong food tech company OmniFoods’ OmniMeat and OmniMeat Luncheon, local start-up Karana’s pulled pork made from jackfruit, and Los Angeles-based Beyond Meat’s sausages. Chicken alternatives are also gaining popularity in Singapore. American start-up Eat Just’s Good Meat division received approval in December 2020 from the Singapore Food Agency to sell cell-cultured bite-size chicken nuggets. Meanwhile, Singapore-based food tech company Next Gen Foods launched its plant-based chicken brand Tindle at several restaurants in 2021. The company recently raised US$100 million (S$135 million) in funding, with its chicken making its debut in the United States.
Aside from trying Impossible Pork at the eateries, diners can also order dishes featuring it via food delivery platform Deliveroo. Sales promotions are used by Impossible Foods to promote its products. From time to time, it offers a time-limited 50 per cent discount off all Impossible Pork dishes from selected restaurants on the platform.
Mr Laurent Stevenart – Impossible Foods’ general manager, Singapore & United Arab Emirates – notes that Asia is a top priority for the brand’s expansion. He does not rule out setting up a production facility in Singapore. Impossible Pork will also expand into supermarkets in the future.
The company’s mission, adds Mr. Stevenart, is to replace animal meats with an Impossible plant-based alternative worldwide by 2035. He says: Compared with pre-pandemic times, people are starting to understand how fragile the animal meat industry is worldwide. We’ve seen animal protein shortages across different animals, and prices increase drastically for animal meat. It is the exact opposite of plant-based meat – demand is growing, availability is improving and prices are decreasing. The pandemic has been an opportunity for us to show the upside of plant-based meat.
(Adapted for academic purpose:
https://www.straitstimes.com/life/food/plant-based-impossible-pork-to-launch-across-more- than-120-restaurant-outlets and https://www.businesstimes.com.sg/opinion/singapore-is-at- the-forefront-of-the-cell-based-protein-industry)
Question 1
(a) Analyse the macroenvironment forces and discuss the impacts of three (3) different macroenvironment trends on Impossible Foods plant-based meat business in Singapore.
(Note: Each trend should be based on a different macroenvironment force. Please ensure that adequate secondary research is conducted so that evidence and supporting information
can be provided in your answer.)
(30 marks)
(b) A consumers buying behaviour of plant-based meat can be influenced by cultural, social, and personal factors. Explain these potential consumer characteristics and suggest three (3) marketing strategies that Impossible Foods can implement to improve its business performance in Singapore.
(Note: Each marketing strategy should be based on a different factor.)
—- END OF ASSIGNMENT —-
(60 marks)
FYI: Lau Pa Sat is a hawker center in Singapore
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