The Evolving Market for Nordic Plant-based Food Products
School of Business | Bachelor's thesis
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(Mikkeli) Bachelor’s Program in International Business
51 + 3
AbstractObjectives The main objectives of this study are to explore the changes in the market that have helped Nordic plant-based food companies develop their business and identify the strategies that Nordic plant-based food companies have in their niche market from a domestic and international perspective. Finally, the purpose of this thesis is to research the future outlooks of the market, focusing on domestic growth and international expansion. Summary The phenomenon of following a plant-based diet or consuming more plant-based products has been rapidly growing around the world, especially in the Nordic countries due to increased awareness about animal cruelty, the environmental destruction caused by animal agriculture and the negative health effects of increased meat consumption. Simultaneously, meat consumption has continued to rise in the Nordic countries in some consumer segments. In this thesis, a combination of existing literature and empirical research are used to explore the subject. Qualitative interviews were conducted with industry experts working in Nordic plant-based food companies in order to meet the research objectives stated above. Conclusions This research concluded that many Nordic plant-based food companies, especially in Finland and Sweden, have successfully reacted to the changes in the market and identified the opportunities to succeed internationally as future market leaders. The companies are branching out of their niche markets and targeting larger consumer segments, making Nordic plant-based food products more accessible and appealing for everyone. In addition to the motives for purchasing plant-based products mentioned above, price, taste and availability can affect consumer choices to purchase plant-based products significantly.
Thesis advisorRikkonen, Pasi
plant-based, vegan, vegetarian, flexitarian, Nordic plant-based food companies, market overview, niche market