The continued proliferation of vegan food-related business stories and developments that have occurred during the past year demonstrate that this movement is just getting started in making its mark.
2016 was an unforgettable year for many since that year was hailed as the year of veganism. Though many still see veganism, i.e., the abstinence from the use of animal and dairy products, as an extreme cultural practice. Its growing popularity is a clear indicator that the consumption of vegan food products is no longer a marginalized social movement. Vegan food products, although a niche market segment, is growingly rapidly due to the widespread adoption of veganism throughout the world. Its contribution to the ecological footprint and abstinence from animal cruelty are other factors for the rise in consumption of vegan food products.
The Business Challenge
- The Client: A vegan food online distributor
A leading vegan food online distributor specializing in import/export and distribution of vegan food products in the U.S wanted to understand the relative risks in the industry. To implement an effective procedure for assessing the risks the client approached Infiniti Research. They were looking at leveraging our expertise in industry risk assessment to analyze market risks and maximize savings by being proactive rather than being reactive.
Industry Risk Assessment Benefits
Risk assessments offer a clear understanding of where a company stands considering the current global scenario and the factors affecting the market. Though this process seems to be tedious, or sometimes tyrannical, it helps companies gauge risks and make necessary adjustments to their business strategies. However, in the vegan food products segment, this is now turning out to be a necessity.
Summary of Our Industry Risk Assessment Engagement
The market experts at Infiniti Research adopted a comprehensive approach to identify and analyze the risks in the vegan food market. It included a detailed analysis of factors affecting market growth and its impact on business strategies.
The industry risk assessment study included in-depth primary and secondary research coupled with qualitative and quantitative data collection procedures. The risks assessment experts also took inputs from various stakeholders in the vegan food market.
Solution Benefits and the Business Impact
This study enabled the vegan food online distributor to implement a robust risk management system to identify market risks. The comprehensive analysis of the risks from the point of view of our specialists helped leverage their industry expertise and draw a conclusion from vast datasets to mitigate risks.
The solutions offered also enabled the vegan food online distributor to gain detailed insights into the potential risks in market expansion. This, in turn, helped them alter business strategies and expand their business units to enhance reach.
The Future of Vegan Food Products Segment
With the increasing complexities of the global vegan food products segment, leading organizations are finding it hard to scale up in terms of sustainability. Due to many such factors, capital expenditure plans are torpedoed and insightful business strategies are being ignored across sectors. However, to set precise business plans and act accordingly, it is essential to assess the risk in the industry that has the potential to destroy their business goals.