Master in ICT: Plant-Based Food Industry Trends and Challenges Report

This report provides a comprehensive overview of the plant-based food industry, focusing on the Australian market. It begins with an introduction highlighting the growing consumer interest in healthy lifestyles and the increasing demand for plant-based food products. The report then delves into the market's general overview, competitive landscape, and the increasing competition. It examines the opportunities within the industry, such as automation, improved health benefits, and the availability of alternative food options. Moreover, the report analyzes the challenges faced by the plant-based food industry, including the potential adverse health effects of certain products and difficulties in balancing dietary proportions. The conclusion summarizes the key findings, emphasizing the industry's growth and the need for careful consideration of both the benefits and challenges associated with plant-based food consumption. References are also included at the end of the report.

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Table of Contents
Introduction...........................................................................................................................................1
General overview of the market.............................................................................................................2
Competitive rivalry................................................................................................................................2
Threats faced by plant based food industry............................................................................................2
Opportunities faced by the plant based food industry............................................................................3
Challenges faced by the plant based food industry................................................................................3
Conclusion.............................................................................................................................................5
References.............................................................................................................................................6

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Introduction
Plant based food products are used to improve the health effects as humans are now
concern about healthy lifestyle. This report covers the general overview of the market and the
competition in the market are analysed. There are various threats that are faced by the plant
based industry are discussed and the opportunities of the plant based industries are also
discussed. Thus, plant based food industry is one of the booming industries in the present
time. Plant based good products are beneficial but they should also be inspected in a better
way so that no adverse effects are found.

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General overview of the market
The plant based industries are growing in Australia as people these days are becoming
more health conscious. The demand of plant faced food products are increasing day by day as
it reduces the risk of unhealthy food consumption. The market is growing as there are new
technologies that promote healthy food. There are various organisations like Tesco, Wal-
Mart, M&S that promotes plant based food products. According to the research it can be said
that Australian market is one of the fastest growing vegan market. The market is growing due
to the increasing focus on healthy lifestyle or due to increase in awareness of health benefits.
The consumer’s relationship with plant foods is changing as they are becoming more diet
conscious (Verain, Sijtsema & Antonides, 2016). Due to the health and wellness trend, the
changing customer tastes and demand are shifting towards plant based food.
Competitive rivalry
The competition is also increasing of the plant based food in the market. Apart from
that there are various methods through which plant based foods are easily available which
affect the market industry. The competition arises due to lack of awareness and poor process
flow. The challenges in the market are due to the strict trade protocols. Apart from that there
are many organisation that mix chemical processes in plant faced food products. The quality
of food product is one of the main concerns in plant based food. The higher acceptability of
food based products is also a competition in the market (Fu & Ying, 2016). The economy
scale of the country wills also a challenging factor as plant based food production is done by
many industries.

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Threats faced by plant based food industry
The threats that are faced by Australian organisation in the plant based food industry
is increasing number of customers who intake plant faced food products (Fu & Ying, 2016).
It is also affecting the vegan industry and also causes environmental degradation. Plant based
food product degrades the land and causes a loss to the eco-system. The production of plant
based food directly affects the climate variability and may also increase the biotic stress.
Apart from that every day a new industry is coming up in the market who are offering plant
based food products (George & Gibson, 2015). Thus, it decreases the overall potential for
new market entries as it reduces the profit margins of the established market players.
Opportunities faced by the plant based food industry
The plant faced food products have captured huge opportunities in the market, as they
allow automation of products in a small time period. It also make sure that standardization of
food products is maintained (Schouteten, et. al, 2016). The opportunity that is gained due to
plant based food products is to improve the health. The plant based food products is useful as
it is a cures for many disease like diabetes, heart attacks, obesity and many other (Kerr,
2017). The plant based food products have high content of proteins and nutrition.
It has offered access to many alternative options which promoted stakeholders to
grow their business. The plant based food products are more sustainable than the other
options as they are available at nominal price (Van Loo, Hoefkens & Verbeke, 2017). It has
offered an alternative to local food based products and also provides better revenues.
The opportunities due to which plant based products are growing is better sensory,
availability and affordability as they are economically available (Prakash, Kedia, Mishra &
Dubey, 2015). It also offers better quality of nutrition as compared to other products.

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Challenges faced by the plant based food industry
The challenges faced by plant faced food products can also have adverse effect. Plant
based diets products help in preventing heart based disease. But according to the research it
was found that plant based food products can be harmful for the diet (Prakash, Kedia, Mishra
& Dubey, 2015). In Australia, it was analysed that heart disease are increasing and one of the
reason was poor nutrition. It is true that plant based food products are beneficial but plants
products are have chemicals in many cases that causes adverse effect. There are people who
are consuming only plant based food products thus they develop a risk of having poor
sustainable condition. Plant based food products are beneficial but it is difficult to find out the
best in plant based products. It is difficult to balance the diet proportion while consuming
plant based food products as they have higher carbohydrates and nutrients(Sharma,
Ramanathan, Rakwal, Agrawal & Bansal, 2015) . The other threat is while buying the plant
based food product the choice made should be right. The climatic change also affects the
quality of plant based food products. The online collaboration of plant based products is
difficult as they get destroyed easily.

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Conclusion
It can be concluded that plant based industries are growing with time every day as
people are now more health conscious. Along with this market is growing and many
industries have started their business by offering plant based products. The competition is
also increasing due to higher accessibility of such products. The opportunities and challenges
that are faced by plant based products are discussed.

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References
Fu, X., & Ying, Y. (2016). Food safety evaluation based on near infrared spectroscopy and
imaging: a review. Critical reviews in food science and nutrition, 56(11), 1913-1924.
George, A. S., & Gibson, N. (2015). Plant life of Western Australia (No. Ed. 2). Rosenberg
Publishing Pty Ltd.
Kerr. P. (2017). Opportunities and challenges faced by plant faced food industry. Retrieved
from http://www.abic.ca/ckfinder/userfiles/files/Kerr_ABIC_Day%202_Science
%20of%20Protein%20Production.pdf.
Prakash, B., Kedia, A., Mishra, P. K., & Dubey, N. K. (2015). Plant essential oils as food
preservatives to control moulds, mycotoxin contamination and oxidative deterioration
of agri-food commodities–Potentials and challenges. Food Control, 47, 381-391.
Schouteten, J. J., De Steur, H., De Pelsmaeker, S., Lagast, S., Juvinal, J. G., De
Bourdeaudhuij, I., ... & Gellynck, X. (2016). Emotional and sensory profiling of
insect-, plant-and meat-based burgers under blind, expected and informed
conditions. Food quality and preference, 52, 27-31.
Sharma, T. K., Ramanathan, R., Rakwal, R., Agrawal, G. K., & Bansal, V. (2015). Moving
forward in plant food safety and security through NanoBioSensors: Adopt or adapt
biomedical technologies?. Proteomics, 15(10), 1680-1692.
Van Loo, E. J., Hoefkens, C., & Verbeke, W. (2017). Healthy, sustainable and plant-based
eating: Perceived (mis) match and involvement-based consumer segments as targets
for future policy. Food Policy, 69, 46-57.

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Verain, M. C., Sijtsema, S. J., & Antonides, G. (2016). Consumer segmentation based on
food-category attribute importance: The relation with healthiness and sustainability
perceptions. Food Quality and Preference, 48, 99-106.