Individual Report: Vegan Restaurant in Central London - QAB020N516

This report examines the entrepreneurial opportunity of establishing a vegan restaurant in Central London, focusing on market attractiveness, industry analysis, and potential for growth. It delves into the increasing vegan food market size, driven by changing consumer perceptions and health consciousness. The report analyzes the UK's vegan food market, regional outlook, and the potential for app development to enhance customer experience. It also explores price trends, competitive market share, and forecasts for the period 2020-2026. The author reflects on their previous work, highlighting improvements in research and analysis, particularly regarding market data and industry insights. The report concludes that the vegan market presents a significant opportunity for entrepreneurs, emphasizing the importance of adapting to customer needs and maintaining competitiveness through innovation. References to relevant journals and books are included.

ENTREPRENEURIAL
OPPORTUNITY

TABLE OF CONTENTS
TABLE OF CONTENTS................................................................................................................2
INTRODUCTION...........................................................................................................................1
REPORT..........................................................................................................................................1
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................5

INTRODUCTION
Entrepreneurial opportunities could be defined as the situations where the products and
services could be sold at prices greater than cost of the production. It refers to situations where
entrepreneurs could make profits. There are number of entrepreneurial opportunities where
business could earn considerable money exploiting the market imperfections, present report is
based on the domain Vegan restaurant in the Central London. It will provide about the 7 domains
of business of business start up and application of the individual domain over business start up.
REPORT
Vegan Food Market Size
If world goes vegan it can save around 8 million lives by the end of 2050 reducing
greenhouse gas emission by the two thirds and leading to healthcare related savings and will
avoid climate damage of $1.5 trillion. If population of UK was killed at rate of killing of farm
animals it would end in just eleven hours. In Britain around a billion of farm animals are killed
every year. Vegan food markets size is likely to increase owing to the changing perceptions of
the customers towards vegetarian diets and potential benefits in the regulation of insulin levels
and cholesterol. It is a vegetarian diet excluding dairy, eggs and other animal derived products.
Increased consumer consciousness has increased the demand for the products and services such
as stress & anxiety, insulin levels and cholesterol (Carfì, Donato and Panuccio, 2018). It is a
big opportunity for the entrepreneur to develop insights for businesses to grow in the vegan food
market.
Industry analysis
According to Acumen Research and Consulting, the global, vegan food market size is
expected to reach around US$ 24.3 billion by 2026 and will grow at noteworthy CAGR around
9.1 % throughout the forecast period 2019-2026. It has also been analysed that the vegan food
industry has been rising because people feel like the vegan food is more beneficial for the health.
This has increased various opportunities for business and they have also been able to achieve
more profit as well as revenue. But it has also been analysed that among the global pandemic
crisis, restaurants are not getting enough of consumers in the fear of getting sick, so the new
vegan restaurant think of the ways through which they can overcome it. UK has one of the
highest population who are been involved in eating vegan food and that too glutten free.
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Regional outlook
It has been analysed that from past so many years there has been a rise in UK for the
meat free food. This is because people are considering it more healthier. People of United
Kingdom has become more health conscious these days which is one of the reasons that are
going for more vegan restaurants. 600,000 people believed to be vegan in the UK in 2018 (Gerke
and Janssen, 2017). The order of vegan food has been increased by about 388% in the last few
years. So the entrepreneur can get engaged in opening up the vegan food restaurant. They can
also make better strategies to target the consumers.
App development potential
Entrepreneur while been involved in opening up the vegan restaurant in London can also
be engaged in making an app for it. This will assist the consumers in ordering food online easily.
It will increase their flexibility as well as satisfaction level. It will also be beneficial for
entrepreneur as they will be able to make consumer base and also through app they can also
target the consumers easily. It will also help the vegan food restaurant in increasing their profit
as well as revenue. It will also assist them in expanding their business.
Price Trends
As per the current trends the demand for vegan food products is increasing all over the
globe. People are becoming more conscious towards the health and are moving towards food that
are more healthy. Due to the increase in demand for vegan food there has been rise in the prices
of food products. The pricing of the products play an important role for the business. As per the
current scenario it will adopt penetration pricing strategy for the products (Fuentes and Fuentes,
2017). It will enable the company to built new customer base. It will increase the prices for its
products gradually as per the market demand and growth for the business.
Competitive Market Share
The stores of Vegan market is spread over across UK it has around 1480 stores in UK
with around 75 stores only in London. Seeing the growth of the industry there have been
significant new entrants of the competitors in the market giving tough competition to the
company. There are new inventions and innovations in the food industry (Solér, 2017). It has to
bring new inventions and innovation in the Vegan Food business to remain competitive in the
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market. It has to provide customers the product as per their needs and requirements that help
them in increasing their revenues. There has been 16% new product launches in the vegan
industry last year which has doubled from previous year.
Forecast 2020-2026
As per the trend of the company it could be analysed the vegan market will continue to
increase for future. Company could take the opportunities out of it. It could be forecasted that
business will achieve 40% increase in the market share by 2026 (Tabanelli and et.al., 2018).
Sales revenues will be increased by 50% by the end of 2026. Constant efforts will be put for
increasing the effectiveness of the business over the period.
Reflection
I have analyzed that in previous report I have made a lot of mistake, I was unable to cover
the industry analysis adequately. I was also not been able
To the proper number of share which has been taken by the vegan restaurant in London.
These were the biggest mistake which was made by me previously but this time I have made sure
to cover each and every aspect so that this time I don't get failed this time. I have researched in
depth for the topic to bring out more actual results this time. I have spent considerable time to
analyze the vegan market of UK. There have been new invents in the industry to ensure that the
business gets the desired results from the business to make effective
UK plant based market worth was worth $443 million in 2018. To make effective allocation
of the resources they should not give the required proportion of the sales for the business to
ensure that the company making the insights for the business. I have learned that the people are
moving towards the healthier and green foods from the animal foods for having better health
safety. Due to the rapid increase in vegan food market prices of the food will also grow as the
products required are more than their actual availability. There are also new entrants in the
market which will increase the competition as there are no trade barriers. For a business for
maintaining stable growth has to ensure that it brings new products and invention in the food
market for attracting the attention of customers and consumers.
CONCLUSION
It could be concluded from the above report that vegan market has been growing at rapid
speed due to the rapid shift of consumers from animal products to vegan products. The shift in
market could be taken as the opportunity by entrepreneurs to make significant profits. By
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producing products as per the customer needs and requirements they can acquire significant
market share.
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REFERENCES
Books and Journals
Carfì, D., Donato, A. and Panuccio, D., 2018. A game theory coopetitive perspective for
sustainability of global feeding: agreements among vegan and non-vegan food firms.
In Game Theory: Breakthroughs in Research and Practice (pp. 71-104). IGI Global.
Gerke, M. and Janssen, M., 2017. Vegan foods: Labelling practice. Ernahrungs Umschau. 64(3).
pp.M139-M145.
Fuentes, C. and Fuentes, M., 2017. Making a market for alternatives: marketing devices and the
qualification of a vegan milk substitute. Journal of Marketing Management. 33(7-8).
pp.529-555.
Solér, C., 2017. A qualitative study of the vegan food culture among young adults in Sweden.
Tabanelli, G., and et.al., 2018. Fermented Nut‐Based Vegan Food: Characterization of a Home
made Product and Scale‐Up to an Industrial Pilot‐Scale Production. Journal of food
science. 83(3). pp.711-722.
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