There is a pivotal shift in consumer preferences within the plant-based sector, with an increasing demand for unique, non-processed plant-based foods. Buono, a Thailand-based plant-based specialist firm, attributes its success to its diverse portfolio that focuses on innovative products beyond traditional meat replacements. This trend presents significant opportunities for exporters to capitalise on evolving consumer tastes and strategic product diversification.
Market Trends
Diversified Product Portfolio
Buono's strategic emphasis on a varied product portfolio is a critical driver of its market success. Unlike many competitors focusing on saturated categories like plant-based meats, Buono targets less conventional segments such as plant-based ‘fish’ sauce, plant-based eggs, and a variety of desserts. This approach aligns with market research indicating that experienced plant-based consumers prefer whole, minimally processed foods over processed meat substitutes. By offering unique products such as kombu-based ‘fish’ sauce and cashew and lotus seed-based plant-based eggs, Buono effectively caters to these preferences.
Consumer Demand for Natural Products
The shift towards natural and non-processed plant-based products is driven by a growing consumer awareness of health and wellness. Buono leverages this trend by developing products that are closer to nature and enhancing their accessibility and taste. For instance, their plant-based mochi ice creams, made from coconut, almond, and oat milks, and flavoured with tropical and Asian fruits, have garnered significant attention in markets like Australia and Thailand. This focus on natural ingredients and exotic flavours not only meets consumer demand but also differentiates Buono in a crowded market.
Expansion Beyond Hype
Moving beyond the initial hype of the plant-based movement, Buono aims to normalise and expand the category. The company's strategy includes transitioning from the novelty phase to a more sustainable, mainstream market presence. This involves continual innovation within their product range and exploring new categories such as snacks, condiments, and retort foods. Buono's ability to adapt and innovate ensures that the plant-based category does not plateau but continues to grow and evolve with consumer needs.
Strategic Actions
Innovate with Unique Plant-Based Products
Develop and market unique plant-based products that align with consumer demand for natural, minimally processed foods.
Implementation Steps:
Conduct comprehensive market research to identify gaps and emerging trends in the plant-based sector.
Focus on developing products that use whole, non-processed ingredients, ensuring they are accessible and palatable.
Leverage local ingredients and innovative food technology to create unique products that stand out in the market.
Ensure robust supply chain capabilities to manage both frozen and non-frozen product lines.
The plant-based market is evolving, with consumers increasingly favouring natural and minimally processed foods. Meeting these preferences can capture a loyal customer base.
Unique products such as plant-based sauces and desserts can differentiate a brand in a saturated market, providing a competitive edge. Buono's plant-based mochi ice creams, featuring exotic and local flavours, have successfully captured market interest in Australia, demonstrating the potential for similar innovations in other markets.
Expected Benefits:
Enhanced brand differentiation and market penetration.
Increased consumer loyalty and repeat purchases.
Potential to command premium pricing due to the unique and health-oriented nature of the products.
By innovating with unique plant-based products, exporters can tap into the growing demand for health-conscious, natural foods, driving market growth and establishing a strong foothold in the competitive plant-based sector.
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