CONSUMER BEHAVIOR AND CURRENT MARKET
According to Euromonitor (July 2009) and Consumer Reports Magazine (July 2010), the global market for sports nutrition (excluding sports beverages) was valuedat US$4.6 billion, which is expected to increase to $5.8 billion by 2015 and protein drinks are helping the growing sales of sports-nutrition product (US$2.7 billion), respectively. Protein powdersdominate the sports nutrition market with 42% and Canadian retail sales of sports nutrition supplements grew by 3% and totaled CAD$114 million.
A consumer study found that although price is importantas a value, the lowest price may not always be the determining factor for food and beverages purchasing. The results showed that consumers in Canada were more interested in value-for-money, at 79%,than others aspects (Media Post News, 2008).
Another key point of value is quality. Canadians consumers define quality in terms of freshness, nutrition, safety, appearance and flavour, and considerit as one of the most important aspects in their food and beverage decision-making process (AAFC, 2008). A 2009 Angus Reid survey for ConAgra Foods Canada found that 32% of consumers are looking forhealthy ingredients, 25% are looking for quality, and 17% are looking for flavour.
One of the challenges of Canadian market is convincing consumers that the sports nutrition products have a good taste,besides to having nutritional value. According to Verbeke (2006), taste is a critical factor for food’s acceptance with potential health benefits.
Considering that the taste and mixability ofprotein powder (mixability refers to how easily the powder mix into the liquid - water or milk - to become a homogeneous solution) on the current market do not appeal to most consumers, it is our goal todevelop a tasty and more convenient product. Consequently, protein shake with a great taste combined with health benefits will be purchased by more consumers.
Another consideration will be given to...
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