Targeting new market opportunities for a plant-based meat company in China

Abstract

This analysis shows how the outbreak of COVID-19 has changed consumer behavior all over the world, with particular regard to China and Italy, and how the pandemic crisis will still continue to have a huge impact on the present and the future livelihoods of households and businesses. The spread of COVID-19 not only has influenced economic and social sphere, but it has also transformed people’s lifestyle and their concept of well-being. Consumers started to be aware of the importance of their health, especially related to eating habits in order to strengthen the immune system and prevent harmful effects that the virus could have on poor health. Indeed, as a result of the lockdown, a great proportion of consumers has shifted to buying healthier and more sustainable food, regardless of price volatility and concern about future household income. This work aims to highlight which are the main worldwide trends that have emerged from the current pandemic. As we can observe, in Italy local retailers have developed online food platforms to satisfy consumer needs, while in China home cooking has been rediscovered as people spend much more time at home rather than at work. Taking into consideration all these variables and the statistical data recently developed, this analysis examines how the impact of COVID-19 has influenced the financial and economic field. Thus, nowadays many companies are focused on the re-engineering of a more sustainable and strengthened food safety, the minimization of food waste and healthier eating patterns.