Market Plan for the Introduction of BEAP Conglomerate’s Tiger Nut Juice Into the Canadian Market

Summary

The work describes the launch of BEAP Conglomerate’s new, healthful beverage, tiger nut juice, into the Canadian market. Because of its distinct flavor and nutritional content, Tiger nut juice appeals to health-conscious consumers looking for alternative beverage options. The analysis details the product’s marketing mix, entry strategy, market analysis, and market formulation.

Introduction

Following the impact of COVID-19 on the world community, consumers have adopted a simple, cost-effective, and health-conscious diet as their way of life. Consumed food affects the body’s capacity to fend off illness and heal from infections. To maintain optimal health, businesses in the tiger nut milk industry are raising awareness of the need to eat a balanced diet and get regular exercise. Manufacturers of tiger nuts milk are focusing on high-risk patients with diabetes, obesity, and hypertension to increase product sales. (Transparency Market Research, 2021). Tiger Nut Milk, however, still needs to be discovered in the Canadian market. This paper aims to develop a marketing strategy to ensure the success of BEAP Conglomerate’s tiger nut juice in the Canadian market.

Canada has one of the largest economies in the world. The recent World Bank statistics indicate that the nation’s yearly gross domestic product (GDP) was $2.14 trillion in current USD in 2022. As a result, Canada’s economy is now the ninth largest in the world (World Bank, 2021). Consequently, industry and consumer data provider Statista forecasted a rise in the volume of non-alcoholic drinks sales of 8.4% in 2023. The forecast resulted from the Canadian Centre on Substance Use and Addiction (CCSA) publishing new health guidelines. According to these guidelines, drinking alcohol, even in moderation, may increase a person’s chance of developing several cancers (CBC News, 2023). Hence, The BEAP Conglemorate may capitalize on the nation’s health guidelines and launch its tiger nut juice into the Canadian market because tiger nuts are high in dietary fiber, which is beneficial in the treatment and prevention of various ailments like colon cancer.

Market Analysis 

The primary external, uncontrolled factors that affect a company’s performance and direct its decision-making are identified using market analysis, which is crucial (Monash, 2022). some of the elements are mentioned in this work.

Competitive Landscape: The market positioning, price, and distribution strategy of tiger nut juice may be impacted by current competitors providing comparable plant-based beverages, such as almond milk, coconut water, and oat milk. Because this is necessary for successful differentiation and market penetration, BEAP Conglomerate will customize its tiger nut juice to match consumer tastes.

Market Trends: The Canadian industry is seeing a surge in demand for plant-based beverages and natural and organic products. North American consumers are driving this growth, with the global market rising to $50.4 billion in 2023, up from US$44.5 billion in 2022 (Semansky, 2023). Tiger nut juice produced by BEAP Conglomerate is expected to succeed in the Canadian market due to this market trend.

Regulatory Environment: The Federal Investment Canada Act governs investment in Canada (ICA). Its objective is to promote investment under advantageous conditions to both consumers and Canada (Macdonald, 2022). Canadian food and beverage rules, which also cover ingredient standards, health claims, and labeling requirements, have an influence on tiger nut juice’s marketing mix. Therefore, adherence to these rules is necessary to guarantee consumers’ safety and the product’s legality.

Economic Factors: Customers’ strong spending patterns and the official GDP forecast of $1.928 trillion in purchasing power parity at the end of 2023 (World Economics, 2024) make it clear that they will be prepared to pay more for upscale or specialized goods like tiger nut juice. However, economic changes may necessitate modifying price plans or advertising campaigns.

Environmental Factors: The BEAP Conglomerate’s dedication to sustainability and CSR can improve customer loyalty and brand reputation. As a result, it makes an impact that could affect customer preferences.

Technological Advancements: Technological advancements in Canada include computer-based information and control systems and advanced processing and packaging techniques that lower prices, increase food safety, and improve product quality (Statistics Canada, 2024). The nation’s technological advancements will make introducing tiger nut juice into the Canadian market more feasible.

SWOT Analysis

The SWOT analysis will give a general overview of the opportunities and dangers facing the Canadian market and the internal strengths and weaknesses of BEAP Conglomerate’s tiger nut juice. This study can assist in discovering areas for growth and progress and serve as a guide for strategic decision-making.

Entry mode

BEAP Conglomerate can obtain local market expertise, distribution channels, and resources by joining a joint venture or strategic partnership with a Canadian business. Additionally, the BEAP Conglomerate can use strategic partnerships to quicken market entry and build a significant footprint in Canada.

Market Formulation

Market Segmentation: Customers in this market sector include middle-class to upper-class consumers who are health-conscious, vegans, flexitarians, and have dietary limitations.

Target Market: Its primary target market is Canadians who are concerned about their health and are open to testing new flavors and plant-based substitutes. Additionally, groups of people of Caribbean, African, and Middle Eastern heritage are acquainted with beverages made from tiger nuts.

Product Positioning: Present the product as a high-end yet easily attainable substitute for conventional plant-based drinks, such as coconut water and almond milk. The business should highlight the distinctive flavor, all-natural components, and unique nutritional advantages of tiger nut juice.

Marketing Objectives

• Build brand loyalty through focused marketing efforts and product promotions. 
•  Launch tiger nut juice into the Canadian market and establish brand recognition within the first year.

Market Mix

Product: To meet the diverse demands of its customers, the company may want to offer a range of package sizes, such as family-sized containers and single-serve bottles. Maintaining consumer confidence and loyalty also requires meeting product quality, consistency, and freshness requirements.

Price: The Company will determine a price that is both lucrative and competitive, taking into account the product’s superior quality and distinctive value. We will consider offers encouraging trial and repeated purchases, such as promotional discounts, package discounts, and loyalty programs.

Place: Easy product access will be possible by securing distribution in large grocery shops, health food stores, and internet sellers. Furthermore, BEAP Conglomerate may consider partnerships with cafes and restaurants that provide plant-based menu items.

Promotion: The targeted audience will become more aware of the product by implementing integrated marketing campaigns using a variety of channels, such as social media, influencer relationships, digital advertising, and experiential marketing events. Marketing techniques like media placements, product launches, and tastings will raise buzz and brand recognition. Additionally, interacting with customers through recipes, user-generated content, and educational materials will promote advocacy and brand loyalty.

Conclusion

In summary, BEAP Conglomerate has the potential to launch the product into the Canadian market, profit from new developments in plant-based beverage trends, and gradually build a strong brand. Long-term success and expansion in this competitive industry depend heavily on ongoing innovation, innovative alliances, and responsiveness to customer preferences.

References

CBC News. (2023, January 22).  Shift to non-alcoholic drinks was underway even before new health guidelines. CBC. https://www.cbc.ca/news/canada/non-alcoholic-sales-1.6722288

Macdonald, I. (2022).  Guide to Doing Business in Canada: Regulation of foreign investment. Gowling WLG. https://gowlingwlg.com/en/insights-resources/guides/2023/doing-business-in-canada-foreign-investments/

Monash University. (2022). Macro-environment. Monash Business School. https://www.monash.edu/business/marketing/marketing-dictionary/m/macro-environment#:~:text=the%20major%20uncontrollable%2C%20external%20forces

Semansky, M. (2023, November). Innovation continues to power the plant-based food movement. Canadian Grocer. https://canadiangrocer.com/innovation-continues-power-plant-based-food-movement

Statistics Canada. (2024). Advanced Technology in the Canadian Food Industry – ARCHIVED. Www150.Statcan.gc.ca. https://www150.statcan.gc.ca/n1/en/catalogue/88-518-X

Transparency Market Research. (2021, February). Tiger Nuts Milk Market. Www.transparencymarketresearch.com. https://www.transparencymarketresearch.com/tiger-nuts-milk-market.html

World Bank. (2021). GDP (current US$) | Data. Worldbank.org. https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=CA

World Economics. (2024). Canada | GDP | 2023 | 2024 | Economic Data. World Economics. https://www.worldeconomics.com/Country-Size/Canada.aspx#:~:text=Canada