Ijraset Journal For Research in Applied Science and Engineering Technology
Authors: Dr. SHALINI Rao, Mr. Lohade Rishabh Nitin , M U Prajil, Sangeeth R, N Hemanth, Melvin Joseph, Gokul Sakthivel
DOI Link: https://doi.org/10.22214/ijraset.2024.59147
Certificate: View Certificate
The frozen country chicken industry, a plant-based meat startup, and the prospective markets for South Indian cuisine are the three main topics of this report\'s exploration of the prospects and problems facing the food sector. For entrepreneurs that have access to Aseel roosters, the frozen country chicken industry presents a profitable possibility. The business concept of this venture revolves upon the processing, packing, and exportation of the chicken. But issues like upholding standards, finding qualified workers, and getting enough funding must be resolved. However, the firm producing plant-based meat seeks to offer sustainable substitutes for industrial meat production. It must overcome obstacles including processing international financial transactions, competing in a crowded market, and creating ecologically responsible solutions. There is a sizable market for South Indian food in places like Malaysia, Singapore,
I. INTRODUCTION
In a world where food choices are examined more and more for their effects on sustainability and health, frozen country chicken stands out as a model of ethical consumption and superior nutrition.
Benefits from frozen country chicken are many and comparable to those of meat alternatives. This healthy option of chicken is full of vital vitamins and minerals, lean protein, and forms the basis of a well-balanced diet. Frozen country chicken maintains its natural nutritional integrity, unlike broiler chicken, which may be injected with saline solutions and loaded with saturated fats.
Regular eating of chicken, especially lean cuts like breast meat, has been shown in studies to improve bone health, muscular strength, and general well-being. Because frozen country chicken has fewer cholesterol and saturated fats, it is in line with health organizations suggested dietary standards and is a wise option for people who are concerned about heart health and weight control.
Frozen country chicken is a healthy food choice that also symbolizes ethical and sustainable consumption practices. This project promotes economic empowerment in rural areas by supplying locally bred Aseel roosters and aiding small-scale farmers. Frozen country chicken honors biodiversity and cultural heritage, in contrast to the homogeneity of broiler chicken production, which depends on international supply networks and intensive agricultural techniques.
Additionally, by extending the shelf life of chicken and ensuring little waste, the frozen preservation procedure lowers the carbon footprint associated with food deterioration and transportation. Conscientious buyers who want to match their ideals with their purchases are drawn to the sustainable ethos of frozen country chicken, particularly as environmental stewardship becomes more and more important to them. In the burgeoning landscape of food entrepreneurship, frozen country chicken presents a compelling opportunity for innovative ventures. With India's rich tradition of poultry farming and a burgeoning export market, entrepreneurs can capitalize on the unique attributes of Aseel roosters and the demand for high-quality, ethically sourced meat products.
By leveraging government subsidies and strategic marketing initiatives, aspiring entrepreneurs can establish a foothold in both domestic and international markets, catering to health-conscious consumers and Indian diaspora communities abroad. From semi-automated processing plants to comprehensive quality control measures, successful ventures in frozen country chicken prioritize excellence in production, distribution, and customer satisfaction.
In a time when people are more conscious than ever about the foods they eat and how those decisions affect their own health as well as the health of the world, frozen country chicken stands out as a healthy and moral food option. Frozen country chicken, with its abundance of nutrients, sustainable values, and business opportunities, is not just a delicious food item but also a driving force behind improvements in the world food chain.
We explore the marketing tactics, financial concerns, governmental support systems, and future prospects and problems of the frozen country chicken sector in more detail in the pages that follow. Come along on an innovative and discovery trip with us as we explore the revolutionary potential of frozen country chicken to create a more sustainable and health-conscious future for future generations.
II. LITERATURE REVIEW
Previous studies that have analysed the causal interactions between frozen chicken import, chicken production, and real exchange rates for Ghana are scarce. Employing the hedonic price analysis, Al-Hassan et al., (2014) to investigate the dressed chicken in Ghana. Specifically, the study used fifty consumers from Kumasi and time series data from 2001 to 2010 to establish the preference between local and imported chicken and to analyse price trends using a growth model.
The findings from the study revealed that consumers are willing to pay premiums for imported, non-fatty, and tender attributes of chicken. Also, they found that prices of local chicken are about 57 percent higher, however, the volume of the imported chicken had a faster growth rate. More so, in their study, Adam et at., (2017) used the partial equilibrium analysis and examined the poultry feed sector situation in Ghana. Their study specifically focused on the feed milling industry which serves as the connection between feed and poultry.
The results showed that availability and price of maize feed largely determined the profitability and growth role of the poultry industry. Also, it was found that poultry meat replacing imports with domestic production would be nearly impossible in the short term. In addition, the work of Woolverton and Frimpong (2013) used a conditional logistic regression model and examined the consumer demand for domestic and imported broilers meat in urban Ghana. That is, the study investigated if consumers in Greater Accra are willing to pay for non- price attributes in poultry.
The study finds that purchase decisions are based on price and non-price attributes such as convenience, freshness and origin of the products. The study suggests an opportunity to market domestic chicken based on both price and price attributes and increased investment in the domestic poultry industry is required. Also, in their work, Benson et al., (2015) investigated the challenges facing the poultry sector in Ghana. The revealed that feed cost accounts for about 70% of the total cost of broilers production. Also, feed utilization efficiency was found to be critical for growth rates of broilers.
Furthermore, the study indicated the constraint facing the poultry industry in Ghana is the lack of protection on the infant poultry industry in Ghana. Other major constraint facing the public sector as indicated in the study are high feed cost, high chicken mortality as well as high cost of electricity. The study suggested the need for the government to intervene in the poultry market to alleviate these challenges. In a similar study, Donkor et al., (2013) used a sample size of 350 respondents and analysed their choice of imported and domestic produced chicken in Kumasi Metropolis. The study found that price and quality of chicken meat are the major factors that influence the purchasing decision of the consumers in Kumasi Metropolis.
The concluded that there is the need to ensure effective competitive price for locally produced chicken by providing adequate and readily funding for farmers. Also, packaging of locally produced chicken should be enhanced to compete with the international markets. Furthermore, Kisi et al., (2015) used secondary data to examine the challenges and prospects of the commercial poultry industry in Ghana. Their paper suggested that the Government of Ghana to increase taxes on importation of frozen chicken, increase SME financing, establish more training schools for poultry farmers, and encourage consumption of local poultry meats. Their paper also encourages entrepreneurs to resolve both financial and managerial issues affecting the poultry sector in Ghana. It can be observed that almost all the studies reviewed seem to employ survey and descriptive statistics to analyse the poultry sector and consumer choice demand in Ghana.
That is, no studies so far have empirically examined the joint causal relationship or dynamic interaction that exist between chicken imports, domestic chicken production, and real exchange rate in Ghana using the VAR framework.
III. RESEARCH DESIGN/ METHODOLOGY
A. Demographics
a. 2.9% of the respondents who are younger than 18 years old. They constitute a small portion of the total population. This suggests that the population has a relatively low proportion of children and adolescents.
b. 52.9% of the individuals aged between 18 and 28 years old, making up the largest proportion of the population . This indicates that a significant portion of the population falls within the young adult age range, which may have implications for societal trends, such as education, employment, and cultural preferences.
c. 15.7% of the respondents aged between 28 and 38 years. This age group represents adults who are likely to be in the early to mid-stages of their careers, possibly establishing themselves in their professions or starting families.
d. 5.7% of the respondents are aged between 38 and 50 years old, accounting for a smaller portion of the population. These individuals are likely to be in their middle adulthood, possibly reaching senior positions in their careers and experiencing various life changes such as raising children or caring for aging parents.
e. 22.9% of the respondents are aged 50 and above. This segment includes middle-aged and older adults, who may be nearing retirement or already retired. They may also be experiencing health-related issues or transitioning into different life stages, such as becoming grandparents
2. Occupation Details
a. 7.1% of the respondents are engaged in business activities, such as entrepreneurs, business owners, or executives. They form a relatively small portion of the population sampled.
b. 40% of the respondents who have received specialized education or training in a particular field and typically work in roles that require advanced skills and expertise. Examples include doctors, lawyers, engineers, accountants, and others. This is the largest occupational group in the sample, indicating a significant presence of educated professionals.
c. 11.4% of the respondents are Service workers who are employed in roles that involve providing services to others. This can include jobs in sectors such as hospitality, retail, customer service, and healthcare support. While not as numerous as professionals, service workers still represent a notable portion of the population.
d. 30% of the respondents consists of individuals who are currently enrolled in educational institutions, such as schools, colleges, or universities, pursuing academic or vocational studies. Students form a substantial part of the population, indicating a significant proportion of younger individuals or those in pursuit of further education.
e. 7.1% of the respondents are Homemakers, often but not exclusively women, who primarily focus on managing household duties and caring for family members, rather than being employed outside the home. This category represents a smaller portion of the population, indicating the presence of individuals primarily engaged in domestic responsibilities.
f. 4.3% of the respondents are retired. Due to reaching retirement age or other reasons and are no longer part of the active workforce. They form a relatively small percentage of the population, suggesting either a younger population sample or a community with fewer retirees.
3. Gender
a. 56.5% of the respondents are male. They constitute the majority of the population or sample group, indicating a higher proportion of males compared to females.
b. 42% of the respondents are female. While they form a significant portion of the population, they are slightly outnumbered by males in this sample.
c. 1.4% of the respondents chose not to disclose their gender or preferred not to respond. It's a minor fraction of the population or sample group and might not significantly impact the overall interpretation of gender distribution
4. Residential Details
a. 81.4% of the respondents are from India. It constitutes the vast majority of the population or sample group, indicating that the majority of the surveyed individuals are from India.
b. Abroad - specify the country:
B. Awareness About the Concept of Exporting Country Chicken
C. Involvement in the Exporting of Country Chicken or Related Products
D. Factors Considered while selecting Target Market
E. Awareness of Regulatory Barriers or Trade Restrictions
F. Quality and Safety Insurance
G. Challenges to Anticipate
H. Awareness Regarding Government Support Policies and Regulations
I. Marketing Strategies employed for Promotion
J. Handling of the Pricing Strategies
K. Packaging and Labelling Requirement Followed
3. Compliance with international labeling standards (31.4%): A significant portion of respondents focus on compliance with international labeling standards for exported country chicken. This involves adhering to established guidelines and regulations governing labeling requirements in target export markets, which may include specifications for product identification, ingredient lists, allergen information, country of origin labeling, and other mandatory labeling elements. Compliance with international labeling standards is essential for ensuring product safety, consumer transparency, and regulatory compliance in global markets.
L. Transportation and Logistics
M. Management of Payment and Financial Transactions
N. Handling of the Documentation and Paperwork
O. Cultural or Language Barriers
P. Addressing of Customer Feedback and Complaints
3. Improve communication with customers (28.6%): A portion of respondents focus on improving communication with customers as a means of addressing feedback and complaints related to exported country chicken. This involves enhancing channels of communication, responsiveness, and transparency to ensure that customers feel heard, valued, and informed throughout the resolution process. Improving communication may include providing timely updates on the status of complaints, seeking feedback on proposed solutions, and soliciting suggestions for improvement to enhance the overall customer experience.
Q. Growth Potential
R. Key Success Factors
IV. FINDINGS
V. IMPLICATIONS
A. Demographic Insights
B. Geographic Reach
C. Familiarity and Interest
D. Market Considerations
E. Quality and Compliance
F. Challenges and Opportunities
G. Marketing Strategies
H. Documentation and Payment Methods
I. Cultural and Language Considerations
J. Growth Potential
In conclusion, the food industry has a vast potential market with numerous opportunities and challenges. This report explores the business of frozen country chicken, a plant-based meat startup, and the potential markets for South Indian cuisine. We also discussed the market size, revenue model, and financial strategies for these businesses. The frozen country chicken business is a lucrative opportunity, especially for entrepreneurs who have access to Aseel roosters, which are not found everywhere. The business model involves processing the chicken, packing, and freezing it for export to countries where it is not readily available. Marketing, government support, finance, human resources, policy, and culture are the critical dimensions in the entrepreneurship ecosystem for this business. The challenges faced by the business include maintaining standards, hiring marketing experts, selecting skilled laborers, ensuring consistent revenue to cover costs and payroll, and securing enough capital. However, the opportunities are also plentiful, as this business is difficult to replicate by competitors, and an increase in demand leads to an increase in the price of the product, benefiting farmers. The food startup aims to provide an environmentally sustainable and healthy alternative to industrial meat production by offering plant-based meat products. The challenges faced by the startup are developing environmentally sustainable food solutions that do not compromise on quality or taste while still being economically viable, navigating the highly competitive food market, addressing issues related to cultural differences, language barriers, transportation, and storage. Finally, the startup must deal with the complex and costly nature of international financial transactions The market for South Indian cuisine is significant, especially in regions such as Malaysia, Singapore, Sri Lanka, the United Arab Emirates, the United Kingdom, and the United States. However, country chicken may not be widely grown or consumed in some countries due to cultural preferences, economic conditions, and climate. The potential market size for these businesses is significant, and the revenue model for the frozen chicken business involves long-term revenue from restaurants in India and abroad, individual households in metro cities of India, and Indians abroad. In terms of financial strategies, the initial investment required for a fully automated plant for the frozen chicken business is Rs 50 lakhs, while a semi- automated plant requires only Rs 10 lakhs. Therefore, it is recommended to start with a semi-automated plant and then upgrade later. To procure chicken from farmers, the business must pay them above the average rate, and there are shipment and storage costs to consider. However, the Indian government provides subsidies for the export of frozen chicken, which makes it a beneficial option at the initial stage. For the plant-based meat startup, securing investors who share the company\'s values and vision is crucial for success. In conclusion, the food industry offers numerous opportunities and challenges for entrepreneurs, especially those who aim to provide environmentally sustainable and healthy food solutions. The frozen chicken business, the plant-based meat startup, and the South Indian cuisine market offer vast potential for growth and profit. To succeed, entrepreneurs must focus on maintaining high standards, hiring skilled and experienced employees, staying competitive in the market, and securing sufficient capital. By doing so, entrepreneurs can tap into the vast potential of the food industry and contribute to creating a more sustainable and healthier food system.
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Copyright © 2024 Dr. SHALINI Rao, Mr. Lohade Rishabh Nitin , M U Prajil, Sangeeth R, N Hemanth, Melvin Joseph, Gokul Sakthivel. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Paper Id : IJRASET59147
Publish Date : 2024-03-19
ISSN : 2321-9653
Publisher Name : IJRASET
DOI Link : Click Here