India offers huge potential for fish and meat - based products as currently Indians meet less than 18% of their total protein needs from such products. The current unorganized market size for such products is estimated at USD 31 billion. Emerging startups operating in the fish and meat modern retail space in India provide consumers with a unique and differentiated experience from the traditional unorganized wet markets and neighborhood butcher shops. Furthermore, these modern retail formats can tap into a huge market as only less than 1 % of meat and fish market is organized in India. These startups use state -of- the- art boutique stores in the front end and innovative farm- to -fork business models at the back end to transmute the way meat and fish products are marketed. The study explores the changing trends and business models in this arena and analyses how these practices are influencing consumer attitude, store preference and value perceptions.
The author has conducted multiple case studies, interviews with industry executives, and a detailed literature survey to come up with the results. The study throws up interesting themes which will be of value to industry practitioners and researchers. The first theme discusses how these startups are shaping new guilt-free consumption realities by offering wholesome, antibiotic-free products through careful sourcing, meticulous and transparent processing, and certifications. Second theme discusses the emergence of sophisticated outlets which enhances consumers' identification and brand experience with the store. Enhanced hygiene, aesthetics and an upmarket buying experience coupled with brand credibility can convert a huge chunk of traditional consumers as ardent followers of the new model. These factors help transform modern fish and meat brands to aspiration or lifestyle category. Moreover, these startups have the potential to build value-added brands in the processed and fresh fish and meat category targeting niche consumer segments. The third emerging theme highlights the enhanced use of internet-based commerce and delivery systems which provide unmatched convenience -centric buying experience to consumers in sync with the other e-commerce purchases.
However, these models are not without their share of flaws. These startups invariably suffer from some challenges in terms of customer acquisition and scaling up, need for revamping an inefficient supply chain, an increased burn rate of capital and long term sustainability of high discounting practices. Future research may look into these areas and limitations to suggest business model innovations.