Hello everybody and welcome to my presentation.
I will be taking you through my idea of innovating in an existing business. Specifically, I want to introduce a new ketogenic diet at Hungry Jack’s.
My choice for this organization is based on my love for their menu and the amazing burgers they serve. The enterprises that Hungry Jack has been running in Australia have, by and large, been highly successful. The “Pork Belly Deluxe” and other meals that are quite similar to it have helped the quick-service restaurant earn a stellar reputation in the local community. In spite of this, recent events have shown that companies need to continue innovating not just to maintain their relevance in the market but also to maintain their competitive edge vis-à-vis other inventive companies operating in the same industry.
Moving on, it is important to consider the local competitors in Australia for Hungry Jack’s who include McDonald’s, KFC, and Pizza Hut, among others. The restaurant industry is one that is continuously evolving and becoming more innovative, but the best ideas come from recognizing unfulfilled demands from customers. It is imperative that Hungry Jack’s make an effort to capture a portion of the rapidly expanding market for ketogenic diets.
Now we look at the market size for keto dieting. In 2019, the global market for ketogenic diets was predicted to be worth $9.57 billion (Bostock et al., 2020). According to expert forecasts, the market will increase at a compound annual growth rate (CAGR) of 5.5% between 2020 and 2027 (Bracci et al., 2021). The increasing prevalence of overweight and obese individuals, especially among young people, millennials, and working-class people, is the key driver fueling the industry’s growth.
In recent years, the ketogenic diet has gained favor as an effective technique of weight reduction. Obesity is associated with a broad variety of chronic health issues, including heart disease, diabetes, and high blood pressure. Concerns about one’s health are expected to have an impact on demand for a ketogenic diet. The ketogenic diet has been demonstrated to be effective in the battle against obesity. This eating plan focuses on eating meals that are heavy in fat yet low in carbohydrates.
Slide 6 & 7
According to Kossoff and McGrogan (2005), the most significant barrier for individuals who follow this kind of eating plan is the present shortage of items that are a great match for the ketogenic diet. From a business standpoint, this seems to be a tremendous opportunity. Dieters are classified into three types: those who are lazy, those who are successful at losing weight, and those who are eager to try new things. This market is aimed towards the third demographic. The marketing strategy produces a marketing mix comprised of distinct components related to keto-friendly substantial meals that may be sweet or savory depending on the consumer’s preferences.
Obesity has been progressively increasing over the globe for the greater part of the last few decades. This is because younger generations and millennials have acquired a higher tolerance for harmful fast food intake (Gibson et al., 2015). The ketogenic diet includes more than merely modifying one’s eating habits for the overwhelming majority of individuals. It’s more of an attitude. Furthermore, there is a current scarcity of outstanding restaurants in this industry, therefore Hungry Jack’s might possibly fill a need. This will improve the company’s reputation, which would, hopefully, attract consumers who are loyal to the brand and inclined to return. Hungry Jack’s has the additional opportunity to profit on this market segment by giving keto-friendly eating suggestions and menu selections on its website and via its numerous social media channels.
When following a ketogenic diet, a person’s daily carbohydrate intake is very low, their protein intake is around average, and their fat intake is quite high. This implies that fatty acids are the primary source of energy for the organism. Fat passes through a metabolic process known as “ketosis,” in which it is converted into “ketone bodies,” also known as “ketones.” Bostock, Kirkby, and Taylor (2017) found that some individuals may benefit from the diet in the short term, such as weight loss and improvements in total cholesterol, blood sugar, and blood pressure levels. However, after a year, these benefits are comparable to those obtained by standard weight loss methods.
The good news for Hungry Jack’s is that the Australian market for ketogenic diet-related merchandise is rapidly expanding. In response to the growing trend for organic and healthy eating habits, firms are investing heavily in research and development (R&D) to widen their product offerings and enhance their positions in the keto diet products market. Because of the rapid rise of e-commerce, Hungry Jack’s may now offer their goods on a worldwide scale, opening up a variety of new sales channels for them. As a consequence, they have been able to break into the global market for keto diet goods. Because there are so many potential business possibilities, various firms are contemplating investing in the keto diet products sector.
Therefore, I conclude that Hungry Jack’s must consider innovating some of it signature offerings to include keto-friendly products and composition. 38% of dieters say their main goal is to lose the weight they want to lose and 61% of adults aged 65 and older follow a diet in order to safeguard their health in the long term and avoid future health concerns (McKay et al., 2019). In the middle of the growing Covid epidemic, calorie counting has emerged as the most popular approach for losing excess weight. As a consequence of this advancement, clean eating and fasting at regular intervals have been dethroned as the most efficient weight reduction tactics (Ryan et al., 2022). Another noteworthy statistic regarding the ketogenic diet’s popularity is that individuals with yearly earnings of more than AUD 100,000 are three times more likely to follow it than those with annual earnings of AUD 50,000 or less (Ryan et al., 2022). Therefore, the market for ketogenic products is ripe for investment, especially for a brand that is already established such as Hungry Jack’s.
That has been my time. Thank you.
Bostock, E. C., Kirkby, K. C., & Taylor, B. V. (2017). The current status of the ketogenic diet in psychiatry. Frontiers in psychiatry, 8, 43.
Bostock, E., Kirkby, K. C., Taylor, B. V., & Hawrelak, J. A. (2020). Consumer reports of “keto flu” associated with the ketogenic diet. Frontiers in nutrition, 20.
Bracci, E. L., Keogh, J. B., Milte, R., & Murphy, K. J. (2021). A comparison of dietary quality and nutritional adequacy of popular energy-restricted diets against the Australian guide to healthy eating and the Mediterranean diet. British Journal of Nutrition, 1-14.
Gibson, A. A., Seimon, R. V., Lee, C. M., Ayre, J., Franklin, J., Markovic, T. P., … & Sainsbury, A. (2015). Do ketogenic diets really suppress appetite? A systematic review and meta‐analysis. Obesity Reviews, 16(1), 64-76.
Kossoff, E. H., & McGrogan, J. R. (2005). Worldwide use of the ketogenic diet. Epilepsia, 46(2), 280-289.
McKay, A. K., Peeling, P., Pyne, D. B., Welvaert, M., Tee, N., Leckey, J. J., … & Burke, L. M. (2019). Chronic adherence to a ketogenic diet modifies iron metabolism in elite athletes. Medicine and Science in Sports and Exercise, 51(3), 548-555.
Ryan, J. C., Alchin, C., Anastasiou, K., Hendrie, G., Mellish, S., & Litchfield, C. (2022). Exploring the intersection between diet and self-identity: a cross-sectional study with Australian adults. Journal of Nutrition Education and Behavior, 54(1), 20-27.