Market Orientation of Ready-to-use (RTU) Fish and Seaweed Powders: Consumers’ Perception, Practice and Future Aspects

Abstract:

The present study engaged various stakeholders, from producers to consumers of ready to-use (RTU) seaweed and fish powders containing vital nutrients for the human body. Twenty retailers involved in small and medium enterprises (SME) approached customers to purchase the study products. 600 packaged ready-to-use (RTU) seafood powders were distributed in retailers’ stores, from where 56 individual consumers data were collected, who purchased seaweed, fish, or composite powders based on their choices. Overall, seaweed and fish powders performed better than the composite powders in the retail stores. Consumers’ sensory preferences about these products, along with their willingness to pay (WTP), their willingness to buy again, and their willingness to suggest others about these products, were assessed. 95% of retailers believed it would be a profitable addition to their business if they sold these products, while 60.71% of consumers agreed to purchase the study products over the year, and 57.14% of consumers were observed to think that paying a premium price for the RTU seafood powders would be excellent. The examinedrange of willingness to pay (WTP) was quite wide. Majority of consumers preferred the price <50 BDT, where an evident portion wished to pay above 100 BDT. Hence, RTU seafood powder can contribute to public health and nutrition with proper knowledge disseminated to the general population of Bangladesh.