Entrepreneurship Opportunities in Functional Dairy Foods: A Study on Probiotic and Nutraceutical Products

Abstract:

This study investigates the main factors that influence the venture opportunities in the context of functional dairy foods, with a focus on probiotic and nutraceutical products. The increasing consumer preference of health-enhanced dairy products has provided new opportunities into entrepreneurial action; however, the relative relevance of market, technological, regulatory, and infrastructural factors is understudied. We used a quantitative methodology to collect the data using a questionnaire that was developed rigorously and which was designed to collect perceptions of market demand, technological innovation, regulatory environment and infrastructural support, using dairy entrepreneurs, producers, and industry stakeholders. Each of the determinants was evaluated using statistical methods, namely multivariate regression analyses, to determine its impact on entrepreneurial prospects. The results show that all the four variables have a strong positive effect with technological innovation and infrastructural support being the strongest predictors. The desire to create new ventures and regulatory clarity are also substantive, as well as market demand, which enhances the new ventures, guarantees product acceptance, reduces the effectiveness of operating risk, and formal adherence to quality standards. It is emphasised in the study that a perfect cluster of consumer trends, technical potential, a favourable regulation and a reliable logistic system drives entrepreneurs to establish functional dairy foods. To that end, the study enhances our understanding of the entrepreneurial ecosystem within the functional dairy market and emphasises the importance of action-based policy, industry, and innovation strategies to strengthen the said enabling conditions and contribute to sustainable growth of the probiotic and nutraceutical dairy production.