What Pointers Are Transforming the Foodtech Industry In 2022?
April 20. 2022
Technology continues to change the gameplan in many industries worldwide, enhancing production, processing, conveyance, and delivery. That’s more pronounced in the most significant global industry, one that comprises about 10% of the world’s GDP, according to estimates by the World Bank. So, what developments, trends, market share, and cost analysis can give pointers on the Foodtech industry for 2022?
From farm to fork, technology is increasingly playing a part in the food industry, helping producers, manufacturers, and service delivery gain efficiency for a growing consumer base. That increase is expected to balloon in the coming years, with players adopting advanced innovations to help solidify their market footprint.
However, the Foodtech niche faces growing pains, including market challenges, product scope, growth rate comparison by type, and numerous consumption risks. Companies involved form a tiny portion of the agri-food industry but are meant to become the vanguard of the sector. Continue reading to find out if its potential can convince market analysts, especially after overcoming the significant influences of the current pandemic.
Highly innovative startups are in charge of the research and development that provides technological and creative solutions. These R&D projects aim to tackle the modern challenges and their repercussions on global food security. Such issues include population growth, climate change, food waste, environmental impact, lack of natural resources, and exceedingly digitized society.
By definition, Foodtech is divided into six distinct categories that include;
Foodtech is an umbrella term that covers all technological and digital activities related to food production, processing, distribution, and consumption. Since the Covid-19 pandemic, the fast-growing sector has become highly dynamic and solicited. It also magnifies some of society’s habits while shaking up and creating others, including ordering food, strengthening product traceability, and reducing food waste.
Although still in its infancy, the transition is fuelled by tailwinds of massive demographic changes that spur consumer demand. There’s also seismic activity caused by massive advancements in food production technology, creating new choices. Besides, venture capital seeks to fund these disruptive, high-growth startups spurred by environmental, social, and corporate governance or ESG.
While these are maintaining growth in 2022, curves promise to escalate for drivers of innovation in;
Innovation revolutionizing Foodtech through supply chain solutions include;
Before the 2020-2021 pandemic, consumers demonstrated the desire for better nutrition choices, initiating a renewed focus on personalized food and healthcare. Foodtech startups are answering this need with cutting-edge biotech science, AI, and machine learning to develop functional nutrient-dense products.
Such catalysts include AI and machine learning platforms to unlock plant and fungi use cases and understanding. Biotech makes food the center of efforts to improve health conditions and eliminate chronic diseases. Grocers and food brands have to follow suit and personalize nutrition using Foodtech; otherwise, consumer apathy causes them to perish.
Foodtech companies and urban-dwelling professionals fuel the race for market share, and the startup ecosystem is segmenting and diversifying. These segments include grocery delivery, on-demand meals, personal caterers, box deliveries, etc. As consumers change preferences, FoodServ and Foodtech industries use innovative technology to deliver what they deserve and desire through;
The focus of Foodtech startups has shifted from their core delivery responsibilities to delivering lip-smacking meals at reduced prices. Low-budget restaurants and caterers have eliminated seating space for diners and instead concentrate on cooking and making doorstep deliveries.
Off-premise dining requires customers to make online orders via delivery apps or business websites to ghost restaurants that don’t have storefronts. There are lower operating costs, including rent and labor, while this allows Foodtech providers to diversify and expand their product consumer bases. Besides well-trained kitchen and delivery staff, operators invest in kitchen equipment, cloud technology, and platforms that improve customer acquisition.
The global Foodtech and FoodServ industries utilize over 30,000 robots to keep food fresh, ensuring availability, quality, and affordability. These machines also perform tasks that aren’t human-centric, improving safety and hygiene while saving time and space.
Foodtech robots have high consistency, accuracy, and speed levels, when repetition is required for processing, packaging, dispensing, or filling orders. Others operate in baking and meat deboning or cake decorations, while vision systems sort food products according to shape, color, or size.
With 3D printing technology, the foodtech industry leverages its innovation to produce distinct edibles from drinks to pizza. Using melted plastics that solidify quickly, pre-loaded recipes are customized by shape, color, flavor, or nutritional content to create culinary art. Raw ingredients are bound with edible cement to design new shapes that add visual appeal and increase sales.
As such foodtech operators cut costs drastically, and they can meet their customers’ needs. Such instances include fulfilling the demand for gluten-free and vegan foods. With 3D food printers, manufacturers reduce waste to improve sustainability.
Consumers are keen on knowing where their food comes from, a trend that precedes the covid-19 pandemic. People want to know the origin of ingredients used to make their meals to decide whether these sources are safe, healthy, or environmentally responsible. Through blockchain technology, foodtech companies can give precise control, visibility, transparency, and efficient collaboration with their consumer’s desires.
You can trace the initial farm or seeds used to grow ahead of lettuce, the farming method, and the location of that farm using blockchain technology. That also enables processors, manufacturers, supply chain operators, and consumers to track potential contamination leaks. Other operations made possible through intelligent contracts include high-tech packaging, automated delivery through drones, and intelligent food waste recycling.
Foodtech innovation disrupts how food is grown, crops processed, and products packaged, stored, and delivered throughout the supply chain. Innovators have developed technology that improves how ingredients or meals reach the consumer’s doorstep while improving safety and service quality with reduced costs.
Such technological advancements will change how food is produced, solving waste problems with the potential for eliminating hunger. Moving forward into 2022, you can expect improvements in your overall food experience due to operators leveraging these innovations.
The investors and moderator on the panel are:
The panel is about an hour long and seeks to spark discussion on three broad points:
Join us on this educational Future FoodTech trip to network with industry leaders, share expertise and experiences, and gain the most up-to-date information. For registration, click the link below: