Food Technology Evolution: Uncovering the Speedy Impact on Food Revolution
The food technology industry has emerged as a critical component in the contemporary food landscape, thanks to advancements in technology. This new digital intersection has significantly reshaped the food industry, offering innovative services through mobile applications.
The rapid growth in food tech investments indicates this industry's potential. Greg Golkin, the Managing Partner of Kitchen Fund, noted that technology has become integral to various industries, making it natural for investors to focus on synergies between technology and food.
The question, "What is food tech?" can be answered as a branch of food science that deals with food production, preservation, and research and development.
Statista forecasts that due to technological advancements and growing demand for healthier, affordable, and safer food options, the food tech market could surpass $342 billion by 2027. AgFunder's Farm Tech Investment Report indicates that farm tech investing reached $7.9 billion in 2020, marking a significant jump from previous investment levels.
According to the National Restaurant Association's State of the Industry Report, restaurant sales are projected to climb 10.2% in 2021 after a significant drop during the pandemic. Furthermore, CB Insights data reveals that while a record $13.5 billion was invested in food tech in Q1 2021, investments decreased to $8.9 billion in Q2 2021 and the deal count increased by over 10% in Q2 2021.
The influx of investments in the food tech industry has led to innovation across various segments, with an emphasis on sustainability, health, and freshness. Consumers are willing to invest in food tech innovations that cater to their growing needs for convenience, health, and low environmental impact.
One of the key driving forces behind food tech investments is blockchain technology, which ensures transparency, brand trust, and safety in the food industry. IBM collaborated with Raw SeaFoods to track seafood using blockchain technology, aiming to provide traceability from farm to stores while preventing food-related fraud. Similarly, mobile applications are employing blockchain technology to combat counterfeit milk products by implementing anti-counterfeit labels.
Augmented reality (AR) and virtual reality (VR) are another essential technology transforming the food industry. By offering immersive experiences, these technologies bridge culinary gaps between different cultures and help consumers understand various ingredients, their origins, and consumption methods.
Artificial intelligence (AI)-based chatbots are being used in food mobile applications to connect with consumers, offering personalized food recommendations and round-the-clock support. Robo-chefs are being developed to streamline cooking and minimize human intervention, albeit at a higher cost for now.
The future of food tech companies is promising, with potential solutions to pressing challenges such as feeding a growing global population, improving agricultural practices, and reducing food waste. The increasing investment in agrifood tech is a testament to this potential, with global agrifood tech startups raising $19.8 billion in 2019.
The food tech industry is expanding beyond personal consumption, addressing concerns regarding food traceability, nutrition, quality, taste, freshness, and sustainability. As the industry evolves, it will likely continue to revolutionize the way we produce, consume, and enjoy food.
Mobile app development plays a significant role in this evolution, as food tech companies are integrating artificial intelligence to create AI-based chatbots that offer personalized food recommendations and round-the-clock support.
Moreover, machine learning is being employed in food-and-drink segments, with mobile applications using blockchain technology to combat counterfeit milk products and ensure food safety. These advancements in technology are shaping our lifestyle by offering innovative solutions in the food industry, leading to a healthier, sustainable, and more enjoyable culinary experience.
