FoodTech is expanding in 2024 and with good reason FoodTech industry Food business Food delivery The FoodTech industry is developing in an exemplary manner in 2024. Marketing food is a large international market, one that is bound to experience considerable expansion. The global food and beverage industry is expected to reach $8.9 trillion by 2026 according to forecasters.
The market size will always grow especially with the promotion of FoodTech technologies. As the population of the world is gradually rising, there is pressure on food producers to feed the population by providing food efficiently the sustainable way.
That means embracing the aspects of technology underlying food production and processing, distribution, ordering and even eating. Applications of food technology in start-ups have seen the deployment of technology to solve some of the biggest hurdles facing the food industry. Ranging from methods of producing food to tools to assist eateries to run their businesses you will find startups that are revolutionizing the catering business.
In the same vein of innovation, platforms like 22Bet are also demonstrating how technology transforms traditional industries. With its intuitive interface and features, 22Bet makes online betting as accessible and dynamic as ordering food through a cutting-edge app.
Top FoodTech trends with examples of successful startups in 2024:
Robotization in FoodTech
This is the era when robot waiter, robot chefs and robot cleaners are a reality. Of course, it is still far from broad robotization; however, companies began to gradually introduce this technology into production, thus minimizing personnel expenses, increasing net profit and shifting to innovative production.
Examples of robotization startups:
Miso Robotics has developed a robot Lippi that cooks hamburgers.
Pazzi is a pizzeria where all dishes are prepared by robots
Startup Moley sells robotic kitchens to businesses and private consumers
Digitization of Public Catering
Today, more and more companies are digitizing their services. Banks are abandoning physical offices in favor of online banking, e-commerce stores accepting payments through online POS terminals, and financial institutions are minimizing paperwork.
The food industry is no exception. Today’s consumers can order food on numerous food platforms. They can also use digital menus in restaurants, AI-powered assistants in virtual stores, or digital self-service kiosks in cafes and fast food outlets.
Examples of food digitization startups:
AAHI startp develops digital menus for restaurants. Guests can use the digital menu to order via QR code and pay via NFC.
Lean Restaurant offers a complete digital solution for catering businesses. For example, the Kitchen and Waiter apps allow staff to track orders, while the E-Menu and E-Payments services allow customers to order and pay via an app
Winc startup studies customers’ wine preferences and sends them monthly wine packages based on their subscription.
Alternative Protein Sources
Overpopulation, a growing carbon footprint, ethical concerns, and limited resources on the planet are forcing people to gradually abandon animal products. In response, companies are popping up all over the place to develop alternative proteins. AltFood producers extract proteins from plants, insects, and lab-grown foods. Every year, such food tastes more and more like “real” food. In addition, its nutritional value is often higher, and it is more environmentally friendly and cheaper to produce.
Examples of AltProtein startups:
JIMINI’s creates insect snacks, protein bars, granola, and crackers.
Ento, a startup, breeds crickets and uses them to produce nutritious products.
Vertical Farming
Instead of growing crops in fields or greenhouses, some companies grow them in dark rooms under the influence of ultraviolet light. This approach is called vertical farming. It produces more crops per square meter than traditional farming, uses less water, and makes plants grow faster, regardless of the season.
Information technology plays a crucial role in vertical farming. In particular, the Internet of Things and machine vision monitor and optimize crop growth, while mobile apps help to remotely adjust plant growing parameters.
Examples of vertical farming startups:
The main vision of AeroFarms is to grow better plants for society.
Bowery Farming is an innovative company which grows greens, herbs and berries with help of vertical farming technologies.
Agrilution company is working on a B2C product called Plantcube which enables clients to grow plants with fresh vegetables at home
Why is FoodTech Important Today?
There are several reasons:
Firstly, as serious population growth is observed in the world, one has to learn how to produce, pack, deliver and consume food more efficiently.
Second, by leveraging the use of technology we can do all of this in a better and much more efficient manner. Finally, many FoodTech startups are innovative and adapt new ideas and solutions to some of the largest challenges of the FoodTech Industry.
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