🥗 Foodtech is the emerging sector exploring how technology can be leveraged to create efficiency and sustainability in designing, producing, choosing, delivering and enjoying food.
🤖The history of food technology is a long and fascinating one. It begins with the work of Nicolas Appert in the early 1800s, when he first developed the process of canning food. From there, it was further refined by Louis Pasteur in 1861, who applied scientific principles to food preservation. Nowadays there are many different aspects to foodtech, from developing new ways to grow food, to creating alternatives to existing nutrients and new food ingridients/products.
➡️There are many different sub-categories within foodtech, including agtech (companies that focus on breeding or farming using digital tools), food science (companies that specialise in food processing or the production of new food products), and food eCommerce (companies that deliver meals to homes and offices or sell food online).
Today, food technology is more important than ever and there are a few key reasons for this. Firstly, consumers are becoming increasingly health conscious and are looking for healthier food options. Secondly, food companies are taking advantage of the growing skepticism around food industries and their supply and intensive production. And thirdly, food-tech startups are using technology to show transparency and build trust.
📉However, Food-tech investments are cooling off this year, according to Pitchbook data. A total of $12.7 billion went into foodtech startups in the first six months of the year, down from $37.5 billion in the same period last year. With food resources diminishing due to climatechange, war, and broken supply chains, hunger and obesity are both plaguing the world. As a result, people are seeing technological advancements as the only hope for salvation.
So what does the future hold for foodtech? It is hard to say for sure, but one thing is certain – the sector is one to watch. With so many #innovative companies working on solutions to some of the world’s biggest problems, foodtech has the potential to make a big impact on the food industry.