Food Tech
Food technology is an interdisciplinary area that utilizes the methods and concepts from science, engineering, and food production to create new foods and dietary supplements. For the development of environmentally friendly and human-friendly food supply systems, food technology is essential.
The assurance of food safety is one of the main goals of food technology. One aspect of this is protecting against foodborne infections, which can be brought on by bacteria, viruses, or other pollutants. In order to do this, food technologists may focus on creating new techniques for food preservation, such as canning, freezing, or drying, or they may create new techniques for sterilizing food in order to eradicate harmful microorganisms. Food technologists may focus on enhancing the quality and flavour of food products in addition to ensuring food safety. Creating new recipes or formulas, as well as figuring out how to improve the flavour, texture, and look of food, can all fall under this category.
The packaging and distribution of food products are other areas where food technology is used. In order to efficiently deliver food to consumers, this can entail designing packaging materials that keep food fresh and safe from harm. It can also entail developing logistics and transportation systems. In general, food technology aims to offer consumers nutritious, convenient, and safe food items that suit their needs and preferences.
The most sought-after component on our diet charts nowadays is technology in the food sector! The food industry has welcomed new technology and mobile application-based services, which have significantly changed how the industry functions. Food technology was created as a result of the combination of food and technology. The increase in investment that the food technology sector is seeing serves as evidence of this.
The food and processing sector is one of those business sectors with unique traits and barriers to new product development. Without the incorporation of innovations, it is obvious that production efficiency cannot be increased and competitive potential cannot be strengthened; however, the shift to an innovative path of development depends heavily on the industry's potential for technological modernization, the intensification of agricultural production, and other factors.
Food tech market
The size of the global food tech market was USD 220.32 billion in 2019, and it is projected to grow at a CAGR of 6.0% from 2019 to 2027 to reach USD 342.52 billion. The development of cutting-edge technology within the food industry is the main factor driving the market. The development of the food tech industry is being driven by an increase in the use of cutting-edge technologies in food processing methods. Robotics, processing methods, and data technology advancements are giving the food business new growth prospects. Demand for healthier foods is rising as people become more knowledgeable and health-conscious. The market for food technology is being driven by the growing demand for cheaper, safer, and better food products. The increased usage of smartphones and the prevalence of the internet are the main reasons why the market for food technology is growing. As of 2022, 4.9 billion people, or around 69% of the world's population, uses the internet regularly. Culinary technology is also used as the delivery platform for meals ordered online, helping restaurants increase their revenue and clientele. This is one factor fueling the market for food technology.
Economic growth and development depend greatly on innovation. As a result, it is a primary concern for most economies. A competitive advantage can be established by creating technological advances, which is a crucial aspect of the success of a business. The number of novel foods has significantly expanded in recent years, thanks to revolutionary food technology, which has encouraged innovation in the food industry. Even though the literature has historically regarded this business as one with low research intensiveness, innovation has grown to be of particular importance in the sector. However, it is acknowledged that innovations, which are defined as innovative products, processes, or services, are crucial tools for food sector businesses to differentiate themselves from the competition, satisfy consumer expectations, and generate a significant number of inventions. But not all businesses take part in their development. In this context, new technologies for food production and processing have received a lot of research attention. It is intriguing to look at developments in this area as the number of publications on technical innovation in the food business keeps increasing. A bibliometric review of the literature is a great approach to summarise the results and identify the areas in which the study has been performed. It is a crucial step in developing theoretical frameworks and conceptual models. Understanding the knowledge regarding technical advancement in the food industry should be made easier by a bibliometric study. This method enables the presentation of intriguing findings to both experts and beginners on a topic.
Consumer expenditures, according to Ernst & Young, indicate that consumers are prepared and willing to pay for advancements in food technology that can satisfy their growing demands for convenience, health, and low environmental impact. It's a great moment for food inventors to take advantage of these market demands and grow quickly thanks to the possibility of food technology firms. The food business has innovated as a result of growing investments. With the emergence of new consumer groups, including young, urban-dwelling, working professionals, the emphasis has switched to product sustainability, health, and freshness. Future food technology businesses and sectors are, however, developing in line with this. The industry's goal is to adapt to the times in order to create healthier, and more acceptable eating habits.
Future of Food Tech
The primary areas that have been completely transformed by investments in and developments in food technology along the value chain.
1. Consumer food technology
This area of food technology investment focuses on the creation of both new and current technologies that are primarily marketed toward consumers. Nutrition-based technology that strives to meet customer preferences is the main focus of consumer food technology.
For instance: Choosing organic food has become popular. People began emphasising plant-based, vegetarian, and animal-free goods. Food tech firms, such as McDonald's via Beyond Meat, developed meatless burgers and began offering them on their menus while keeping an eye on current food trends.
2. Industrial food technology
Food technology has a branch called industrial food technology that handles the business model. Some companies will need to concentrate on how to process, package, and transport wholesome and cutting-edge food because simply focusing on food would not be sufficient.
For example, the field of food preservation technology is pursued by businesses like Hazel Technologies. They are concentrating on ways to improve product quality during packaging and shipping in order to lengthen shelf life and decrease waste.
3. Consumer tracking and awareness
Given the fast-growing awareness of food fraud, increasing food traceability is crucial. The food supply and procurement division of food technology firms will innovate as a result of this. A consumer who is well-informed will favour high-quality and gourmet food items, which has forced restaurants to rethink their delivery strategies.
4. 3D Food Printing
This development was probably expected due to the widespread adoption of 3D printing over the past few years. As you might anticipate, this technology will fill in the gaps by creating the final result layer by tiny layer. In the future, this arrangement will provide limitless options for the shape, surface, content, and last but not least, flavour of food products.
The development of food appears to have a bright future. Additionally, 3D printing would significantly reduce the waste that results from conventional cooking, and it might be used to encourage innovative, healthful cuisine and fundamentally rethink how we create "recipes."
Consumers of today demand nutritious food that is simple to get produces minimal waste and complements their own brands in addition to convenience and consistency. In actuality, running a food firm has never been more challenging. Although consumer needs have evolved to include ethical principles, convenience demands have not been replaced. Spending patterns, however, indicate that consumers are prepared and eager to pay a premium for advancements in food technology that will satisfy their expanding demands for comfort, health, and little environmental effect. The chance for food entrepreneurs to profit from these market demands is expanding!
The future of this sector is promising, with an interest in the field of food technology rising steadily. In the upcoming years, it's possible that we'll witness even more significant shifts as new, creative concepts and consumer interest in these foods both expand. A completely alternative vision for our food system is now much closer to becoming a reality, and new and developing food and agricultural technology provides the chance to make the world a much better place. These inventions hold a lot of potentials, but there are a number of issues that need to be resolved before they can properly scale up.
We at Global Tech Summit are firm believers in the ability of technology, business innovation, and networking to advance the food sector and hasten the revolution. Only by working together will we be able to actually change the world and create a better future.
The Global Tech Summit is a hub for innovation, big ideas, and business transactions. We invite the most eminent food technology entrepreneurs, inventors, investors, and government leaders from all over the world for two action-packed days to address the industry's urgent concerns.
