Technology has transformed how different industries work. Presently, technology in the food industry is highly popular. This industry seems to have opened its doorway to various technologies, such as mobile application-based services. Technology in the food industry has led to an immense transformation. The combination of technology and food has given rise to food technology.
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Technology isn’t an industry that works all by itself. It has become a part of every other industry. Hence, it is quite obvious for the tech investors to find the intersection.
Even a few years back, eating out was largely occasion driven and ordering from a restaurant was limited to ordering a pizza or calling up the restaurant. However, online food ordering through various apps did not exist then.
Nevertheless, things have changed in the last few years. There is a growing trend among people to order their food through various apps. Today, people are ordering more food than before. So, food tech is a rapidly growing sphere across the world.
What Facilitates Food Technology Investment
As per Ernst and Young, the consumer spending trends show a willingness to pay for the innovations in the food technology department that caters to the growing requirements of health, convenience, and low environmental impact.
The increasing investment in this field has facilitated innovation. In the middle of new consumer demographics encompassing the young, working professionals, and urban dwellers, the emphasis has shifted to health, sustainability, and freshness of the products. Nevertheless, the future of the industry is evolving.
Technologies that Drive the Food Tech Industry
There are several technologies that are driving the food technology industry. Let’s take a look at them.
Mobile applications that are based on Blockchain technology can improve food management. It can trace and record transactions for maintaining the quality and safety of the food industry. Blockchain also provides brand transparency.
Virtual Reality and Augmented Reality
AR and VR have also been introduced to the food industry. In fact, with the introduction of this, creative food images have turned out to be less important. People look for transparency when it comes to food. The calorie intake depends on the cuisine the customer is ordering through AR and VR. Technology also helps in filling the gap between various cultures.
For instance, if you would like to order different cuisines, VR and AR are going to smoothen out the process and will help in understanding how you will be able to adapt to the new dishes. Using the technologies helps customers to learn about the ingredients that are used in the dish and how they are secured. Thus, it gives a peek into the dishes they are consuming.
These days, almost all food mobile apps are using AI-based chatbots for connecting to their customers. These bots tend to send you recommendations on the basis of your eating mannerisms and behaviour. In fact, support through chatbots is also available 24/7. The future of food technology is geared towards becoming personalized and intelligent with the help of machine learning and predictive analytics theory.
Be that as it may, divisions, such as on-demand meals, personal chefs, food delivery, and grocery are becoming more popular by the day. It is causing a large number of investors and start-ups to join the market share race.
What Is the Future of Food Technology?
Here are the key areas that are driven by food technology investment and innovation.
- Industrial Food Tech. This is a subdivision of food technology, which takes care of the business model. Simply focusing on food is not going to be enough. A few companies will have to emphasize how to pack, process, and deliver healthy food.
- Consumer Food Tech. This is a division within the food technology investment revolving around the development of existing and new technology that is primarily promoted towards consumers. It is a genre that focuses on nutrition-based technology aiming to fulfil consumer demands.
- 3D Food Printing. 3D printing has become quite popular in recent times. It will provide unlimited opportunities for the surface, shape, composition, and taste of the products in time to come.
- Consumer Awareness and Tracking. Increasing food traceability is crucial due to the rapidly growing awareness regarding food fraud. It will lead to innovation in the food procurement and supply subdivision of food technology companies. A customer who is fully aware will prefer gourmet and quality food products.
The food-tech industry is going beyond personal consumption.