Ghost kitchens will reach 100,000 units globally by 2030, feeding online food delivery’s already substantial growth which is predicted to hit $200bn next year.
That’s what experts behind the Greenfood Insights #3 State of FoodTech report believe, which also claimed the use of robots in kitchens has doubled since 2014.
This optimistic outlook is despite an 80% dive in food tech investments in recent years, which doesn’t seem to phase the experts. That’s because the world is facing big problems and tech is the only solution.
“Innovations like robotics in agriculture and circular systems that transform food waste into resources are set to address critical global challenges,” says the report.
Biotech is also held up as valuable solution, offering answers to issues like sustainability and food security.
Will foodtech investment increase?
While investment has been low in recent years, it is picking up as the “perception of the food industry as non-disruptive has significantly shifted in recent years,” the report says.
As a result, start-ups are again attracting big funding as parties understand they are vital to how food will be grown, shopped and cooked.
“Innovating and reshaping the food system takes time and money, and it is no secret that the last few years have been challenging for some of the household food tech companies,” it says.
Global food tech growth is predicted to rise from $220.3bn in value two years ago to $342.5bn in 2027 – at 9.3% CAGR.
So what trends could this growing cashflow help to fund?
Agritech
Tech will improve efficiency and productivity for farmers. “Robots picking strawberries are up to 40% faster than human workers,” says the report.
They also have an accuracy rate of over 98% for selecting ripe fruit and can harvest around the clock
Protein alternatives
Despite its recent blip, alternative proteins are set to reach $290bn sales within the next decade.
3D printing, fermentation and molecular biology will all shape the sustainable alternative meat sector in the years ahead.
So much so, around 20% of meals consumed globally will be made from alternative proteins, claims the report.
Alternative proteins will continue to benefit from the food tech category, tapping into consumers' increasing desire for healthier, more environmentally-friendly nutrition.
Food waste reduction
Not only is tech pipped to help boost food and drink production rates, it’s also hoped to stem the flow of waste.
“One third of all food produced in the world is wasted. One billion meals a day are not eaten,” the report warns.
However, a market for upcycled food products is emerging and estimated to reach $53bn by 2027.
“Research shows that for every $1 invested in reducing food waste, companies save $7 in operational costs.”
Other trends expected to be driven forward by food tech include clean-label and natural foods, with the technologies helping suppliers develop ‘real-tasting’ flavours, but without compromising shelf life and texture.
