A big reason food startups are successful is that they take more risks and experiment than corporations.
The European Institute of Innovation and Technology has invested 56.4 million euros in the food industry and agriculture. That was 44% more than 2018. This funding was done through the European Union’s Horizon 2020 project.
Foodtech is now the fastest growing sector among startups and venture capital.
New innovations in the food industry are changing the old system. The question is because of which innovation foodtech startups are becoming so successful?
Change is everywhere. From farm to table, every supply chain in the food industry is changing. Again, customers’ preferences and needs are changing. Food industry is changing overnight due to digitalization.
# Startups that are changing the pace of the food industry.
- • Artificial protein (lab-grown meat)―Lab-grown artificial meat is now offering new protein options.
- • 3-D food printing―With a 3-D food printer, you can choose nutritious food according to your needs and requirements. There is an opportunity to choose food according to one’s lifestyle or medical condition.
- • Food Robotics―Companies are using robotics to maintain quality and increase production efficiency.
- • Wasted food – Many social impact companies and startups are developing viable business models to address this waste.
- • Customized meals—creating menus according to nutritional needs is becoming popular.
- • Internet of Things―Different sensors and devices on the same data network exchange information among themselves. In this way, various machines of the food industry are able to work much faster than before.
- • Safer food―Monitoring food safety using automation.
- • Delivery―Automating food delivery using drones, artificial intelligence (AI).
Technology is bringing so many changes in the food industry that have never been seen before.