For food technology companies, understanding the present is crucial to determine the future prospects of the food and beverage industry.
FREMONT, CA: The demand for food technology is on the rise as the global population increases, consumption patterns change, and customer expectations evolve. From agricultural production to manufacturing and processing, there have been some unprecedented disruptions driven by food technology companies. Advanced technologies have played a major role in the food and beverage industry’s transformation. Moving forward, food technology companies are expected to deliver innovative products and services that address the issues of environmental sustainability, food safety, and on-demand delivery. Some areas where food technology will have significant opportunities in the near future are discussed below.
• Technology-backed Agriculture
Agricultural production is experiencing some fundamental shifts. Despite the reducing availability of labor and shortage of agricultural lands, farmers have been able to keep up yields owing to the contribution of food technology providers. Agtech companies are leveraging a range of technologies to incorporate automation and intelligence into agriculture and farming. In a few years, the market for agricultural drones, unmanned irrigation and yield collection systems, and automated equipment will grow rapidly as farmers go high-tech.
• Healthier Food Options
As consumer awareness regarding food choices rise, the necessity for the supply of fresh and healthy food will grow. Food technology companies today have the opportunity to help make food production safer by ensuring compliance with food safety standards. Besides, factors like packaging will also become important, creating opportunities for food tech companies to bring in innovative and sustainable food packaging solutions.
• Instant Food Delivery
Food delivery companies are attracting a lot of investments. As consumer lifestyles evolve further, food technology companies are expected to garner more opportunities in the food delivery segment. Apart from delivering cooked food from restaurants, these delivery services can target customers looking for delivery of fresh commodities and ingredients, as well as dishes customized according to their preferences.
Thus, food technology companies, both in the B2B and the B2C segments, are poised to discover new avenues for investment, growth, and innovation.