The growth of the global food tech market is projected to reach a valuation of nearly $350 billion by 2027, driven by competition among startups and the adoption of technology by established operators. These developments have already influenced the products available in supermarkets, ranging from vegan alternatives to traditional foods to innovative plant-based options. By the way, check out our insider guide to vegan food in NYC. Ingredient companies previously played a significant role in food tech, focusing on finding alternative sweeteners and creating low-fat alternatives.
Challenges for the food technology industry
To address the looming challenge of feeding a projected population of 10 billion by 2050, Bahige El-Rayes, an expert in plant-based solutions and managing director at Kearney’s Consumer and Retail Practice, emphasizes the necessity of managing the evolving consumption patterns of fast-growing economies.
As countries become more affluent, there is a tendency to adopt diets rich in protein, which significantly strains already limited resources. The prevailing volatility in the commodity market further exacerbates these issues, with food security now a pressing concern for governments worldwide. These concerns are closely linked to the growing recognition of the environmental impact and long-term sustainability of our food choices.
The pandemic has played a pivotal role in heightening global awareness of the multifaceted challenges posed by our food system over the past three years. According to Brett Brohl, managing director at TechStars’ Farm to Fork accelerator, the events of 2020 have intensified preexisting problems within the food industry, bringing them to the forefront of stakeholders’ attention.
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#1 Cultivated meat
Cultured meat, is a groundbreaking concept that emerged when Mark Post, a pioneer in this field, publicly tasted the first lab-grown burger in 2013. Initially, this innovation seemed far-fetched, with early attempts requiring the use of copious amounts of fetal bovine serum (FBS) and, ironically, more animal blood and slaughter than traditional beef production. However, recent advancements have revolutionized the landscape.
Prominent players like Eat Just, SuperMeat, Memphis Meats, and Higher Steaks have successfully developed animal-free alternatives to FBS, accelerating the possibility of commercially viable cultivated meat products within the next few years. Singapore has already taken the lead by approving the sale of cultivated meat, marking a significant milestone in this transformative journey toward reducing reliance on livestock. While plant-based alternatives have gradually reshaped consumer habits, cultivated meat has the potential to completely disrupt our reliance on animal agriculture, triggering a profound shift towards sustainability.
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Experts believe that once cultivated meat truly replicates the look, taste, and experience of traditional meat, it will not only change consumption patterns but also drive the global green agenda. Industry insiders feel privileged to witness and contribute to this groundbreaking movement, foreseeing a future where more significant players in the food sector will seek to acquire or collaborate with successful cultivated meat ventures, recognizing its immense potential for growth and impact.
#2 Hi-tech sugar
Food and beverage brands received a stern warning last October when a scathing report from Public Health England revealed their collective failure to meet a voluntary goal of reducing sugar by 20%. Instead, they only managed a meager 3% reduction across supermarkets, cafes, and restaurants. The challenge lies in reducing sugar while maintaining the same taste and texture. Just take Lucozade as an example. When its low-sugar variant was launched in 2017, early shoppers found it “horrific.” It’s not as simple as replacing sugar with artificial sweeteners like sucralose or aspartame either, as these alternatives tend to have a bitter aftertaste that health-conscious consumers dislike.
This is why some players in the industry are now seeking more innovative options, especially with the looming threat of mandatory targets. Tate & Lyle, for instance, has started manufacturing liquid and crystalline allulose for its clients. Allulose, a rare sugar, offers 70% of the sweetness of regular sugar but has only 0.4 calories per gram. Another example is Dutch startup Fooditive, whose team introduced an all-natural sweetener in 2020. This sweetener is made from third-grade apples and pears that would have gone to waste, combined with yeast and water before being milled into a powder.
#3 Alternative proteins
A mere decade ago, and perhaps even just five years ago, the term ‘alt proteins’ would have elicited confusion. Fast forward to today, and shoppers eagerly discuss the merits of pea versus soy in their veggie burgers, debate the frothiness of oat milk versus almond, and venture into the realm of hemp and insect snacks for a protein fix.
The alt-protein market, once seen as a niche interest of a select few health and eco-conscious consumers, has now infiltrated the mainstream. In 2020 alone, the industry secured an unprecedented $3.1bn in investments, three times more than any previous year. Remarkably, over the past decade, alt protein companies managed to raise a staggering $5.9bn, with more than half of that amount acquired in 2020.
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This influx of investment, as stated by the Good Food Institute (GFI), can be attributed to the collective urgency brought about by the Covid-19 crisis, along with a newfound determination to address sustainability and food security issues. The number of consumers either reducing or completely eliminating animal products from their diets continues to rise. Take Future Farm, for example, the creator of ‘meatless meat.’ Their portfolio of plant-based patties, mince, and sausages owes its existence to proprietary technology that replicates the iron ‘taste’ molecule found in actual animal blood, as explained by one of their spokeswomen.
#4 3D printed food
Perhaps overshadowed by the popularity of plant-based and lab-grown meat, the potential of 3D printing to revolutionize the food and beverage industry should not be underestimated. In fact, 3D printing technology has been in existence for quite some time. Way back in 2014, a US manufacturer showcased the first 3D food printer at the Consumer Electronics Show in Las Vegas, impressing onlookers by producing various flavored candies.
Initially, this technology was perceived as mere entertainment, lacking practical applications. However, recent advancements in 3D printing machines have started to shift this perception. Restaurants and chefs are now experimenting with 3D-printed pizzas and soft drinks. Moreover, cutting-edge machines allow companies to preload recipes that can be customized in terms of shape, color, texture, flavor, and nutrition. The possibilities are truly remarkable.
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Conclusion
The unprecedented global impact of the coronavirus pandemic came forth an array of challenges previously unseen. Hospitals faced emergencies, nations transitioned to complete lockdowns, air and land travel was heavily restricted, and markets, offices, and schools shut their doors. These circumstances cornered the economy and essential supplies, including food. Notably, the demand and consumption of processed food from retailers surged, while the demand for food service products plummeted. All this promises some difficulties, but also opportunities. Companies are already gearing up to meet the demand and are developing high-tech food products.
