Future of Food and FoodTech Business Opportunities
“Civilization depends on our expanding ability to produce food efficiently, which has markedly accelerated thanks to science and technology” – Nina Fedoroff
FoodTech companies have revolutionized the way people consume food around the world. The future of food processing sector will play a key role in the economy of country since it connects agriculture with processed food products. Several unconventional start-ups in Foodtech industry are disrupting the world with novel food products that come from modern food-processing technologies. In fact, large companies use disruptive business concepts in order to grow stronger. The advent of innovative food technology, which includes cultivation, growth, distribution, production and food processing, helps us be more conscious of how we consume food. We now have a better understanding of how we should eat, what we eat and why we eat.
Currently, the world produces more than enough food items to feed everyone in the world. However, according to the United Nations, 815 million people (approximately 11% of the population of the world) went hungry in 2016. Hence, we need to adopt new technologies and food processing methods to solve global food scarcity crisis.
Food processing sector is highly important for the development of any country because, with the modern lifestyle, there is a rising preference for packaged foods among consumers. With the world facing several biggest challenges – climate change, stagnating resources, overpopulation, covid-19 outbreaks and ever-changing consumer demands – food start-ups will work on discovering disruptive foodTech concepts to make our foods more efficient, resourceful and sustainable in future. Let us explore the world of food technology a little deeper.
Food Processing Technology
Food processing technology, with an algorithm of methods and techniques, converts raw ingredients into various forms of food for consumption. Food processing method normally takes fresh and harvested crops or butchered and slaughtered animal meat, and processes these raw food items to manufacture marketable, attractive and often long-life food products.
Some Processed Foods
- Bacon, sausage, ham and salami
- Bread and cheese
- Breakfast cereals
- Cakes and biscuits
- Crisps, sausage rolls, pies and pasties
- Drinks, milk or soft drinks
- Microwave meals or ready meals
- Tinned vegetables
Objectives of Food Processing
Food processing method has particular objectives such as:
- Boosting the shelf life of food products.
- Converting raw food materials into consumable products.
- Food storage and Transportation.
- Preventing food-contamination.
- Providing employment to a large population.
Food Processing Methods
The following processing methods are adopted during the processing of food.
- Adding a gas in bread or soft drinks
- Chopping or slicing
- Peeling off the outer layers of any raw materials
- Spray drying
These food processing methods can also create new business opportunities if each type of food process becomes a type of business opportunity. Public companies may adopt these future foodTech business opportunities to provide safe and hygienic food-processing methods for foodTech disruptors who aim to solve global food scarcity in future.
FoodTech Business Opportunities
According to WHO, consuming a healthy diet helps us to prevent malnutrition in all its forms. Hence, foodtech manufactures should be aware of healthy diets that the world need now before they plan any new business process. Here are some of the best food business ideas.
Bakery and fruits
Bakery is one of the typical food processing business opportunities in the world. Choosing a right food product with an innovative marketing strategy is a major factor in having a success in the bakery business. If bakery products are connected with the elements of fruits, some disruptive bakery food products will evolve. For example, if a donut is connected with a flat peach, an innovative donut, a donut with the taste of flat peach, will come to market. In the same manner, big bakery companies can create various food products mixed with fruits. And also, the bakery industries can produce fruits-shaped bakery products that would impress every foodie.
Biscuit and sports
Traditionally, biscuit making is a lucrative business since they are cheap and available with many varieties. Even after different types of modern biscuits, there is still a large room for innovative ideas. Let’s find out an innovative idea here. If the shape of biscuit is connected with sports, sports equipment-shaped biscuits can come to market. As most of the biscuit consumers are teenagers and children, these types of biscuits can easily occupy the biscuit market. And also, with the connecting idea of biscuits and sports, biscuit manufacturers can produce innovative specialised energy biscuits for sports stars, artists, business persons, scientists and professionals. In future, biscuit industries would rely on innovating biscuits since existing biscuit products are gradually lacking interesting elements and not focused on specialized consumers.
Chocolate and fruits
Chocolate making is one of the most promising and profitable food processing businesses. In market, we can get several varieties of chocolate. However, if food processing companies are ready to set a goal to make new chocolates for future chocolate lovers, they should connect chocolate with fruits. Eventually, the essence of fruits-added chocolate will become a major part in the life of children.
Specialized Energy drink
Energy drink is a modern option to have a relief from stress. At present, the energy drink production is one of the trending and profit-making businesses. Companies can develop specialized energy drinks based on professions. For example, a specialized energy drink for teachers and a specialized energy drink for sports stars.
Meat processing and nanotechnology
Growing demand for meat products, increasing competition and health-conscious lifestyle have led meat industries on discovering a new approach in meat processing. Meat industries across the world are reeling without novel meat products ideas that meet consumer demands. Hence, if nanotechnology is connected with meat processing, it will make a significant impact on meat processing industries that will provide products with improved antimicrobial effects and targeted delivery of bioactive compounds.
Packaged spices and herbs
Companies can look into the processing of mixed blends of herbs and spices. Some important spices to explore are: garlic powder, ginger powder, cloves, cardamom, cinnamon, cayenne pepper, cumin, coriander, fennel, fenugreek, and nutmeg. And also, companies need to manufacture packaged spices and herbs for any particular treatments. It would be more helpful for medicinal purposes, especially for those who like alternative medicines.
[ According to AFN (AgFunderNews), top 10 foodTech companies in the world are: AeroFarms TIPA Corp, Bowery Farming, Agrivi, JIMINI’s, Notpla, Agrilution, Growing Underground, PicoBrew and Naio Technologies ]
Food processing sector is one of the successful business opportunities that anyone can venture into. This is the technology which grows forever and everyone needs. If you are able to discover a lucrative foodtech business, you can manufacture a food product that is a must for human being. Food technology not only helps in increasing food availability, but also helps to reduce food waste, conserve, and improve the quality of manufactured food product.
The processed food industries are valued at over $2 trillion dollars worldwide and comprise more than 400,000 companies. The market of food processing is expected to reach an estimated $4.1 trillion by 2024. By 2050, China, India, Pakistan, Indonesia and Philippines will represent over 50% of the population of the world. Hence, footTech companies can mainly focus on providing specialized future food products for the people of these countries.