THE FU­TURE OF FOOD TECH STAR­TUPS

Arabnet - The Quarterly - - Business -

Over the past few years, we have seen a greater in­te­gra­tion of tech­nol­ogy into the food ex­pe­ri­ence –from food de­liv­ery in all its forms and cloud-based plat­forms con­nect­ing farm­ers with end con­sumers, to on­line chef hire and 3D food print­ing. How­ever, the food in­dus­try is not only be­ing trans­formed by en­trepreneurs us­ing food tech­nol­ogy in in­no­va­tive ways, but also by con­sumers, es­pe­cially mil­len­ni­als, whose tastes and de­mand for tech­nol­ogy are driv­ing the food-startup scene.

Ac­cord­ing to Gold­man an­a­lysts, mil­len­ni­als, who care more for health­ful­ness, con­ve­nience and trans­parency than price, are ex­pected to ac­count for more than 75% of growth within the food ver­ti­cal over the next decade. More­over, mil­len­ni­als are spend­ing more on food out­side the home than any other gen­er­a­tion, av­er­ag­ing $50.75 per week. There­fore, star­tups en­ter­ing the food tech space should not only aim to com­pete with al­ready es­tab­lished mod­els, but rather fo­cus on de­vel­op­ing prod­ucts and so­lu­tions that cater to con­sumers’ ever-chang­ing ap­petites, health needs and life­style de­mands.

Newspapers in English

Newspapers from Lebanon

© PressReader. All rights reserved.