THE FUTURE OF FOOD TECH STARTUPS
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.