Letter from Publisher
Dear Readers,
According to a 2023 Rakuten Insights poll, there was a noticeable movement in consumer preference in India following COVID-19 toward online meal delivery, especially for individuals between the ages of 25 and 44. India's food tech market is growing, and with it are its customer base and consumption patterns. As consumers shift toward a more digital environment, platforms such as online meal ordering and delivery services have become significant participants.
With over 3000 food tech startups, technology is playing a significant role in the food industry mainly in online food delivery and online grocery. However, the online food retail market is just 2.5 per cent of the overall food market with revenue touching $997.30 billion in 2024 and growing at an expected rate of 7.96 per cent (CAGR 2024-2028). These startups are getting a lot of attention from the high net-worth individuals (HNIS), venture capitalists, angel investors as they see a significant growth of the food industry in the coming years.
The Organic World, Foodlink Group, Kobe Sizzlers, Little Italy, Zoop, Scandalous Foods and many more that are involved in different sectors of food industry have been utilising technology such as Internet of Things (IOT), big data, Blockchain and Artificial Intelligence (AI) platforms for ease of doing business and to provide the best services to the consumers while witnessing a significant growth. Our team has done a story on how food startups and leading names in the industry are making the best use of technology to grow businesses and offer services to the satisfaction of the consumers and also on how the startups are raising funds for market expansion and other endeavours.
With the advent of lean manufacturing, the food industry is continuously striving to become more competent by eliminating waste and optimising efficiency in the production process. We have an expert article on how tech innovations are propelling the food industry to new heights.
The Indian nutraceutical market is fast becoming an innovative and booming sector. While the POST-COVID spiralling health and wellness concerns have contributed to this growth, health food supplements are catering to almost every category of consumer, from sedentary men and women, professionals with certain disorders and ailments related to repetitive tasks, anxiety and stress. Nutritional supplements for athletes, too, have matured, although there is still room for improvement in terms of product quality and regulatory monitoring.
NUFFOODS Spectrum has been raising and creating awareness about nutraceuticals for the last 10 years through different platforms such as events, publication, seminars, among others, and recently hosted a two-day Sports Nutrition Summit 2024 in association with Army Sports Institute (ASI), Pune on February 23-24. Our team has covered this event, highlighting the pros and cons of nutraceutical use, and how they need to be monitored for quality.
I am sure you will find this edition another great read.
Thanks & Regards,