In 2020, the business world faced the COVID 19 pandemic, forcing it to adapt to a new business environment while complying with social dissociation policies. In order to recognize the wishes and needs of your customers and the changing dynamics of the industry, it is essential to be informed about trends in the food industry. The food consumption will change drastically by the year 2050. We have to adapt to new technologies very soon if we want a sustainable and environment friendly future.
Food delivery services such as UberEats, GrubHub, and Deliveroo have taken huge market share with marketing gimmicks and innovations. Food suppliers must keep an eye on the latest trends and technological developments in order to withstand competition and keep pace with the ever-changing customer requirements.
The food industry has opened its doors to new technologies such as mobile and application-based services, which has led to a huge change in the way the food industry operates. . The use of big data is revolutionizing food delivery services and making them more efficient. The food technology industry has seen a significant increase in investment and growth as a result of all this.
The future of food is in the hands of younger generation
Millennials are a preferred target group for food delivery services as they spend a higher proportion of their budget on prepared food than other generations. Three out of five millennials who order food delivery are ordering it from a takeout restaurant, according to the Technomic Generational Report. Since generations Y live so fast, they tend to order food in fast-food restaurants instead of eating at home.
Younger generation is more interested in a segment of food technology that focuses on the development of sustainable technologies that are marketed to consumers. Whether vegetable meat, novel distribution systems or nutrition-based technologies – Consumer Food Tech aims to satisfy consumer-oriented demand. Alternative protein diaries, nutrition meal kits, and distributors are examples of innovators in food technology.
Companies looking to produce healthy and nutritious products are looking for ways to not only make them tempting and accessible, but also to make them unique, exciting, and sustainable. In the production of food, science and technology play a significant role.
With a growing world population, theories abound about the future of food production. Synthetic foods are becoming a reality for example, and according to a recent Associated Press article, they will appear on menus at restaurants in just a few years. There is a huge potential market for sustainable and ecological food production methods, and every year more synthetic foods will appear.
Food market research report
According to Ernst & Young, consumer-spending trends show that consumers are willing and willing to pay for innovations in food technology that meet their growing needs for convenience, health and low environmental impact. The opportunities for food technology to capitalize on these needs are growing at this good time for food innovators.
In the podcast, Edward Annick explains that the rise of home cooking triggered the rise of “smart kitchens,” where people rely on products and appliances to cook in new ways, creating opportunities for new technology solutions for kitchens. This creates a strong economic case for innovation in the food supply chain to meet this demand. Changes in consumer preferences for quality, convenience and gourmet food in restaurants have led to the rise of the fast casual restaurant category and put pressure on fast food restaurants to rethink their delivery models.
Recent developments in Food industry
Food is part of every household budget, but the amount we spend varies greatly. Across the Asia Pacific region, households spent 8% on food (Hong Kong) to over 40% on food (Sri Lanka) at the turn of the millennium. However, there are signs that the share of income spent on food is beginning to converge across the Asia Pacific. Among countries with relatively low incomes, food spending is declining on a per capita basis as income increases. For instance, India’s GDP per capita has doubled in the past decade, contributing to the decline of food spending. The demand for quality food is also growing in wealthy countries like Hong Kong, USA where consumers increasingly prefer to spend more on eating healthy and quality food.
Our food spending is converging as globalisation and technological advances create new opportunities for innovation and increased competition in the supply chain. Restaurants should be pleased with this development, technological advances will allow restaurants to prepare and deliver highest quality food at low prices. However, there is good news for countries where spending is falling as a share of income like India: in many cases, this is simply a reflection of incomes rising faster than food budgets, with overall spending on food increasing.
Changing consumer behavior is not only about how much they spend. As consumers become more time-poor, the food industry is seeing a shift in its composition. Food that is prepared outside the home accounts for a greater share of food budgets. One-fourth of Asian consumers say their dining expenses are among the five fastest growing. People in countries where there is a strong culture of affordable eating out already know this. Malaysia and Taiwan, particular countries with strong street food industries, have seen eating out account for a substantial portion of their overall food expenditure for many years.
A person’s life depends on food. However, some of us increasingly live for food. Our choices about what, when, how and why we eat are complex and constantly changing. What we eat is influenced by our upbringing, where we live, what we believe in, and our preferences. As consumers become increasingly aware of the effects of their food choices, they are paying attention to the cost. Technology is enabling consumers to gain more knowledge about the foods they consume through increased knowledge sharing. As consumers rely more heavily on ethical, sustainable and fair trade products, they choose brands that share their values and do their part to address social issues they care about.