Russians were told about the most promising IT fields in the food industryScience and technology00:11 | 06 November 2023

The term “food tech” is often associated with food delivery from restaurants and stores, but it covers a much broader range. The sector includes innovations in food production and gastronomy, including the development of alternative meat products, the use of robots in the kitchen and food waste recycling solutions. Despite a general decline in investment in various areas, investor interest in food technology companies remains high.

Research company PitchBook conducted an analysis of the food technology market for 2023 and evaluated the attractiveness of this market for investors. Last year, food tech companies raised more than $11 billion in financing across 1,225 deals. Despite the general decrease in investments, there was an increase in the number of transactions, especially in the second quarter of 2023.

The main areas in this field continue to be online food technology trading and the production of alternative protein products, including plant-based meat analogues and cultured meat. Despite a temporary decline in demand in some segments, the outlook for food technology remains encouraging.

Foodtech also includes innovations related to the digital transformation of food production, including food freshness control systems, sustainable packaging and food waste management. Some companies, such as ThisFish and BioVeritas, have successfully attracted investment by developing technologies that will improve food quality and reduce food waste. Afresh helps stores combat food waste by using artificial intelligence to accurately predict demand for perishable products. Food bioengineering also provides new products and alternatives, enabling investment in developments such as food-beverage and new functional foods. Finally, food inspection and personalization services have attracted investment, reflecting the growing interest in innovations in food technology.