(Food tech market has expanded in the last decade. In today’s fast life it is convenient and efficient, and that is what we need.)
From Dabbawalas in 1890 to Swiggy and Zomato today, we love food. We love it even more when someone else makes it for us. In older times cooking was also a gesture of love other than being a part of the daily chorus. But we don’t cook every time now. We either go out or order online from our couch.
According to the stats, the global food tech market is estimated to exceed $342 billion by 2027. The USA, China, India, and Europe are the biggest investors in the food-tech market.
Food tech is an umbrella term for all the technological and digital activities related to food. It is a branch of food science. We are currently in the second phase of food technology.
CURRENT TRENDS
- Food tracking: From receiving the order to the delivery; customers know where the food is. The tracking happens in real-time. It’s so specific that it shows the live location of the person who is carrying our food. Good graphics for such a tracking system is a plus point enjoyed by food delivery app users.
- Foreign cuisine: Trying different cuisines has always been on our list. This year’s list is expanding with the introduction of African Food and Japanese food. Japanese cuisine is getting popular as anime viewership increases throughout the world. The credit of the Increased popularity of African cuisine goes to social media such as Instagram where people from Africa are sharing their heritage with their followers.
- No-touch delivery: Food hygiene is not a concern that started out of Covid-19 only. Prior to Covid, food hygiene was a major concern of consumers, but there was no solution to it. Due to the pandemic, no-touch delivery started, and it will continue in coming years.
TRENDS TO LOOK OUT FOR
- Multi medium services: New mediums like social media, virtual assistants, and gadgets like smart TVs and watches are becoming part of our homes. Food delivery services are also incorporated with these channels. In 2019, KFC India started a voice-activated chatbox for placing orders through Amazon’s Alexa. This provides a hand-free and no follow-ups required experience to the customers.
- Food delivery subscription and membership: Millennials are the loyal customers of food etch companies. They do not have time to cook. And they like variety in their menu. The demand is only going to increase in the near future. Flexible subscriptions on a monthly basis and memberships are very much attractive to millennials.
- Multifunctionality apps: Apps like Swiggy and Dunzo evolved from one-purpose apps to multi-functionality. Dunzo originally provided pick-up and drop services for good. Last year it collaborated with restaurants and local grocery stores. Now Dunzo provides all sorts of groceries and food from restaurants. Similarly, our beloved Swiggy came up with Instamart for groceries by collaborating with local stores. It does not mean that one-purpose apps are at risk. At least not for now.
- Offers and experience: Currently, India’s online food delivery market is under the duopoly of Swiggy and Zomato. They are giving tough competition to each other. The only way to differentiate from one to another is by giving better services and offers to the customers in the coming time.
The food-tech industry is an ever-changing place. The industry is attracting many investors. Food tech is a promising industry. Innovation and tech are developing the food tech market not only in economical aspects but also in terms of efficiency.