In recent years, we have witnessed a transformation in the food industry. Traditional products have been displaced from the shelves and markets by innovative developments that aim to enhance the culinary experience while also aligning with sustainability goals. As with many trends, the change in the food industry is being driven by startups. With their unconventional approaches, they are meeting the needs of the population and putting traditional corporate giants under pressure.
Successful young companies like Just Spices and Ankerkraut have already been integrated into corporations in the past two years. Many other startups continue to enter the market, aiming for a similar path and seeking to revolutionize the food industry in 2023. In this article, we have summarized the key startup trends in the food industry.
Sustainability:
While sustainability itself is already a major trend, startups in the food industry are increasingly focusing on sustainable solutions. They use organic and plant-based ingredients, offer eco-friendly packaging, and minimize energy consumption. Many young companies are also taking steps to offset their carbon footprint, aiming to become carbon-neutral or even carbon-positive. While many innovations revolve around plant-based meat alternatives, some startups in Germany are striving for changes in other areas as well. For example, in the Cologne area, NOMOO is a food startup specializing in a vegan, sustainable alternative for ice cream. It has already achieved some successes and is available at select food retailers.
PS: The innovative startup NOMOO ist part of our portfolio
Personalized Nutrition:
Personalized nutrition is a growing trend where startups offer individualized meal plans tailored to the needs of individuals. This includes supplements in the fitness industry and other nutritional additives. Some startups are now focusing on identifying customers' metabolism and adjusting their diets accordingly. Individualized meals are often customized for athletes, especially in professional sports. However, personalizing products currently requires significant material and financial investment, which is why startups are increasingly seeking sources of funding.
Meat Alternatives:
More and more people are opting for a meat-free diet for ethical, environmental, or health reasons. Startups in this space offer a variety of plant-based alternative meat products that closely resemble the original. Beyond Meat is certainly the first company to come to mind in this regard. The company, which is already listed on the stock exchange, uses extrusion to produce its vegan meat substitutes. Another exciting startup in the meatless industry is Mooji Meats. The company is developing an innovative 3D printer to facilitate the high-quality production of vegetarian meat products. The idea is currently supported by one of the most renowned startup programs, Y Combinator.
Food Delivery:
The demand for convenient food delivery options continues to rise. Startups offer innovative solutions, such as delivery services that deliver groceries directly to the doorstep within minutes. Just a few weeks ago, it was announced that Getir acquired the quick-commerce giant Gorillas for over a billion euros. Although many food deliveries are still far from profitable, this deal demonstrates the immense potential behind it.
Smart Kitchen:
Startups are developing smart kitchen appliances that simplify and optimize cooking and pantry management. One significant advantage is that these devices can be connected to users' smartphones and tablets, optimizing everyday decisions and processes while enabling easy control. In recent years, bestsellers have included the Thermomix and air fryers. Now, apps like Plant Jammer, KptnCook, or millo's Mixer aim to revolutionize their customers' kitchens.
These categories mentioned are just a few of the startup trends that could shape the food industry in 2023. Many of these trends have been emerging and developing over the past years. The coming year will be another critical period to see which startup can establish itself in each category. It will be fascinating to observe how the food industry evolves and which innovative concepts will contribute to meeting the demand for innovative and sustainable solutions.
References: Wikipedia Beyond Meat (https://de.wikipedia.org/wiki/Beyond_Meat), startups-insights.com, eitfood.eu, zukunftsinstitut.de, OMR Podcast #557
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