Foodtech: Industry Overview and Trends for 2024
04.04.2023
Food delivery, robots cooking your favourite meal in a cloud kitchen, AI-designed diets, and grasshopper burgers: what ties these seemingly random things together? They’re all part of the foodtech industry, already impacting the lives of countless people. Foodtech startups attracted over $ 3.4 billion in investments in 2023, and the numbers will only increase.
Today, we explore different foodtech sectors, the most requested jobs in the field, and share the top trends to watch for in 2024.
Today, we explore different foodtech sectors, the most requested jobs in the field, and share the top trends to watch for in 2024.
What is Foodtech?
Foodtech is an industry that uses technology to transform the food system.
It covers a wide range of sectors:
It covers a wide range of sectors:
- Agritechimproves the production and quality of agricultural products using drones, sensors, and software. It also includes new food products, new-generation farms, and urban farming.
- Food sciencecompanies develop healthier and more eco-friendly food products. The innovations include the food itself and the packaging.
- Logistics and deliveryuse online platforms, mobile applications, and self-driving vehicles to optimise food delivery.
Retail and the food service sectors are also part of foodtech.
Top-5 IT Roles in Foodtech
Every foodtech sector thrives on the expertise of a dedicated team. Just like any IT industry, foodtech relies on developers, designers, QA testers, analysts, and other IT specialists. However, we decided to highlight five specific IT specialisations that are in high demand across the entire IT, and particularly in foodtech.
To be on the same page, we’ve also included some general tasks that foodtech specialists perform.
To be on the same page, we’ve also included some general tasks that foodtech specialists perform.
AI Engineer
Main tasks:
- Develop and implement machine learning and artificial intelligence algorithms to optimise production processes.
- Analyse data on production, logistics, and consumer demand.
- Create automation and control systems to improve product quality.
Once, an IT company approached Lucky Hunter with a request to find a Machine Learning team leader who could build architecture from scratch and restructure algorithms for a new product format. In addition to proficiency in classic Machine Learning languages like Java, C++, and Python, the candidate needed to know Ruby (or be willing to learn it). To fill the vacancy and find the right fit, we first defined the candidate profile and crafted a motivational strategy: we decided to highlight the uniqueness of the product and the opportunity to create a new, valuable service from the ground up. Within a few weeks of our search, we identified two qualified candidates who completed all interview stages and received offers. Eventually, one candidate accepted the job offer and seamlessly transitioned into their new role at the client’s company.
Lucky Hunter Case
Data Scientist
Main tasks:
- Analyse data on consumers, markets, and supply chains.
- Work with large volumes of data to identify patterns and trends.
- Develop models for decision-making, such as forecasting product demand.
UX/UI Designer
Main tasks:
- Analyse user behaviour, their needs, and behaviour.
- Develop an attractive, harmonious, and user-friendly interface.
- Adapt interfaces for different devices and screen resolutions.
Learn more about confusing IT terms in tech recruiting.
Blockchain Developer
Main tasks:
- Develop and implement cutting-edge solutions using blockchain technology.
- Streamline processes in the supply chain, focusing on registration, storage, and processing of product data.
- Build robust and reliable systems for product origin tracking, boosting consumer trust in brands.
CMO
Main tasks:
- Craft winning marketing strategies and promotional plans for products and services.
- Analyse market trends, consumer preferences, and the competitive landscape to identify opportunities and challenges.
- Create and execute marketing campaigns, including digital marketing, advertising, PR, and partnerships.
Besides standard IT recruiting services, we offer a dedicated Executive Search service to find top-level specialists. If you have a hard-to-fill or complex vacancy, contact us — we are happy to help!
2024 Foodtech Trends
Despite its rapid growth and widespread popularity, the food tech sector is facing some challenging times. For instance, Just Eat, the largest player in the food delivery market, reported losses of 8 billion euros in 2023. Experts attribute the company’s losses to changes in consumer behaviour and inflation.
However, despite these setbacks, the overall trend of investments in food tech companies in 2023 remained positive, reaching the levels seen in 2019.
However, despite these setbacks, the overall trend of investments in food tech companies in 2023 remained positive, reaching the levels seen in 2019.
What trends will shape foodtech in 2024?
- 1Can't Go Without AIArtificial intelligence is rapidly infiltrating every aspect of our lives, and foodtech is no exception. In 2024, we expect to see an increase in the use of AI in mobile applications for personalised nutrition. AI will tailor individual recommendations, taking into account personal preferences, health status, goals, and lifestyle. It will help users improve their quality of life and achieve the desired results.
- 2Alternative ProteinAccording to DigitalFoodLab, the production of animal protein is directly linked to 18% of greenhouse gas emissions worldwide. It pushes scientists to search for alternative protein sources, from lab-grown meat to flour made from insects. While insect-based products are currently used for animal feed, they will soon be available for human consumption. For example, at the end of 2023, the Ministry of Agriculture in Italy approved the production of food products from insects. Government representatives rushed to assure the population that insect-containing food would be labelled and undergo various checks.
The big question is: will people actually eat food made of bugs? - 3RobotisationWhile robots in the food tech industry may not sound as exciting as humanoid robots, they’re already playing a crucial role today by assisting with routine tasks and minimising risks associated with human error.
Robots are being utilised in both the delivery and agriculture sectors. Next-generation robots developed by food tech startups are equipped with AI and computer vision systems, enabling them to autonomously make decisions. Unlike conventional agricultural machinery, these robots can perform more intricate tasks such as soil and plant analysis, pest control, and harvesting. - 4Instant DeliveryInstant delivery emerges as the new trend of 2024. Unlike traditional services with delivery times spanning hours or days, instant delivery promises fresh products within just 30 minutes. This approach allows customers to procure items as needed, reducing unnecessary purchases and subsequently curbing food waste.
- 5Waste ManagementAccording to data from DigitalFoodLab, 40% of all food is wasted at various stages of the supply chain. This issue not only harms the economy but also has a detrimental impact on the environment. While stores previously resorted to simply discounting items nearing their expiration date, today, more companies are adopting comprehensive software solutions.
- Specialised programs on farms will help streamline production and cut down on waste.
- In stores, "smart" labels will monitor the freshness of products, and apps like Too Good to Go will enable consumers to purchase unsold food at discounted rates.
- At home, consumers will have access to composting gadgets that transform food waste into fertiliser.
In essence, foodtech will change our food system, making it more personalised, healthier, and accessible while new technologies will play a vital role in minimising environmental damage.
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Alexandra Godunova
Content Manager in Lucky Hunter
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