In Silicon Valley in the United States, many startups have been involved in the development of alternative foods. These are new foods that are different from traditional products such as hamburger patties, artificial egg mayonnaise and cashew nuts. This alternative food industry is called ‘food tech’. This ‘food tech’ market is growing, and a large investment is being made.
In 2015, there was news that Google was going to buy some start-up for $ 300 million. This start-up was ‘Impossible Food’. Impossible Food, a startup that make hamburger patties with vegetable ingredients, declined Google’s offer. Since then, Bill Gates and Chairman of the Hong Kong Chungkung Group, Li Ka-shing, have invested $ 108 million on the Impossible Food.
The reason why large-scale investments are being made in ‘Impassable Food’, which makes alternative meat products, is that the food-tec market is recognized as a very promising and highly successful market.
‘Food Tech’ is an industry that integrates information and communication technology into existing food-related industries. Alternative meat products of ‘Impossible Food’ can be classified as a new food group which is made by combining technology with existing food. Generally, to produce meat food involves growing and slaughtering cows and pigs. There is a great deal of environmental pollution in this process. ‘Food Tech’ technology to produce alternative meat is a great help to reduce environment pollution.
Food Tech, launched to reduce environmental pollution in the livestock industry, has recently been recognized for its profitability and attracts attention from related industries. For example, ‘Impresable Food’ is currently trading with more than 1,000 restaurants across the United States, and ‘Hampton Creek’, famous for artificial egg mayonnaise, earns more than 40 vegetable products.
According to Euro Monitor data, the alternative food market is expected to reach $ 3 billion by 2020. the most popular food tech start-ups in Silicon Valley in the United States is Impassable Food, which makes hamburger patties from plant hemoglobin and Memphis Meats, which makes meatballs by Cultivating meet without slaughtering and Hampton Creek, which makes mayonnaise with artificial eggs and Miyoko’s Kitchen, which makes cheese with cashew nuts.
As the alternative food market continues to have high market performance and growth potential, would not it be a good idea to keep an eye on the companies and technologies involved?
Types of Food Tech
- O2O Service: Food delivery service app
- Smart Kitchin: Internet-connected kitchen
- Cooking Robot: Cooking robot according to recipe
- 3D Print: 3D printing using plants as raw materials
- Altenative Meat: Meat made by vegitable materials