Foodtech, short for food technology, represents a burgeoning industry integrating food with cutting-edge technologies, including artificial intelligence (AI), the Internet of Technology (IoT), and Biotechnology (BT). It encompasses innovations such as 3D food printing, self-ordering kiosks, and alternative foods.
Alternative foods, often called alternative proteins, are products developed to replace traditional animal-based proteins. Examples include plant-based meat, cell-cultured meat, edible insects, seaweed proteins, and dairy alternatives. They have garnered significant traction worldwide due to their sustainability and vegan-friendly attributes.
South Korean food giants are also entering this new market. CJ CheilJedang launched its specialized brand, PlanTable, in 2021, venturing into the plant-based food industry with products like vegan mandu and kimchi. Similarly, Better Foods, a subsidiary of Shinsegae Food, has secured investment from Cleveland Avenue, a U.S. venture capital firm, based on the high evaluation of its R&D capabilities and the future growth potential of its alternative food products.
The food alternatives market currently faces several ongoing development challenges, such as the costs of large-scale production and regulatory hurdles from governments. However, industry insiders anticipate intense competition among South Korean companies in this sector, forecasting a bright future for alternative foods.
1. What does "Foodtech" stand for?
2. Name one example of an alternative protein.
3. Which South Korean company launched the brand "PlanTable" for plant-based foods?
4. What are some challenges faced by the food alternatives market?
1. Have you ever tried any alternative protein products? If yes, which one(s)?
2. How do you think alternative foods contribute to sustainability?
3. Do you know any local companies in your country that are venturing into alternative food products?
4. What are your thoughts on the future growth potential of the food alternatives market?
Foodtech, short for food technology, represents a burgeoning industry integrating food with cutting-edge technologies, including artificial intelligence (AI), the Internet of Technology (IoT), and Biotechnology (BT). It encompasses innovations such as 3D food printing, self-ordering kiosks, and alternative foods.
