The future of food hangs on Asian innovation
Asia is growing, and meat consumption is going up. Companies should ride on the high digital potential of Asian consumers and their openness to innovation.
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FOOD technology is no longer a niche industry. The size of the global plant-based market is poised to more than triple from US$10 billion in 2018 to US$31 billion in 2026, with Asia set to outstrip the US and Europe in growth. Nevertheless, when it comes to impact, we still have some way to go. Food-tech impact can be best understood as technological innovations that shift the nature of individual and household dietary consumption in a way that is better for the planet, and ideally better for the health of individuals.
Close to home, Singapore's landscape paints a clear picture of how this has evolved. Hawker centres now boast more sophisticated nutrition-conscious menus and food delivery services now respond to real-time changes in demand as consumer eating habits skew towards less traditional dining choices.
But beyond the short-term benefits of consumer and retail convenience, food-tech plays a much larger role in our society's development. This sector will be key if we are to find answers to future existential challenges, which include the carbon and water footprint of livestock agriculture, antibiotic resistance in poultry and global fishery depletion.
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