Industry News & Insights

21 May 2024

15 Food and Beverage Innovation Trends To Watch In 2024

15 Food and Beverage Innovation Trends To Watch In 2024

The trends:

  • Cultivated Meat
  • Precision Fermentation
  • Mushrooms (Mycelium)
  • Algie
  • Precision Nutrition
  • Functional Beverages
  • Next Generation Sweeteners
  • Upcycling
  • AI for everything
  • Smart Kitchen Tech
  • Non-Alcoholic Beverages
  • Sustainable Packaging
  • Decentralized Production
  • Agriculture 2.0
  • Tech-Powered Supply Chain Transparency
  • 1. Cultivated Meat

    Cultivated meat, a method of producing meat without traditional farming, is gaining traction due to rising concerns about sustainability, ethics, and health in the meat industry. While early critics like Dr. Dave Humbird pointed to potential scaling challenges, advancements in the field suggest a brighter future.

    In 2023, two companies, UPSIDE FOODS, and GOOD Meat, which already sell their products in Singapore, received the first-ever regulatory approval to sell cultivated meat in the USA. Since then, companies have been making stronger pushes for regulatory approval in Europe and the UK. After building momentum in 2023, the F&B industry will be paying close attention for further signs of progress for this futuristic technology in 2024.

    Currently, there's a particular interest in the idea of hybrid products, which blend plant-based and cultivated meat. These products, even with just 10% cultivated meat, reportedly offer a richer taste than their fully plant-based counterparts. They’re also easier to scale than a pure cultivated product so there’s potential we might see commercial launches next year.

    2. Precision Fermentation

    Gaining traction for its potential to replace traditional dairy products, precision fermentation is a solution to produce animal proteins without animals. The global market for precision fermentation-based ingredients, estimated to be worth USD 2.3 billion in 2023, is expected to increase 15X by 2030 to a value of over USD 30 billion. Given the anticipated growth trajectory for this tech, F&B players are beginning to actively invest in the space.

    Precision fermentation is the process of using a genetically engineered organism, yeast for example, to “brew” value-added compounds like proteins and enzymes. Imagine a process similar to making beer, except the output is enzymes like casein, not booze.

    The technology is being employed by startups like Perfect Day and New Culture to produce dairy ingredients without cows. As livestock contribute heavily to greenhouse gas emissions, proponents laud precision fermentation as a sustainable alternative to conventional dairy production.

    3. Mushroom (Mycelium) Protein

    Mushrooms are a highly diverse food product. From fabric to meat alternatives, their multifunctionality is unrivaled.

    The market for Mycelium (the root-like structures of fungi)meat substitutes is hotly anticipated by players in the F&B space. Mycelium is nutrient-dense, protein-rich, and efficient to grow compared to many other protein sources. Products made with the fungi also require minimal processing due to the natural “meaty” texture and taste of mycelium, something that has turned consumers off “highly-processed” plant-based meats.

    Quorn is currently the only major brand to produce mycelium-based meat substitutes, but up-and-comers like Mycorena and The Better Meat Co. are helping to launch the next generation of mushroom-based proteins.

    4. Algae

    Algae, the green gold of nutrition, is trending as a superfood and sustainable protein source. Its benefits range from omega-rich content to carbon capture.

    As the world‘s supply of agricultural land continues to be squeezed by demand from our growing global population, algae is attractive because it can be grown in water.

    The microalgae market size is estimated to reach USD 18 billion by 2033. Companies like MiAlgae and Green Stream Farms are seeing success in producing algae for sustainable omega-3 supplements. Be it vitamins or the next plant burger, the F&B world is excited about how algae will grow in 2024.

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