Q2 2021
PitchBook Analyst Note: AI Opportunities in Foodtech
April 6, 2021
AI cooks up changes for foodtech
The food industry is amassing an ocean of data as more consumers shop online, businesses go fully digital and entrepreneurs lean on technology to dream up new products.
The information shift is opening opportunities for AI to help businesses cut costs and keep pace with consumer tastes, according to our recent analyst note. Key takeaways include:
The food industry is amassing an ocean of data as more consumers shop online, businesses go fully digital and entrepreneurs lean on technology to dream up new products.
The information shift is opening opportunities for AI to help businesses cut costs and keep pace with consumer tastes, according to our recent analyst note. Key takeaways include:
- AI is changing the R&D landscape for novel foods like plant-based meat by speeding up recipe development.
- Data from ecommerce, product labels and other sources is being used to build personal shopping and checkout experiences.
- In grocery stores and production facilities, AI platforms have been deployed to drastically cut food waste, a potential source of huge savings for the industry.