Last Week in Foodtech – Week of September 9, 2024

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Last Week in Foodtech – Week of September 9, 2024

There is so much innovation happening in the food and beverage world today that it's often hard to keep up. That's why each week we'll be bringing you highlights of the latest research and developments in food technology, new products, and food and beverage trends affecting the industry in Canada.

Here's a few stories you should know about:

SVG Ventures | THRIVE Announces 2024 TOP 50 AgTech and FoodTech Listings – SVG Ventures | THRIVE

The 2024 THRIVE Top 50 List was released last week. It highlights the most innovative companies driving sustainable change across the global agri-food value chain.

  • The annual list features a blend of established and new players, with over half of the companies being new entrants, emphasizing the rapid pace of innovation in agtech and foodtech.

  • Companies are recognized for their leadership, market traction, and potential to shape the future of the global agri-food system. Featured foodtech areas include supply chain advancements, novel ingredients, and precision nutrition.

  • Notable foodtech companies on this year's list include Impossible Foods, Brightseed, and MycoTechnology.

The Canadian Impact: The list reflects Canada's growing role in the global agri-food innovation landscape. In Alberta, SVG Ventures | THRIVE already partners with the Alberta Government, Old's College, and Calgary Economic Development, unlocking investment opportunities for the province's foodtech innovators.

For more on the Topic on YODL: SVG Ventures | Thrive one of many players fueling a burgeoning food innovation scene in the Canadian Prairies, which CFIN's Hubba Khatoon explores in this article.

Food Tech Company Planted to Launch 'First of its Find' Fermented Whole Cut Steak – Food Dive

Swiss food tech company Planted is expanding its innovative fermented whole-cut steak product globally after its recent debut in France.

  • The plant-based steak, made from soy, canola oil, beans, rice, and microbial cultures, initially launched in foodservice across Europe and is now available in French restaurants and select supermarkets.

  • Planted invested heavily in fermentation technology earlier this year, creating 30 new jobs at its manufacturing plant in Switzerland, and claims the steak is the "first of its kind," being an entirely plant-based beef loin-style cut.

  • The company is initially targeting growth in the European market, particularly as consumer interest in plant-based alternatives slows in some regions like the UK.

The Canadian Impact: Plant-based meat analogues are often processed products like hamburgers, ground beef, and chicken nuggets. Whole cuts are much harder to replicate, but the industry is beginning to make some exciting breakthroughs. In Canada, we are seeing a new wave of technologies including advanced fermentation to the 3-D printing techniques enable the creation of promising whole-cut, plant-based meats.

For more on the topic on YODL: Learn more about the technologies behind creating whole-cut meat and seafood alternatives in this profile of New School Foods.

Appliance Brands Try to Tap Into AI Zeitgeist With AI-Powered Food Recognition – The Spoon

Major appliance brands showcased their latest AI-powered kitchen innovations at IFA 2024, the world's largest consumer and electronics trade show. Innovations in food recognition and personalized cooking experiences had a particularly large presence at this year's event.

  • Siemens, Hisense, and Beko revealed ovens with built-in cameras and AI software to identify dishes, adjust cooking settings, and offer customized cooking suggestions. These ovens promise to simplify meal preparation with minimal user input.

  • Electrolux introduced an "AI Taste Assist" feature, which imports online recipes, suggests optimizations to enhance results.

  • SideChef and Samsung debuted AI tools that create shoppable recipes from food photos. These apps aim to streamline meal planning and food management but have encountered issues with ingredient accuracy.

The Canadian Impact: Features like AI-driven food recognition and inventory tracking could help Canadian households minimize food waste and save on groceries by optimizing grocery shopping and cooking based on what is already in the fridge.

For more on the topic on YODL: In this article, CFIN's CEO Dana McCauley explored some of the innovations on the horizon that will transform the kitchens of the future.

Online Grocery Prices Decline in August at Fastest Pace in a Decade – Grocery Dive

Digital prices for groceries in the US saw the steepest monthly decline in a decade as inflation cooled over the summer, according to a new report from Adobe Analytics.

  • Online grocery prices fell by 3.7% in August compared to the previous month, marking the sharpest drop since Adobe began tracking e-commerce prices in 2014. Grocery e-commerce prices were still up slightly by 0.5% year-over-year.

  • This drop comes as overall grocery inflation dipped below 1%, its lowest point in over three years. By contrast, grocery prices saw a significant 14% increase in September 2022 amid inflation surges.

  • The data reflects a broader decline in e-commerce prices, with Adobe noting that online prices for goods in various categories, including groceries, have fallen annually for 24 months straight.

The Canadian Impact: Canadians may see lower online grocery prices as inflation continues to cool here as well. If the trend keeps up, we could see a resurgence of grocery e-commerce demand in Canada, and more incentive for grocers to invest in digital innovation.

For more on the topic on YODL: Take a full tour of the digital food and grocery innovation landscape in this roundup article.