Food Tech: A Future of Efficiency and Sustainability

Discussing the Need for Food-Tech Innovation, its Impact, and Wikifarmer's Contribution

The Need for Food Tech Innovation

Nowadays, people are constantly reminded of humanity's most significant modern challenges. Climate change is posing at the very top of most daily news briefings, along with the rapid rise of the global population and geopolitical tensions that raise barriers between countries. After decades of overlooking, most have finally realized the fragile nature of their ability to cater even to their most basic need: food. The global food industry faces significant challenges, impacting even rich and developed countries and causing uncertainty so high that past imaginations of nutritional safety and soundness have faded into oblivion.

Now more than ever, we need innovative solutions to ensure food security for a growing population that is more socially and environmentally conscious while also favoring having a variety in the means and the ways they want to satisfy their needs. This is where food technology, or food tech, comes in.

FoodTech Impact

Foodtech businesses, through a diverse and impactful range of technologies, are reshaping the entire food journey, from optimizing farm production and revolutionizing transnational supply chains to crafting innovative ingredients, optimizing food preparation, and streamlining delivery and ordering systems – fundamentally redefining how food reaches our tables. The means typically employed are on the cutting-edge of modern science: Big data analytics help processors optimize their input demand as well as production planning, sensors interconnected in the Internet of Things constantly monitor crop health and storage conditions in wholesalers' warehouses, while Artificial Intelligence is contributing to the adoption of automation ranging from farming operations and internal business bureaucracy to systems aiding at optimal decision-making.

It is easy to understand that the stakes are high with this sector's potential, and this is the reason behind the warm welcome relevant ventures have met from people, businesses, and investors worldwide, as its goals are aligned with humanity's interests against its existential perils. In 2022, the FoodTech market segment evaluation stood at USD 181.3 billion, with an anticipated 8% compound growth annual rate from 2023 to 2032. A significant actor in mapping this complex network of startups is Forward Fooding, which has set up a dataset with information on the activities of more than 20,000 actors in the ecosystem. They also offer consultation services to institutional and corporate players and FoodTech startups to foster collaborations between them. 

The FoodTech 500 Rankings

Being an actor deeply connected to the sector's inner workings and developments, Forward Fooding publishes an annual edition called "the FoodTech 500", often considered the "Fortune 500" equivalent of FoodTech. Wikifarmer proudly stands in the 2023 edition and observes the industry-wide recognition of its contribution to all previous developments. The advancements mentioned earlier shape our vision and aim to achieve a triple bottom line for the agri-food industry: economic prosperity, environmental sustainability, and social responsibility. We believe we can achieve the greatest three-fold positive impact by concentrating on humanity's earliest activity: agriculture. "AgriFoodTech" is a specific sector within food tech encompassing all segments of the agri-food supply chains, from agricultural production to food processing, trading, and logistics.

Wikifamer's Contribution

Wikifarmer believes that there exists great room for optimization in all those activities. This is why our company has made and continues to make significant investments towards pushing for the adoption of all previously mentioned technologies and the latest scientific knowledge in the inner workings of agricultural supply chains. “Wikifarmer is making collaboration, transparency, and sustainability the new standard in agriculture. We're creating a seamless experience for everyone involved, so they see these principles as the only way to go" states Eleonora Borando, Head of Product at Wikifarmer.

The way we are going about this is multi-faceted. Our comprehensive online agricultural knowledge base, Wikifarmer Library, is at the core of our operation, which consistently empowers farmers with best practices and valuable information for successful and sustainable agricultural pursuits. On the commercial level, Wikifarmer Marketplace helps facilitate market access for producers and food suppliers of all sizes and activities, bridging the gap between them and global markets. Also, we are promoting the adoption of technology and knowledgeable, efficiency-driven decision-making in all activities across the value chains we participate in through operating an online courses and certifications platform, Wikifarmer Academy.

Looking ahead, Wikifarmer remains committed to working alongside diverse stakeholders in the agri-food ecosystem towards increasing efficiency and productivity, minimizing the environmental footprint of production, logistics, and processing activities, as well as empowering rural communities through showcasing the great career options existing for young, educated individuals in the modernized version of these sectors. By fostering knowledge-sharing, collaboration, and innovation, we can unlock the full potential of food tech and build a more sustainable and equitable future for our food system.