432 FoodTech companies are active today in Israel. Among them, 48 have been acquired or merged. Among the sectors that the industry is built from are 39% AgroTech companies, 11% Life Sciences companies and 9% CleanTech companies
Few sectors have seen as dramatic a spurt in activity in Israel as the country’s FoodTech sector. This has been sparked mainly by the innovative skills of technology experts in the field, backed by support from Government agencies and financial institutions.
The need to source alternatives to what is traditionally produced has covered the spaces of dairy, meat, pulses, millets, fruits and vegetables. Gone are the days when what was produced in the fields sufficed. With the growth in consumer spend and the rising demand for quality and variety, food technologists, laboratory developers and farmers have put their heads together to introduce new products both for local consumption and export.
Israel is well-known for the lead it takes in introducing new products to meet the tastes of a discerning consumer base. Experts have also anticipated the rise in consumption of vegan and plant-based meat products. Backed by venture capitalists and other financial institutions, the industry has stayed ahead of the game.
The statistics are encouraging: Initial revenues and expenditure on R&D in the sector stand at 43% and 45%, seed capital chalked up 8% and 7% was the growth in revenue over the previous financial year. This high percentage of commitment to R&D has ensured that the sector would be a standard-bearer on the global stage. The persistence with high outlays on R&D had stood Israel in good stead throughout the spectrum of sectors, and FoodTech is no exception.
Source: IVC-Online
