Dealroom-2021年欧洲食品科技报告（英文）-2021.4-27页_16mb

The State of European Food Tech 2021 Summary

Core Content

The year 2020 marked a significant turning point for the European food technology sector, driven by the impact of the pandemic on consumer behavior and the food supply chain. The crisis accelerated the adoption of online grocery delivery and meal kits, while also highlighting inefficiencies in traditional food systems, prompting increased investment in sustainable and innovative food solutions.

Main Trends and Key Insights

• Consumer Behavior Shift: The pandemic significantly changed how consumers eat, with a surge in demand for online grocery delivery and meal kits. This shift has led to a more permanent change in consumer habits, with a growing preference for organic, healthier, and ethically sourced products.

• Growth of Foodtech Startups:

  • Total investment in European foodtech reached €2.4bn in 2020, a 12x increase from 2013.
  • Foodtech startup valuations rose by 156% compared to 2019.
  • European foodtech unicorns now account for 48% of the global foodtech unicorn value, significantly higher than the 10% for tech overall.
  • The combined enterprise value of European foodtech unicorns reached €92 billion in 2020.

• E-Grocery Growth:

  • The e-grocery market is much larger than food delivery, with a total market value of €2.1tn.
  • E-grocery companies experienced 3x to 10x growth compared to 2019.
  • Quick-commerce startups, which offer 15-minute delivery from local dark stores, have attracted substantial VC investment, with €262M raised in the first quarter of 2021 alone.

• D2C Success:

  • Direct-to-consumer (D2C) foodtech companies saw a valuation of €84bn, indicating strong consumer demand and loyalty.
  • Companies like gousto and Butternut Box have leveraged subscription models and data analytics to enhance customer experience and retention.

• B2B Opportunities:

  • B2B foodtech companies are seeing slower but substantial growth, with €1.7bn in capital investment in 2020.
  • These companies are crucial for transforming the food supply chain through automation, robotics, and sustainable production methods.

• Sustainable Food Production:

  • Investments in plant-based, insect-based, and lab-grown protein alternatives have increased by 10x over five years.
  • Companies like Infarm, which uses vertical farming in urban settings, are contributing to sustainable food supply by reducing water and fertilizer use, and cutting down on food transportation.

• VC and Corporate Investments:

  • Venture capital investment in European foodtech has grown significantly, with several funds focusing specifically on the sector.
  • Food corporates are investing in foodtech startups to explore new areas and technologies, such as alternative proteins and automation.

Key Players and Innovations

• Infarm:

  • A pioneer in vertical farming, with over 1,000 farms worldwide.
  • Offers 95% less water and 75% less fertilizer than traditional farming.
  • Attracts retailers seeking to enhance their offerings with local, sustainable, and transparent products.

• Ynsect:

  • A leader in insect-based protein for animal feedstocks.
  • Raised €22M in Series A funding in 2020.
  • Part of the growing trend in alternative protein production.

• Tropic Biosciences:

  • Focuses on developing tropical crops.
  • Attracts investment due to the demand for sustainable and innovative food sources.

• Five Seasons Ventures:

  • A European VC fund dedicated to early-stage foodtech companies.
  • Invests in a variety of foodtech startups, including those in the e-grocery and alternative protein space.

Exit Opportunities

• Several foodtech startups have found exit routes through acquisitions by large food corporates.
• Examples include Takeaway.com acquiring GrubHub, Orkla acquiring NutraQ, and Nestlé acquiring Freshly.
• These acquisitions indicate the growing interest of traditional food companies in foodtech innovation.

Future Outlook

• The next wave of foodtech innovation is expected to focus on primary production, with the goal of creating the first foodtech unicorn in this space.
• The shift from traditional food systems to more digital and sustainable models is expected to continue, driven by consumer demand and corporate investment.
• The foodtech sector is poised for further growth, with a strong emphasis on technology solutions that enhance efficiency, sustainability, and transparency across the entire food value chain.