Emerging Technology Trends in India’s Food & Beverage Industry
Last April 2023, Coca-Cola India officially announced its investment into an Indian food technology (food tech) platform called Thrive, an all-in-one online food application that features delivery, pickup, table ordering, customized self-service, etc. This is a promising sign for tech start-ups in the food and beverage (F&B) industry as it signifies that major F&B players are recognizing and willing to invest in the potential value of start-ups.
More importantly, such a development indicates the future direction the F&B industry in India is heading toward, wherein digital transformation and smart technology are trending and quickly becoming crucial to success. In India, F&B players seeking short- and long-term success can capitalize on several promising trends.
Latest Food Technology Trends in India
Digital transformation and technology integration in India’s F&B industry is already well on its way due mainly to the efforts of stakeholders from the private sector and public sector players like government agencies.
If appropriately implemented, several food tech trends emerging in India will benefit F&B businesses and their operations. Specifically, operators can get insight into consumer preferences and purchasing behavior through data analysis powered by smart technology like AI. This data will help businesses optimize their menu items and better manage inventory, increasing efficiency and potential profit while minimizing costs. Other trends include automation enabled via machine learning (ML), which can benefit operations like food ordering, preparation, delivery, inventory management, etc.
Meanwhile, with F&B businesses in India leveraging technology to improve operations, integrating technology is also expected to transform consumers’ experience as characterized by personalization and transparency. Considering the high volume of data businesses will access, technology will allow consumers to tailor-make their F&B experience (ex., personalized meal plans, choosing specific quality ingredients, etc.)
India's food and beverage industry is embracing digital transformation and riding the technological wave, innovating to enhance customer experiences, optimize operations, and drive growth. With further advancements in technology expected, as well as its continued integration into F&B operations, we can expect other digital disruptions.
These innovations will likely offer further investment opportunities for businesses and consumers, ultimately benefitting India’s F&B industry at large.