Personalisation is driving innovation across consumer markets
Date 03.23.2020 | Category: News
In a new report, Lux Research’s leading agrifood and health analysts collaborated to compile a list of the top developments across applications of digital technologies, resource availability, plant-based foods, and environmental conservation. Lux’s report, “Agrifood and Health: Key Developments in 2019 and Outlook for 2020,” points out personalisation as the most pervasive factor driving innovation across agrifood and health industries. Driven by intense competition from smaller, more agile brands that can quickly innovate, the need for increased personalisation is underpinning most innovation decisions across consumer markets.
While personalisation has expanded opportunities across the healthcare space and is driving increased attention toward lifestyle-based interventions for managing chronic diseases, it poses problems for major food and agrichemical companies that have historically relied on mass consumption to drive top-line growth. “In 2020, look for more adoption of digital technologies in the food industry for new product development, end-to-end transparency, and food e-commerce applications,” said Lux Research Analyst Harini Venkataraman.
Digital technologies like bioinformatics, point-of-use (POU) sensing, and ingredient informatics are making their mark on the agrifood space already. These recent innovations are transforming the products and services that drive consumer markets.
Said Sara Olson, Ph.D., Director of Research at Lux: “Bioinformatics is emerging as an opportunity for companies to reduce product development costs and target identification time. Increasing sensor ubiquity is shaping consumer health habits by empowering them to take more factors into account in decision-making. Cheaper, smaller, faster sensor options will continue to infiltrate consumer product markets beyond health tracking to include food safety and quality. This increasing sensor ubiquity will empower consumers to take even more factors into account in their purchasing decisions.” Combining algorithms and data, ingredient informatics is reinventing food formulation, driving down product development timelines and costs. Download the report HERE
Source: Lux ResearchAuthor: COX