Investment in UK vegan food tech has skyrocketed in 2021, overtaking 2020 investment levels by 40 per cent.
According to the report by Huckletree, ‘Future Insights: The Food Tech Report 2021’, over £90m has been invested in vegan companies. This is a significant jump from 2020 investment levels of £64m.
Huckletree also investigated regions in the UK with particularly high levels of food-tech startups. London was found to have by far the highest concentration of said companies, with a count of 234. Edinburgh follows with 20, then Bristol with 10, Birmingham with 9, and Glasgow and Leeds both with 8.
Within the food-tech sector, precision agriculture was the most prevalent specialism, undertaken by 35 active, high-growth companies. Other relevant sub-sectors included services-on-demand, artificial intelligence, and Urban Farming.
General manager at Huckletree White City, Leo Medley, commented: “With the world’s population predicted to hit nearly 10 billion by 2050, food tech innovation is becoming a moral necessity. From the rise of meat alternatives and groceries-on-demand to AI-powered agritech, the food tech sector’s future is increasingly guided by consumer attitudes towards conscious consumption, climate, and convenience - and our report highlights the companies and trends that are leading the way.”
The vegan industry looks set to continue its rapid growth. Vegan start-ups are popping up at a remarkable rate, and vegan technology is only improving. Recent reports of new “faux-fish” products ready to take the UK market “by storm” nod to the potential of vegan products to expand into new areas.