Over £90m invested in vegan food tech
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.