Nutrition companies embrace new technology
Almost two thirds of nutrition companies are implementing new forms of technology, with around half increasing their R&D spend this year, according to new research.
The findings, from a survey by the organiser of Vitfoods Europe (9-11 May), suggest that visitors to this year’s event will discover more technological innovation than ever before. Exhibitors and visitors were asked about six new forms of technology. Around a third (32%) of the 192 respondents said their companies have implemented, or are planning to implement, new product testing technologies. Nearly a quarter (23%) are introducing smart packaging. One in five (21%) is exploring new tracing technologies such as QR codes on packaging while 17% have created or will create smartphone apps.
Less common forms of technology being used include 3D printing (6%) and geolocation technology (2%). Only 36% said they were not using any of the technologies on the list.
Chris Lee, managing director of global health and nutrition network in Europe at Informa Exhibitions, says, “New technology is revolutionising the way nutrition companies do business. Digital technology has created increasingly sophisticated ways for companies to build relationships with consumers. Meanwhile, companies are developing new ways of testing, tracing and packaging their products. Innovation has always been at the heart of Vitafoods Europe, and this year visitors will have more opportunity than ever to learn about new products, new technologies and new ways of working.”
Meanwhile, almost half the companies surveyed are planning to increase their R&D spend. 47% said they were planning to spend more on research and development projects this year than last year. Only 6% said their companies would spend less. One in four (24%) said their companies would spend 25% or more of their sales on R&D projects, with one in 10 (10%) saying they would spend 50% or more.
