Digitalization is at the heart of the rapidly evolving agrifood ecosystem, according to a new report released by Lux Research, a provider of tech-enabled research and advisory services.
The report found that, while other industrial sectors have been quicker to implement digital solutions such as artificial intelligence, augmented reality, industrial IoT, and robotics, the agrifood industry is making great strides to catch up. The impact on the sector will be significant as a means to address consumer demands for personalized product offerings and to manage a more integrated, digital, and omnichannel global supply chain.
The report also outlines the challenges the agrifood industry has faced in recent years and the digital tools that offer potential solutions to those challenges across food processing and production, supply chain management, and personalized nutrition.
“Digitalization in food will be a common thread across the entire agrifood ecosystem to enable industry players to address consumers’ future needs, “says Harini Venkataraman, the report’s lead analyst “The fact is, food companies that resist the digital conversion will not be able to keep up with more digital-savvy innovators, and will face higher R&D costs, longer product development timelines, and shrinking market share.”
For more information about how the digitalization of the food industry will impact both consumers and the agrifood industry in the coming years, download the report’s executive summary here.