From lifestyle to fashion to culture, entrepreneurs are increasingly keen to change the way we live. Globally, there is a wave of innovation and disruption in the food industry. The year of 2016 has seen the rise of innovative startups that have contributed to innovation in food manufacturing by linking research with entrepreneurs and food manufacturers.
Globally, the food industry is growing steadily and forecasted to grow to over US$ 3 trillion by 2020. We have seen a great number of new products being introduced and a large number of newcomers in the food industry. Technology is helping food producers bring their products within reach of global and local markets.
According to the Ministry of National Food Security and Research, Pakistani Halal food industry has the potential to bring great change to food production, food safety, globalization of food trade and industrial processing of food.
Special attention is being given to enhance food production, food supply and improve nutritional quality, according to the ministry’s Secretary, Muhammad Abid Javed.
The Rice Research Institute was continuously working to introduce new varieties and recently two new types of rice breads had been launched that would strengthen export activity, he added.
Globally, the Halal food industry stood at US$3 trillion that accounts for massive shares in global trade. Pakistan has a significant impact on global Hilal food network and hence also on global financial markets.
“We have a natural ability to make Halal food products and this novel characteristic should be marketed as a way to earn substantial shares,” Shahzad Ali Malik, the former president of Lahore Chamber of Commerce and Industry, said while speaking at the LCCI.
Most food is now produced by large farms, processed industrially, and sold in local and international markets. Modern food production has reduced the cost and increased the variety of food available, and this centralization of the food presents an opportunity for entrepreneurs that want to make a huge, powerful impact with their startups.
References: Express Tribune