Today's consumers have higher expectations when it comes to the food industry as a whole. This has influenced the massive growth of specialty food companies, causing the specialty food sector to quickly grow into a $127 billion industry.
But this doesn't appear to be just a trend, these specialty food companies are helping to drive a movement. These businesses are doing their part to change the future of food for the better.
At the 2017 Summer Fancy Food Show in New York City, Foodable's Paul Barron sat down with two leaders that are right in the thick of this movement to discuss what factors are propelling the sector, where they see the industry going, and how their companies are making an impact.
"There's several forces. One is that the millennials and even Gen Z, those digital natives born after 1988, they just love food. They spend more money and attention on food than anything else actually..." said Tong. "They really have this need to break things down. Food is one of those commodities that is so important to them and that they can still break down."
On the topic of future of food, Alvyn Severien, CEO of Algama Foods, chimes in on how it's up to innovative speciality food companies to change the industry for the better.
"If you were to ask me, 'what is the future of food?' I can definitely tell you that I don't know. I have no idea what's going to be a trend or something that will stick forever. This why we are doing what we do," said Severien. "Since we don't know, actually nobody knows, we need to build it."
Paul points out that the global population is expected to hit 10 billion by 2050 and he asks how the industry will address the issue of keeping the massive population fed in the future.
"There is no problem in feeding the population. That perspective is actually the cause of our problem today. We have an over supply of production," said Tong. "It's not about feeding the world, it's about readjusting our relationship with nature."
Watch the video above to learn more about what the future may hold for the food industry.