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Foodtech investment soared last year, with deal value more than doubling from $6 billion in 2020 to $13.1 billion in 2021, according to “The Road to Next,” Deloitte’s latest private financial markets report. Expansion-stage deal activity in particular saw a record year.

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The most important factor driving growth was “the proliferation and demonstrated maturation of key players in multiple foodtech segments.” These include alternative and plant-based proteins as well as tech platforms to improve supply chain logistics and customer experiences.

Deloitte also notes that nontraditional investors, like hedge and sovereign wealth funds, are becoming bigger players, participating in 45% of all foodtech deal value in 2021. This investment indicates the maturation of the market and also likely reflects the desire of these investors to support sustainability via their holdings.

There was also a jump in the number of cross-border deals, which Deloitte says “points to an expanding pool of available, potential capital for future foodtech companies to tap for funding.”

Overall, Deloitte sees the high level of investment continuing into the near future, especially as macro trends like sustainability and wellness continue to drive foodtech innovation.

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