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Q3 2023
Foodtech Report
December 1, 2023
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Have we hit peak plant-based meat?
Alt-protein startups raised $724 million in Q3, beating even e-commerce foodtech specialists for venture capital raised, according to our Q3 2023 Foodtech Report. At the same time, incumbent Beyond Meat has cut costs and Burger King has pressed pause on developing new varieties, signaling the potential limits of consumer demand for sustainable proteins.
Foodtech deal activity slipped for the eighth consecutive quarter to $2 billion. But on the flip side, fresh opportunities are emerging in the fields of food assembly robots, GLP-1 drugs, personalized nutrition, and restaurant waste reduction.
Table of contents
Have we hit peak plant-based meat?
Alt-protein startups raised $724 million in Q3, beating even e-commerce foodtech specialists for venture capital raised, according to our Q3 2023 Foodtech Report. At the same time, incumbent Beyond Meat has cut costs and Burger King has pressed pause on developing new varieties, signaling the potential limits of consumer demand for sustainable proteins.
Foodtech deal activity slipped for the eighth consecutive quarter to $2 billion. But on the flip side, fresh opportunities are emerging in the fields of food assembly robots, GLP-1 drugs, personalized nutrition, and restaurant waste reduction.
Table of contents
| Vertical update | 3 |
| Q3 2023 timeline | 5 |
| Foodtech landscape | 6 |
| Foodtech VC ecosystem market map | 7 |
| VC activity | 9 |
| Emerging opportunities | 27 |
| GLP-1 drugs and foodtech | 28 |
| Kitchen assembly robots | 30 |
| Select company highlights | 33 |
| Meati | 34 |
| Zepto | 37 |