STUDY BY L’ATELIER BNP PARIBAS About L’Atelier BNP Paribas

With offices in Paris, San Francisco & Shanghai, its prospective vision and extensive experience in understanding the digital economy, L'Atelier BNP Paribas is strategically placed to help the BNP Paribas Group and its clients succeed their digital transformation. Part of the BNP Paribas Group for more than 35 years, L’Atelier BNP Paribas is unique by its open architecture approach that extends beyond the banking sector, and its presence in three major geographical areas that are key drivers for innovation: North America, Asia and Europe. Drawing on its prospective vision and experience, L'Atelier BNP Paribas actively promotes public debate (website, newsletter, radio, TV) and helps the BNP Paribas Group and its clients navigate through their digital transformation. As part of its open innovation approach, L'Atelier BNP Paribas recently created the Lab, bringing together disruptive innovators, corporates, resources and support networks to accelerate the speed of innovation. Follow us on Twitter: @latelier | @atelier_US

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INTRODUCTION Population and consumption growth means that global demand for food keeps increasing year after year, most likely until mid-century. Experts anticipate 9 billion people on our planet by 2050, implying that the food industry will call for a revolution. In this context, the increasing effects of climate change are a further threat to food security, as arable lands are continuously changing. Therefore, modern societies face different challenges: matching the increasing demand for food (both quantity and quality) and focusing on environmentally and socially sustainable solutions to produce it. Entrepreneurs, innovators and venture capitalists alike have long realized that an opportunity to change the way we design, produce, transport, process and consume food exists. Based on our own research data, $4 billion have been invested in venture backed startups in the American foodtech industry since 2015. A dramatic surge has occurred over the last decade compared to median figures, and the trends are tightly connected with the Agtech industry evolutions that we focused on in our previous study “Agtech: will technology feed and save us?”1. This year we focus on the downstream innovations and look at how technologies impact what ends up on everyone’s plate knowing that the food industry from farm to fork is using 50% of the US lands while absorbing 80% of the US freshwater consumption2. There is a dire need for innovation in the United States food system, and new emerging startups target four constitutive segments of the value chain: new food production, manufacturing, distribution and consumption. As for the foodtech movement, innovation is not so much about creating products per se than it is about creating value: customer value in terms of health and pleasure, value for business stakeholders in terms of revenue. At the end of the day, successful new trends will work both ways: from concept-to-customer and customer-to-concept. Regarding new food production trends, the focus is on plant- and algae-, as well as insect-based products. Those new food production channels aim at partly replacing meat production and providing customers with their essential weekly protein intake, while reducing environmental impacts. The underlying question relates to the level of customer acceptance, both in terms of taste and potential revulsion for insects. The processing and manufacturing sectors are also on the edge of a revolution. Traceability, food safety and full transparency from manufacturing companies are now basic requirements. The Internet of Things applied to supply chain, optimized processes and new engineered packages contribute to these efforts. Lately, distribution channels have seen a large chunk of innovation, with on-demand economy making a dent in the way consumers choose, buy and eat food. Venture capital investments have surged. Farm-to-consumer enablers, meal kit players, restaurant enhancements and food e-commerce regularly hit the news. On the consumption side, connected appliances (kitchen 2.0), new dining experiences and food tracking apps are major trends. Investigation on current U.S. startups, strategic initiatives and business models that are bringing innovation to the way food products go to market has provided L’Atelier BNP Paribas North America with a perfect overview of the medium-term trends to follow and we will keep a close eye on this industry and follow up on new trends. L’Atelier BNP Paribas NA team Keywords: Food innovation, health management, Internet of Things, data analytics, food as a platform, transparency

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PART 1 NEW FOOD Are you ready for the launch of Food 2.0?

-> $423M VC

investment in the U.S.

since 20153

5

NEW FOOD INTRODUCTION New food substitutes and ingredient development have been accelerating in the last few years and represented $423M VC investment since 2015 just in the USA. From brand new ingredients and food categories to enhanced production processes, innovations are deemed to answer the challenge of feeding 9.6 billion people by 2050. To put this in perspective with current methods, the food industry production would have to increase by 70% in such a timeframe. Today meat production is around 315 million tons with Livestock representing close to 80% of total agriculture land (considering pasture and land for the livestock)4.. In this context protein substitutes are more and more seen as a necessity. Sustainable protein sources such as insects or plants may be the key to improving food production. “If you were designing America’s food and ag system from scratch, you would never end up with what we

have today”

Ali Partovi, entrepreneur and investor5

PROTEIN ALTERNATIVES THE EDIBLE-INSECT INDUSTRY Insects (e.g. crickets) could represent one of the low-footprint alternative sources of proteins. There are more than 1,000 species of edible bugs, according to the United Nations. Compared to traditional meat, their production is said to dramatically reduce greenhouse gas and requires much less water. This young industry faces two main challenges: •   Although major changes in people’s dietary habits are expected in the years to come, consumers’ acceptance of insect-based food products can be questioned (in a recent survey, only 19% of participants from a Western country stated they would be prepared to eat insects as a meat substitute6); •  

Sustainability claims to produce insects may be overstated and could be challenged since chicken and insect feeding processes are roughly similar.

Our top three selection Produce baking cricket flour Protein bars powered by cricket flour Insect farming technologies

PLANTS AND CELLULAR METHODS Plant-based sustainable proteins The U.S. plant-based food industry generated $5B in sales in 20167, a growing chunk of the food sector. The available portfolio of plant proteins has grown massively, including soy, algae, peas, beet, flaxseed, almond and coconut. The trend has become mainstream in some cities and the plant-based products (cheese, “fake” meat or seafood, milk, yogurt, or mayonnaise) are already massively used by vegans and non-vegans alike. Our top three selection Farmed almond milk products Tasty plant-based burger steaks Food using microalgae potential Cellular agriculture Another alternative could disrupt the industry in a few years: cellular agriculture. Mostly born in Californian labs, cellular approaches replace traditional animal breeding with lab-derived cell cultures in order to produce meat, eggs, dairy products and other animal by-products. The emerging industry faces challenges: •   Like other new food categories, public exposure, education and a relevant communication strategy will be key to explain technicalities and potential health impacts •   A legal framework is required to define the production do’s and don’ts •   Research is still ongoing and massive funding sources are necessary to validate first results Our top three selection Cow-free milk proteins Organic manufacturing of animal products (leather) Animal-free egg whites

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NEW INGREDIENTS HUMAN HEALTH & NUTRITION Our approach to human health and wellness has dramatically changed over the last decade. Prevention is better than cure: disease prevention and health management strategies are on the rise, both from public policy and business perspectives. Stakeholders in the food industry have understood this tremendous opportunity, setting a priority to: •   •  

Identify, list and finally unlock existing food ingredients with pre-determined functional health benefits; Design new optimized enzymes, molecules and peptides. Research capabilities have largely been improved thanks to machine learning, in order to create new healthy food products.

Our top three selection

“Investigating genetic fingerprints of food ingredients and their environment will help us unearth genomic keys to healthy food and people.”

Jeff Welser, VP and Lab Director, IBM Research8

FOOD SUBSTITUTE New generations massively live on junk food as an ordinary diet, or are prompt to skip meals. A new wave of U.S. startups has launched replacement products coined “the future of food”: With the rollout of convenient delivery services, eating prepared food has become a relevant offer. Meal substitutes (drinks, shakes, bars, meals, snacks and more) thus aim to be optimal nutritious solutions that simplify and optimize customer eating habits. Tech companies like Soylent aim at offering complete nutrition, value as well as convenience to their customers. Our top three selection

Naturally derived ingredients to fight diabetes

Optimally nutritious meals in a bottle

Protein and enzyme builder

Personalized food supplements

Custom designed organisms

Custom meal substitution powder

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PART 2 PROCESS & MANUFACTURING

How will AI and Robots optimize and protect food production?

-> $90.4M VC

investment in the U.S.

since 20159

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INTRODUCTION Technological innovation and upcoming disruption are bringing new opportunities to the transformation and manufacturing sectors too. The U.S. food processing and packaging industries are massive: food manufacturing shipments represented $738.5B value in 201210 and just in California, there were more than 4,514 food and beverage manufacturing plants in 2010. Both traditional stakeholders and new incumbents of the food processing industry currently have major opportunities to improve food safety and traceability, reduce waste, solve regulatory issues and enhance packaging and transparency. They are witnessing a shift in consumer preferences as well as a rising demand for good quality products. .

FOOD PROCESSING FOOD SAFETY According to the Centers for Disease Control and Prevention, 1 in 6 people get food poisoning every year in the USA.11. With an increasing demand for food, rigorous testing at every step of the food supply chain is becoming even more important to circumvent contamination at any point during the process. The future of food safety needs to be: -   Preventive with real-time data collection and measurement, -   Efficient using digital solutions instead of paper-based checks and records, -   Fast thanks to quick testing methods, automated real-time monitoring, sensors… The food safety testing market is estimated to be worth $16B globally by 202012. Our top three selection Analytical testing & innovative ingredients Automated molecular testing solutions Rapid cell separation & pathogen diagnosis

crime are some of the factors driving the food industry to invest in the food traceability market. The current challenges of the industry revolve around data collection, uses and security targeting more transparent information for all stakeholders (regulator, consumer….). The food traceability technology market is estimated to be worth $15.1B globally by 202113 with barcode and RFID tags as the main technology and more and more players are taking a close look at Blockchain technologies (Walmart, IBM, Arc-net, Provenance…) to answer the abovementioned challenges. Our top three selection Foodservice data & analytics platform On-food traceability solutions Smart food label and product data platform “as the supply web becomes more complex, accountability and control become defining factors. Many historic traceability and supply-chain platforms are no longer suitable for our members’ demand as well as their consumers’. “

Kieran Kelly, CEO of Arc-net (food traceability startup)14

MANUFACTURING R&D DATA PLATFORMS Research and Development spending are very high in the food industry and increase every year. For example, Pepsi’s R&D expenses have increased by 25% between 2011 and 201515. Digital tools can help reduce these costs thanks to a rapid access to data. -   Food analytics platforms Research specialists are sequencing the DNA and RNA of food samples to build an actionable database for food producers and distributors. The index produced can be used to understand what triggers contamination and help R&D teams to differentiate their brands.

FOOD TRACEABILITY Increasing awareness among consumers, strict regulations regarding traceability process, standardizations, new certifications and food 9

-   Flavor optimization Texture, taste and smell are essential to R&D in the food industry. Players who can analyze these factors and help create food accordingly to these criteria can have a significant impact on the industry. Our top three selection Digitize, index taste and scent data Food analytics platform Cognitive recipe thanks to AI

control, processing line optimization, automation, inventory management, treatment or others. -   3D Printing 3D food printing offers many different potential benefits: -   It can be healthy and environmental friendly because it helps turn alternative ingredients such as proteins from algae or insects into tasty products. -   It also allows food customization and can therefore accommodate to individual needs and preferences. Our top three selection

DISRUPTIVE ENGINES & TOOLS

Food processing Pasteurization system

-   Quality and security equipment Food processing tools can be used for quality

3D printing robots for food Plasma technology for water treatment

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PART 3 DISTRIBUTION

What can boost your food connection?

-> $2.9B VC investment

in the U.S.

since 201516

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INTRODUCTION Food Distribution segment is the trendiest within the whole foodtech industry with $2.9B invested over the last two years just in the USA. Rapid adoption of e-commerce, smartphone penetration as well as increasing direct demand for local and farm food have made distribution channels a great playground for innovators and disruptors. From the grocery on demand startup Instacart raising $400M at a $3.4B valuation in March 201717 to the last failure of an on-demand food startup with Sprig in May 201718, we are facing one of the most competitive tech battlefields. From business models to underlying logistics challenges, this segment interests both startups as well as tech giants from Amazon, Uber or Google.

GROCERY DELIVERY With the rise of e-commerce, same-day shipping is not considered anymore as a fancy trend but a must-have and food retailers know this. All major grocery retailers are now involved one way or another in the “on-demand” grocery space, either by building their own service (e.g. Walmart, Safeway) or using service providers such as Instacart and Google Express (Whole Foods, Costco…). Due to a tremendous logistics challenge, today’s main battle focuses on large metropolitan areas but is also spreading to the rest of the USA. Our top three selection Fresh food delivery

DELIVERY

Grocery delivery from retailers

FARM-TO-CONSUMER

Local produce delivery

Consumers are increasingly tech-savvy… but new generations of farmers too! They now look at optimizing their farm operations, checking the daily weather or simply staying connected with their customers (i.e. through social media). Meanwhile, demand for local and organic food straight from producers is surging. These positive factors encouraged many startups to work on an online marketplace for farmers and customers. Although investors rushed to the sector, it still faces a handful of challenges: •   Many farmers are not yet convinced by the use of data-driven complex platforms; •   Small farms are the primary target (they represent 90% of American farms but only 24% of total production19) but they are difficult to reach and hardly onboarded; •   Current business models are hard to scale.

MEAL-KIT

Our top three selection:

Our top three selection

Online local fresh food Online local quality food Local food delivery software

Answering the increasing consumer demand for easy to do, convenient, restaurant-quality meals, meal-kit services deliver ingredients with recipes and instructions directly to its subscribers. Numerous U.S. services now compete on this segment; the traction on the market attracted retailers and big players, including Amazon with AmazonFresh. As the market consolidates and the leading player Blue Apron is looking for an IPO in 2017 (reached $795M sales in 2016 while it was merely making $84M in 201420), our team notes that the biggest challenges are: •   The skyrocketing logistics/packaging costs due to pre-portioned ingredients •   The lack of regular customer loyalty, and the important churn (up to 90% of customers drop out within 6 months21)

Ingredient delivery for recipe Weekly recipe box delivery Healthy organic recipe box delivery

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MEAL DELIVERY Since 2015, US meal delivery startups attracted more funding than all other food distribution categories (close to $1B of funding since 2015). On this competitive segment, players compete over product quality, delivery fee and delivery time with economy of scale in mind. -   From local restaurants Meal delivery has been a game changer for restaurants, urging them to adapt and reorganize their operations in order to include an increasing number of delivery orders and make room for pickup. Enrolling restaurants is easy as the perspective of increasing their sales ratio through service motivates owners to jump in. Here again the resulting competition is fierce. Winners are often those with the largest customer bases, lowest fees and the simplest user experience. We are currently witnessing a market consolidation… on a market that may be dramatically changed by the new delivery robots (e.g. Starship Technologies22) and drones (e.g. Flirtey23) currently under the spotlights. Our top three selection Healthy office catering service Meal delivery operated by Uber Meal delivery from local restaurants -  

From private kitchen

A few players on the market decided to focus on high-quality, healthy products and chose to become their own chefs in order to differentiate themselves. This “central kitchen” system seeks to simplify logistics issues of food pick-up and delivery but the production and operation costs added to the food waste issues are even worse. Our top three selection Preparation and delivery of fresh meals Organic & healthy meal preparation & delivery Chef meals preparation & delivery

RESTAURANT TECH Around 100 startups in the U.S. are reinventing the giant restaurant industry ($799B sales and more than 1 Million restaurants in the USA in 201624) by helping them in almost every potential aspect: •   •   •   •   •   •   •  

Smart kitchen equipment Point-of sales platforms CRM, loyalty and marketing Reservation and waiting list management Digital displays on tables Restaurant management, staffing Food waste management

Our top three selection Pay tabs from your mobile Smart management assistant for restaurants Robots for food service

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PART 4 CONSUMPTION

Will you eat a meal prepared by algorithms?

-> $506M

VC investment in the U.S. since

201525

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INTRODUCTION The way food is being produced, processed and distributed has changed dramatically with the growing use of new technologies, and so have our food consumption habits. For a long time, this last step of the food value chain had remained somewhat unchanged. However, many interesting apps, digital tools and appliances have started to emerge over the last few years, and VC investments in the food consumption area have thus increased by 70% in the United States between 2015 and 2016, from $176M to $300M26. These new technologies have helped create more value for food producers, while impacting direct consumers’ eating habits and behavior.

CONSUMER EXPERIENCE AND TOOLS DINING 2.0 The rise of the “sharing economy” has helped shape a new social dining experience, beyond what traditional restaurants had to offer. For instance, innovative services and platforms now enable chefs or food lovers to earn money by inviting participants to private dinners or by giving them access to their unused kitchen. But most of all, these new tools enable organizers to try new food, while meeting with new people in the comfort of their own place. Although this concept of “social dinners” may appear to be quite simple, the underlying business model is not, for several reasons: •   Lack of regulation (it is currently a “legal gray area”), •   Fierce competition from larger players such as Airbnb, •   equipment for the experience to work out (the need of a minimum number of guests for instance).

“We look at the dining room table as the original social network“ Noah Karesh, Founder of Feastly27

FOOD APPS & COMMUNITY Today, food appears more than ever to be a cultural obsession. This seems especially true for millennials, possibly because, considering an increasingly digital and digitized world, everybody is looking for new ways to connect more in the physical space. This new generation of “foodies” likes to share recipes, dinner experiences and tips with their community. This is a hot category and was recently illustrated with the acquisition of Yummly -recipes and cooking resources - by Whirlpool for an undisclosed amount in May 201728. The connection between social media, personalized content and smart kitchen is on its way, namely with large industrial players moving quickly with key acquisitions. -  

Communities to share recipes

Smartphones make cooking easy with online recipes or cooking classes, as well as sharing food content and “moments”. Food is perfect in terms of storytelling and engagement. The food community on social media is larger than ever, with 2B views for a 2M audience engagement for Tastemade in February 2017 alone29. As this wave continues to grow, there will be more and more connections between food producers and chefs. Our top three selection Recipe searching platform Discover exotic food around the world Online food network

-   Quantified-self and transparency The new tools available have raised consumer awareness about food’s impact on health, and consumers are requiring more information about what is on their plate. Food providers have adapted to their customers’ new expectations, and many of them have thus made efforts to Our top three selection become more transparent. For instance, Target, Connects people to share homemade cuisine IDEO and the MIT partnered in 2016 to develop a foodtech project promoting “trust in food” named Experience local cuisine at people’s home Food + Future coLab30. Processes and products of the food industry may also be improved with Rent a chef for your dinner data aggregated by consumers with the help of food tracking apps and tools or other testing 15

sensors.

Our top three selection

Our top three selection Portable scanner to taste food for allergens Connected devices for healthy living Allowing farmers to share stories about their food

KITCHEN INNOVATION SMART COOKING APPLIANCES The Internet of Things is bringing a whole new world of possibilities and opportunities to the kitchen of tomorrow. Technology had already modified our kitchen with modern kitchen gadgets and appliances for everything (bread makers, blenders, electric scales…) but technology has gone further and will soon make our kitchen smarter thanks to connected appliances that can be monitored via smartphones and can recognize and/or track food, give advice about recipes and communicate with each other. The smart kitchen startups in the United States received around $168M of funding in 2016, compared to $21M in 2015.

Precision cooker bought by Electrolux Precision connected grill Smart oven for smart kitchen

GROW AT HOME So now consumers are looking for transparency, local, organic food? Maybe one of the answers is to grow food themselves! New systems are developed to help people grow their own food in their garden or directly in their kitchen. With or without soil, all of these systems are equipped with sensors and can be controlled via mobile apps. However, we are still seeing at the beginning of this homemade production, which currently only concerns some specific vegetables or herbs and mainly target the urban population. Such products may nonetheless become more popular with DIY and On-Demand trends, as well as the increasing demand of fresh and local food. Our top three selection Micro-farming system for your home Farming appliance for your home Small farms for restaurants

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FOODTECH MAPPING BY L’ATELIER BNP PARIBAS (MARCH 2017)

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OUTCOME The U.S. Foodtech market is booming. It has had two very good years in terms of VC investment with over $1.7B in 2015 and $1.6B in 201631. The distribution category including giant startups like Instacart, Postmates, FreshDirect, Doordash or BlueApron represents more than 47% of all Foodtech investments in the last two years32, and there is also a growing interest in the last meter consumption category, especially in food community networks and smart kitchen appliances. The industry giants are keeping a close eye on these trends and some key acquisitions have already been made in the sector; from the acquisition of the food community startup Yummly by Whirlpool in May 201733, to Anova (famous for its precision cooker) being bought by Electrolux in February 2017 for up to $250M34. However, the FoodTech startup ecosystem is still small compared to the size of the total industry. On one part of the value chain for instance, there are more than one million restaurants for a sales volume of $799 billion dollars, just for the United States. Given the size of the industry and its impact on people’s daily lives from their health to the social time spent in restaurants, we are still at the beginning of what could be done with Foodtech. A study published a couple of years ago by the Natural Resources Defense Council thus estimated that from farm to fork, almost 40% of the food produced goes uneaten35, and the optimization of the supply chain can play a key role there. In the coming years, there will thus be a growing interest for food data; from the information collected by smart appliances directly in our kitchen, to the new traceability capabilities of industrial players all along the value chain. Although the current study focuses on the U.S. market, the challenges to make the food value chain more sustainable and healthier are decidedly global, and food players must consider cultural specificities. Indeed, regional cultures still play a tremendous role in the way food is produced, transformed and consumed around the world, and some solutions rolled out in specific areas may therefore not be relevant in other parts of the globe. For instance, the complete nutrition products developed by the Los Angeles startup Soylent might not be adapted to other areas such as Europe or Asia, where consumers’ food expectations and eating habits may be different. On the contrary, some new trends such as insect consumption might be scalable, from South East Asian countries to European countries like France, where people have famously been eating snails for quite some time. In the United States, there certainly are tremendous drivers for change. Indeed, only 42% of Americans think their diet is healthy36, or that 36% shoppers declare they worry about chemicals in their food37. Yet it is still very early in terms of innovation in the production and manufacturing categories to see a notable change, and larger investments and longer business cycles will be needed. The keen interest shown by industrial players will nonetheless sustain this trend on the long term, first locally, and then globally. A lot of the early Foodtech startup waves are only focusing on food consumption new habits in large metropolitan areas, and California has historically been leading the way. Western countries are progressively changing their lifestyle; from the healthy food movement to the gluten-free trend, or the research to replace meat by synthetic food. The journey for the industry to have a larger impact at a national level will surely be a long one, but the vibrant U.S. Foodtech ecosystem is very engaging. L’Atelier BNP Paribas NA team 19

METHODOLOGY In order to conduct this study, L’Atelier BNP Paribas North America conducted several interviews with key stakeholders including startups, experts, venture capital funds and scholars. We also used secondary data from several number of studies, articles, and specialized websites. Finally, we screened more than 313 startups to map the landscape of Foodtech and analyzed the evolution of VC investment in this sector since 2015 in the USA.

ACKNOWLEDGMENT L’Atelier BNP Paribas North America would like to thank Gilonne d’Origny, Arturo Elizondo, Nicolas Bernadis and Kevin Camphuis for their time and great insights for this study. l’Atelier BNP Paribas would like also to thank the team members that contribute to the editing and help to the final production of the study with a special mention to Camille Daudet, Pierrick Bouffaron and Ramy Ghorayeb.

CONTACTS L’Atelier BNP Paribas North America [email protected]

Matthieu Soule Head of Consulting & Lab [email protected] Twitter: @MatthieuSoule

Agathe Foussat Senior Strategic Analyst LinkedIn Twitter @AgatheFoussat

THANK YOU!

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Agtech report by l’Atelier BNP Paribas NA, 2016, “Agtech: will technology save us?” https://atelier.bnpparibas/en/prospective/news/agtech-technology-feed-save-us-1 2 NRDC, 2012, Wasted: How America Is Losing Up to 40 Percent of Its Food from Farm to Fork to Landfill https://www.nrdc.org/issues/food-waste 3 L’Atelier BNP Paribas NA 2017 data and analysis 4 FAO, http://www.fao.org/docrep/016/ap106e/ap106e.pdf 5 Fast Company 2014, Silicon Valley’s next big goal: fixing our broken food system article, https://www.fastcompany.com/3025602/rebuilding-big-food-aglocal-beyond-meat-brightfarms-farmland-lpharvest-power 6 Insects as food:
perception and acceptance, Christina Hartmann, & Michael Siegrist, 2017, https://www.ernaehrungs-umschau.de/english-articles/21-03-2017-insects-as-food-perception-andacceptance/ 1

Plant based food association based on SPIN Data, March 2017, http://www.prweb.com/releases/2017/03/prweb14121969.htm 8 IBM research, consortium for sequencing the food supply chain, 2015 http://www.research.ibm.com/clientprograms/foodsafety/index.shtml 9 L’Atelier BNP Paribas NA 2017 data and analysis 10 US Department of Commerce, Economics & Statistics Administration, Made in America: Food, beverages, and tobacco products http://www.esa.doc.gov/ 11 Centers for Disease Control and Prevention, https://www.cdc.gov/foodsafety/foodborne-germs.html 12 Markets and Markets study, 2016, Food safety testing market, http://www.marketsandmarkets.com/Market-Reports/food-safety-365.html 13 Report Linker, March 2017, food traceability: technologies and global market http://www.reportlinker.com/p04806919/Food-Traceability-Technologies-and-Global-Markets.html 14 Food Quality news, Arc-net seeks to capitalize on traceability demand, Joe Whitworth, 2017, http://www.foodqualitynews.com/Industry-news/Arc-net-targets-growth-after-investment 15 The Motley Fool, the secret of Pepsico, Inc’s success, 2015, https://www.fool.com/investing/general/2015/05/14/the-secret-to-pepsico-incs-success.aspx 16 L’Atelier BNP Paribas NA 2017 data and analysis 17 Instacart blog, March 2017, https://news.instacart.com/weve-raised-400m-to-grow-instacart-2566e1adc9d5 18 Techcrunch, On demand food startup Sprig shutting down today, May 2017, https://techcrunch.com/2017/05/26/on-demand-food-startup-sprig-is-shutting-down-today/ 19 USDA, 2017, https://www.ers.usda.gov/data-products/ag-and-food-statistics-charting-theessentials/farming-and-farm-income/ 20 Forbes, Understanding Blue Apron’s IPO and the future of meal kits, May 2017 https://www.forbes.com/sites/phillempert/2017/06/02/understanding-blue-aprons-ipo-the-meal-kitphenomenons-future/#ec5a1ef28fcf 21 Mother Jones, People are flocking to Meal-Kit services – then abandoning them in droves, 2016 http://www.motherjones.com/environment/2016/10/half-meal-kit-customers-bolt-after-free-offer-runs-out 22 https://www.starship.xyz/ 23 http://flirtey.com/ 24 National Restaurant association, 2016, https://www.ers.usda.gov/data-products/ag-and-food-statisticscharting-the-essentials/farming-and-farm-income/ 25 L’Atelier BNP Paribas NA 2017 data and analysis 26 L’Atelier BNP Paribas NA 2017 data and analysis 27 Eater, Why not dining app is the “Airbnb of Food” yet, 2016 https://www.eater.com/2016/3/31/11293260/airbnb-for-food-apps-eatwith-feastly 28 PR Newswire, May 2017, Whirlpool corporation announces planned acquisition of Yummly http://www.prnewswire.com/news-releases/whirlpool-corporation-announces-planned-acquisition-ofyummly-300450055.html 7

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TWC News, Pinterest, Tastemade, and how we see food now, 2017 http://www.twcnews.com/tx/austin/sxsw-2017/2017/03/16/pinterest--tastemade--and-how-we-see-foodnow-.html 30 https://foodfuture.com/ & https://corporate.target.com/article/2016/03/mit-food-future-colab-progress 31 L’Atelier BNP Paribas NA 2017 data and analysis 32 L’Atelier BNP Paribas NA 2017 data and analysis 33 PR Newswire, May 2017, Whirlpool corporation announces planned acquisition of Yummly http://www.prnewswire.com/news-releases/whirlpool-corporation-announces-planned-acquisition-ofyummly-300450055.html 34 http://www.electroluxgroup.com/en/electrolux-to-acquire-fast-growing-smart-kitchen-appliance-companyanova-23189/ 35 NRDC, 2012, Wasted: How America Is Losing Up to 40 Percent of Its Food from Farm to Fork to Landfill https://www.nrdc.org/issues/food-waste 36 Mintel study quoted by Nutraceuticals World, less than half of Americans consider their diet healthy, http://www.nutraceuticalsworld.com/issues/2017-04/view_breaking-news/less-than-half-of-americanconsider-their-diet-healthy/ 37 IFIC’s Annual Food & Health Survey, 2016 https://show.restaurant.org/BrainFeed/NRA-Show-SideDish/Free-From-Food-Claims 29

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