IFT FIRST means Food Improved by Research, Science, and Technology; it is the leading show of its kind in North America and across the globe.
Dynovel visited the IFT FIRST trade show (Chicago, USA) hosted by the Institute of Food Technologists from July 14th to 17th, 2024, and surveyed a sample of 39 companies, all offering ingredients and solutions to the food industry.
Table of content
1. Facts about the fair
a. Geographical representation
b. Product categories
c. Startup Pavilion
2. Companies & professionals surveyed
3. Markets surveyed
4. Summary of feedback on food Industry trends
a. Top trending ingredients
b. Top trending functions
c. Sustainability priorities
d. Main challenges faced
5. Our conclusion
1. Facts about the fair
a. Geographical representation
IFT FIRST 2024 was filled to the brim with over 1,000 exhibitors and 17,000 attendees from around the world. About two-thirds of exhibitors hail from North America.
b. Product categories
The largest product categories represented at the show include Bakery Ingredients; Organic; Flavors, Extracts, Seasonings; and Functional Ingredients (Supplements).
In each of these four categories, more than 250 companies were identified.
*Note: exhibitors may select multiple categories in each product group
c. Startup Pavilion
The Startup Pavilion attracts food-related startups in all stages of growth. This popular annual showcase features more than 85 companies with innovations ranging from technological solutions that improve ingredient quality and safety to innovative consumers goods already on the market. Only 100 total spots are available.
The IFT Startup Pavilion Pitch Competition is a multistage, rapid-pitch competition spanning three days. Scentian Bio won the $10,000 grand prize presented by Seeding The Future Foundation. This biotech company uses biosensors based on insect olfactory receptors that can measure smell and taste. Use cases include quality assurance and check for taints, odors or residues in food.
2. Companies & professionals surveyed
Dynovel had a unique opportunity to interview 39 exhibitors and attendees at the fair covering different regions and involved in different roles within companies.
54% of the interviewees are working for American companies, 33% for European companies and 13% for companies in APAC.
Almost all interviewees serve North America in their roles followed by Central & South America (indicated by 43% of respondents).
Most respondents occupy a function in Sales & Marketing followed by Executive Management. The remaining 23% are in R&D, Technical and Manufacturing roles.
3. Markets surveyed
The interviewees’ companies are active in the Beverage, Baked goods, Dairy and Confectionary markets among others, reflecting the wide range of interests at this show.
4. Summary of feedback on food Industry trends
a. Top trending ingredients
Interviewees were asked: what are the top 3 most popular ingredients?
Plant-based ingredients and botanicals received the most mentions. Examples may include herbs, florals, and spices.
The next most popular category mentioned was proteins, which include meat, eggs, or plant-based alternatives. Looking around the fair, diverse protein sources were showcased such as startup Revyve’s yeast protein / egg replacement ingredient (promoted by serving vegan brioche).
b. Top trending functions
When asked, “what are the top 3 functions clients are looking for?” – it is no surprise that health was reported the most, mentioned by nearly 75% of respondents. This includes benefits like gut health, immune support and calmness.
Sweeteners, particularly sugar alternatives, receive considerable mention – whether to reduce calories and carb content or improve gut response and mouthfeel associated with traditional sweeteners.
c. Sustainability priorities
Sustainability priorities ranging from local sourcing and respecting the environment to promoting fair labor practices were all confirmed by interviewees. The response profile indicates a balanced array of initiatives targeted and upheld by manufacturers. No option received significant attention compared to others.
d. Main challenges faced
Economic & inflation pressure was the top concern reported by survey respondents. Facing rising costs for butter, cocoa, and eggs, for example, food and beverage companies are looking for reduced cost alternatives. That was a major focus at this expo according to The Food Institute Report.
5. Our conclusion
Once again, IFT FIRST has provided an excellent platform for professionals to expand their networks, discover cutting-edge solutions, and talk about new trends in the food industry.
Is your brain churning with new markets to tap, new applications to grow, new sourcing options to rank, and new market strategy to develop? Please contact us!
No need to wait for IFT 2025 to meet and talk in person. We are participating in SupplySide West in Las Vegas on Oct 28-31, 2024, ready to continue our discussions in dietary supplement, beverage, functional food, personal care and more with anyone that is interested.
