Radical Shake-up in Food & Hospitality: Insights From ESV’s Roundtable
On Thursday 21st February, ESV held a well attended Food & Hospitality Roundtable breakfast event at the QT hotel in Sydney. Colin Samuel who leads our Food & Beverage team and Simon Corah from Growth Mantra facilitated an intriguing discussion about issues, opportunities and challenges faced in this diverse sector. With massive urbanisation and growth, coupled with less farming and resources, we need to think about new food, new ways of producing it and getting closer to the customer. As there is more change in the food industry expected in the next 10 years than there has been in the last 50, there was lots to talk about.
Disruption through technology was a recurring theme – AI, Robots and Technology are manifesting themselves in many different ways - including robots preparing food and 3D printing from pixel to plate through to facial recognition when you pick up a coffee. Sustainability and having a zero waste environment is also gaining momentum from fake meat and fish to smart Tupperware that tells you when the food inside is ready right through to edible cotton. Food for health, the adventurous customer and their experience (Instagrammable food and restaurants turning to retail) were also raised.
The big two emerging trends, which will impact all of us in this sector, are the first wave of the Direct to Consumer Relationship with profitable growth from this disruption ahead and the rise of the share economy. Uber is the biggest taxi company in the world and owns no taxis. There are now starting to emerge big restaurant chains that don’t have kitchens who are using networks for shared kitchens, will this continue into shared storage facility and drop off points?
ESV continues to host inspiring leaders as part of our Business Owners Event Series, to share their passion with us and reveal what inspires their own business journey. There is so much we can learn from the insights of these remarkable entrepreneurs.
If you are a business owner and interested in attending one of our future food and hospitality roundtable or business owner events, please contact your engagement partner on 02 9283 1666.