Every month, for now, we are sharing what we found interesting to know in terms of investments, trends, M&A, startups, tech in China, Asia, and in the rest of the World for everything related to Food, F&B and Restaurant Tech, because it's kind of the only thing we do at NextStepStudio.co.
This list is in no way exhaustive and the original purpose was for our team to remain on top of everything that is happening in our industry in link with our existing portfolio companies, and the area we are exploring for future projects.
We just decided to share it with anyone who could be interested.
What's New in China ?
01 - Starbucks China sales have recovered almost completely from COVID-19 but U.S. performance will take another six months to bounce back
Starbucks continues on the road to recovery as sales performance is almost completely back to normal in China; with flat sales in August representing a major improvement from negative 10% sales in July, according to chief financial officer.
02 - China and its centuries-old drinking culture
The numbers demonstrate how the rise of wealth in China tracks closely with the rise in alcohol consumption. In 1952, China drank 0.4 liters of pure alcohol per capita. By 1979, that number had risen to 2.5 liters, and in 2009, it had jumped to 4.9 liters. A 2017 World Health Organization report estimated that Chinese people today drink 7 liters of pure alcohol per capita, with that number expected to rise to 10 liters per capita by 2030. The report also suggests China will overtake U.S. alcohol consumption per capita, estimated to decrease to 9.5 liters of pure alcohol per capita by 2030.
03 - A flexible work platform, QuHuo 趣活 is sourcing riders for delivery giants Meituan and Ele.me
The delivery market in China has been prone to labor inefficiency though, with demand spiking during lunch and dinner time periods, meaning full-time couriers are sitting on their hands at off-peak times. This has made it an ideal hunting ground for gig workers, and some employment agencies spotted this opportunity early on.
04 - Ele.me to give customers option to wait longer for food deliveries after backlash over risky conditions for riders
[In response to RENWU Investigation Publication] Chinese food delivery giant Ele.me said on Tuesday that it will launch a function that allows customers to indicate whether they are willing to wait up to 10 minutes longer for their deliveries in response to public backlash over the treatment of couriers.
What's New in Asia ?
05 - [Indian] Brands launching traditional meals to ready-to-eat packaged food amid pandemic
India ready-to-eat food market was estimated at US$348.67 million in 2019 and is further expected to grow at a CAGR of 18 per cent till 2024. Ready-to-eat food market is driven by increasing population of millennials, college students, working professionals, nuclear families, and working mothers, coupled with rising urbanisation, increasing disposable income of middle-class population, changing taste preferences, and better product availability from the manufacturers.
06 - Japan food labelling revision: ‘Artificial’ and ‘synthetic’ terms banned for food additives
Japan has by banning the use of the terms ‘artificial’ and ‘synthetic’ to describe food additives on all food and beverage labels after consumer research found they were causing consumers to shun such products.
07 - 7-Eleven and Coca-Cola partner for crossover store in Singapore
“Many Singaporeans have grown up with the Coca-Cola brand. Today, the convenience store culture has also become an intrinsic part of our fast-paced lifestyles [...]. That is why we have launched the Coca-Cola Pit Stop with 7-Eleven here in Singapore, leveraging the strength of our brands and technology. [...],” said Chris Tan, Commercial Director, Coca-Cola Singapore Beverages.
What's New in the Rest of the World ?
08 - Virtual Kitchen Nets $20M To Assist Restaurants With Delivery
The company was founded in 2018 by Ken Chong and Matt Sawchuk, both of whom used to work for Uber. They're now in the position of competing with another Uber alum, their former boss Travis Kalanick, who now runs Cloud Kitchens, which reportedly raised $400 million last year.
09 - Delivery Hero Acquires Glovo’s Latin America Operations
By some accounts, roughly 96 percent of independent restaurants in Latin America are not even online right now, and restaurant tech is far less developed than in, say, the U.S. and Europe. Even so, the Latin American market is the fastest-growing one outside the Asia-Pacific region.
10 - 3 Changes Restaurant Companies Are Making After the Coronavirus
[In the US] People haven't been allowed in dining rooms for much of 2020, meaning most restaurant sales have come from to-go orders and delivery. That's fine for businesses like Domino's Pizza, which was already set up for that kind of operation, but for most others, it's been a hard blow.
Restaurant companies refuse to be caught unprepared for catastrophe a second time, and they're aggressively pursuing new operating models because of the coronavirus.
11 - McDonald’s US starting up innovating cup-reusing system with Terracycle
In the program, customers will get the durable cup for a small deposit, which can be redeemed by returning the cup to participating McDonald’s restaurants. The Loop system, in partnership with Ecolab, will sanitize the cup for the next use.
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