The metaverse is a virtual world where users share experiences and interact in real-time within simulated scenarios. The metaverse market is anticipated to grow by a compound annual growth rate (CAGR) of over 33% between now and 2030, data analytics and consulting company Global Data revealed in an August 2023 report. By 2030, the metaverse market is expected to value at $627 billion.
Bringing together a range of next-generation technologies, including cloud computing, artificial intelligence (AI), blockchain, cryptocurrencies, augmented reality (AR) and virtual reality (VR), big name foodservice operators are embracing the metaverse to appeal to consumers.
Analysing the food metaverse
“The metaverse is an emerging mega-theme involving companies from various industries, including food service,” Rupantar Guha, Project Manager of Global Data, told Food Navigator. “It is still largely conceptual but could transform how people work, shop, communicate, and consume content,” Guha said.
However, Global Data data shows that metaverse hype is waning among food brands. In 2022, metaverse-related social media posts in the food service sector fell by 21% compared to 2021. “We are currently in a metaverse winter, and its adoption in the food service sector will be delayed,” Martina Raveni, Associate Analyst at Global Data, told FoodNavigator.
Nonetheless, those in the sector recognise that the metaverse has applications in many aspects of the food industry, mainly in customer engagement and retention, digital marketing and advertising strategies, supply chain management, and transparency–presenting opportunities for producers.
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