The technological trends are pointing towards a safer society. Companies are increasingly focusing on environment friendly solutions, whether it’s the vehicle you drive, the clothes you wear, or the products that arrive at your door. In addition, we are observing the rise in adoption of 5G, digitalization and metaverse which will impact many other industries.
“Over the last several years, every industry has become more active in environmental practises and a greater focus on health. Almost every company has declared sustainability targets for the future years. “This sustainability concept has impacted several businesses in various ways, accelerating the research,” says Shikhar, VP of GreyB Services.
Here are a few instances of research patterns we saw across several industries:
Cosmetics Industry Hot Trends
In cosmetics the inclination towards sustainability gave rise to organic and plant based products in the recent years. While we are witnessing this trend to be strengthening, we also noticed new trends like Waterless cosmetics, Blue Light Protection, Virtual Makeup and Personalized Cosmetics. Many start-ups have already come out with products such as powder face-washes, shampoo and conditioner bars according to GreyB. The trend of Virtual Makeup is well inspired from the pandemic where companies started offering Virtual try-on for the beauty products and it entered the area of online meetings as well. Now we sense though the world is opening but for the matter of precaution the trend may stay. We also noticed some brands experimenting with initial steps towards Metaverse through NFTs. In the coming time we will see plenty of digital stores in the Metaverse and virtual makeup for Avatars.
In case of personalization we already noticed companies like Loreal, Amorepacific, Unilever, Shiseido and Loccitane taking the initial steps. These companies are trying to cater to the individual needs where generic beauty products are ineffective. Many companies have already demonstrated their personalized skincare and custom makeup products at CES. This will become big in the coming time as the need for personalized homecare solutions is increasing.
Food And Beverage Trends
F&B companies have already been working towards plastic free packaging, reducing salt and sugar, bringing clean label products and increasing the transparency in material sourcing. After the pandemic there has been an increased interest towards trends like mental wellness, infant nutrition, plant based dairy alternatives. Companies are researching towards the use of milk ingredients for increased cognition, actively studying the gut microbiome and its impact on mental health.
In case of plant based food we noticed that companies are now exploring almost every option out there covering Nuts, Cereal Grains, Legumes and even Fruits & Vegetables.
Wunda, plant-based milk derived from yellow peas, was recently created by Nestlé to address taste difficulties with plant-based milk.
Since plant based milk is still not close to the dairy, we observed companies like Perfect Day and New Culture exploring the use of bacteria to produce milk proteins. Also, these companies are exploring the use of genetically modified fungus strains to produce dairy protein that can be superior option to plant protein in terms of nutrition and flavour.
Further, food and beverage companies expressed interest in customised nutrition, baby nutrition, and pre/pro/post/synbiotics research. Under this trend, for example, there are several remarkable innovations:
BiomilkQ, a North Carolina-based firm, cultivates human mammary cells to make milk similar to breast milk but not identical to any infant formula now on the market.
There are technologies that don’t seem to have any border or limit to one industry.
Augmented And Virtual Reality – The Metaverse
We already discussed the interest of cosmetics companies in Metaverse. Many other companies are moving towards the virtual world since the pandemic prevented individuals from leaving their homes and assembling in public. Metaverse has already been used for events, parties and other social gatherings. Tata Tea sponsored a Holi party in the metaverse. Digital and Virtual stores is another area that is gaining attraction. Obssess is a good example in this category.
While many companies are showing interest, last year Nike bought a virtual shoe company RTFKT indicating moves in this direction.
5G is not just limited to telecom industry but is enabling many other industries to go beyond the existing limits.
With the introduction of 5G, AR and VR technology has accelerated, allowing you to consult the world’s most outstanding doctor from the comfort of your own home. Doctors will be able to operate using robots from 1,000 miles distant since the lag time will be so tiny.
Human drivers will take a back seat as autonomous car development shifts to fifth gear. The extraordinary speed and responsiveness of 5G-enabled driverless vehicles will revolutionise how we commute and travel today.
By 2028, the V2X technology, worth USD 689 million in 2020, is expected to be worth USD12.9 billion.
“A common thread running through all businesses is – a keen interest in innovation and research outside their firm or industry. More and more research collaborations are occurring, and technology spans all national and industry barriers. Digitalisation is an example of a trend that has permeated practically every industry, from tyres to dairy – Nestle partnered with Siemens to create several digital twins for its Juuka factory. Similarly, Danone partnered with Aveva to create a digital twin of manufacturing operations for specialized nutrition. More such cross industry collaborations will be there in coming time to welcome new possibilities with the intersection of technology.