Singapore-based FoodTech startup Ai Palette partners with sustainable food provider ofi to predict future consumer trends.
Transforming the traditional market research space, Olam Food Ingredients (ofi) has teamed up with Singaporean FoodTech startup Ai Palette to forecast consumer trends for 2023 and beyond.
Rapid adoption of artificial intelligence (AI) in the food space has enabled brands to gain a deeper understanding of their consumers and launch best-selling products more quickly or even ahead of trends. Ai Palette’s Foresight Engine to processes date from real-time consumer insights to predict consumer trends.
The predictive analytics technology company has a prestigious global client portfolio including Kellogg’s, Hershey’s, Diageo, Nestle, Cargill and Olam, as ofi joins these trendsetters to drive food solutions across the region.
Somsubhra GanChoudhuri, the Co-founder and CEO of Ai Palette shared, “We are excited to see our clients derive impactful insights from our products. We are also excited to see AI-based solutions being increasingly adopted by the CPG industry and we are certain that this is the way forward for innovation in the CPG space.”
After identifying the rapid-changing preferences of consumers, as well as a general shift towards sustainability, health and wellness, and farm-to-table concepts, ofi’s adoption of Ai Palette’s technology will only further enable them to drive value-added solutions.
Charissa Leong, the VP of Sales, Cocoa Powders for APAC at ofi, commented, “We worked very closely with Ai Palette to understand how they picked up consumer data and transformed it into studying future trends. Ai Palette also were able to break down these trends into what were emerging trends, dormant trends, and also mature trends, which helped us to see which flavor is picking up, or actually is mature in that market in real time.”
Ofi aims to offer sustainable food products and ingredients such as cocoa, coffee, dairy, nuts, and spices. As a commodity trader and ingredients company which had previously solely targeted F&B brands, ofi has now identified the value and power of individual consumers. With the help of Ai Palette’s Foresight Engine, ofi adds value to their product offerings through key data-driven consumer insights, continuing to work towards their mission of “making it real from plant to palate.”
Rama Krishna Prasad, Sr Vice President and Country Head – Indonesia for ofi said: “Advanced consumer insights and analytics are going to be the key differentiator for any company wanting to be successful in the future. During these changing times, the lifecycle of a trend is extremely short, and it is important for you to be leading this curve.It all depends on your ability to capture a sense of the market as quickly as you can and be ready to act on a trend. Only then can you go back to your customers and get them to be a part of a trend.”
How Artificial Intelligence is Driving the Future of Food
5 F&B Trends Driving Sustainability in Food in Asia
Singaporean DeepTech Startup JAH Cultura Innovates in Food Sustainability