An Exploratory Study on the Food Tech Industry Using Inter-Industry Analysis

February 28, 2023  |  Vol.9, No.2  |  PP. 119-133  | PDF

AUTHORS:

Taewook Kang, School of Business, Hanyang University, Korea

Hyun-Soo Han, School of Business, Hanyang University, Korea

Jangwook Lee, School of Business, Hanyang University, Korea

KEYWORDS:

Inter-Industry Analysis, Food Tech, Food Industry, IT Application

Abstract

Agricultural technologies are facing new changes. To cope with climate change and food crises, the agriculture and food industry is rapidly changing through various means, including implementing smart farms to reduce production costs, using 3D food printers, manufacturing unmanned robots to make and deliver food, and making vegan foods that taste similar to meat and milk. Led by the U.S., Europe, and other major countries, the global market for new agricultural technologies is growing rapidly. The size of the global plant-based alternative food market is also expanding fast; industry experts predict that its size will reach 162 billion USD (about 212 trillion KRW) in 2030. In the case of Korea, its strength is in the expansion and application of smart farms, dining out, transportation, and distribution. The Korean market has quickly responded to agricultural technological changes with the emergence of companies in related industries. This study examines the influence of these related industries and derives consequences by predicting the ripple effect. This study found that in Korea, the hardware sector of IT and ICT-related technologies expanded, but the input level of the software sector was insufficient. As such, the production inducement coefficient needs more input in IT and ICT-related technologies to expand the related food tech industry.

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Citations:

APA:
Kang, T., Han, H. S., Lee, J. (2023). An Exploratory Study on the Food Tech Industry Using Inter-Industry Analysis. Asia-pacific Journal of Convergent Research Interchange (APJCRI), ISSN: 2508-9080 (Print); 2671-5325 (Online), KCTRS, 9(2), 119-133. doi: 10.47116/apjcri.2023.02.10

MLA:
Kang, Taewook, et al. “An Exploratory Study on the Food Tech Industry Using Inter-Industry Analysis.” Asia-pacific Journal of Convergent Research Interchange, ISSN: 2508-9080 (Print); 2671-5325 (Online), KCTRS, vol. 9, no. 2, 2023, pp. 119-133. APJCRI, http://fucos.or.kr/journal/APJCRI/Articles/v9n2/10.html.

IEEE:
[1] T. Kang, H. S. Han, J. Lee, “An Exploratory Study on the Food Tech Industry Using Inter-Industry Analysis.” Asia-pacific Journal of Convergent Research Interchange (APJCRI), ISSN: 2508-9080 (Print); 2671-5325 (Online), KCTRS, vol. 9, no. 2, pp. 119-133, February 2023.

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