di Alessia Furlan
In the last few years events such as political instability, pandemics and extreme weather events have created new opportunities and challenges within the agrifood system. In particular, the COVID-19 pandemic has caused growing concerns on health and dietary patterns among the global population. In fact, people started to introduce healthier food options in their diets, and the interest for superfoods has rapidly increased.
As a consequence, the demand for superfoods such as quinoa, avocados and spirulina has risen all over the world, making the market particularly attractive for companies and investors. The superfood’s market is expected to reach more than two billion U.S. dollars’ worth by 2027, offering great business opportunities. Companies that have invested in new technologies and 4.0 could rapidly adapt their production, offering successful innovative products.
On the other hand, many challenges could result from the development of the market. For example, the superfood demand’s growth has had negative effects on the environment, especially where investments in new technologies are low and resources aren’t used in efficient ways. Moreover, it is fundamental to consider the logistic issues that could arise from the development of the superfood market as Serenissima Farm, case of success, has demonstrated.
In order to have a better understanding of the COVID-19 impact on the superfood market, Serenissima Farm, the producer of Alga Venice, has been analyzed through desk research and a case study.
Serenissima Farm is specialized in the production of spirulina products marketed with the name “AlgaVenice”, using a patented innovative technology that offers a higher quality product while having low environmental impact. The technological advancement achieved by the company has not only increased the overall efficiency and quality of both the production system and final product, but it has also allowed Serenissima Farm to differentiate its product from competitors.
The COVID-19 pandemic and the advanced 4.0 technologies implemented by Serenessima have provided the opportunity for the company to meet a new growing market demand. However, findings show that growth also depends on the downstream activities (e.g. how logistic and distribution channels are organized). In the case of Serenissima, the possibility to do direct sales in pharmacies (one of the main distribution channels) was limited during the Covid emergency since on the retail shelf priority was given mainly to COVID testing and related products. This phenomenon was temporary, and in the post pandemic year retailers’ sales have been fully restored.
Overall, the case study proves that technological advancement and investments in 4.0 are beneficial for companies in terms of efficiency and growth, especially in new emerging markets, including the superfood one. It is also important to focus on the distribution channels that play a crucial role in growth.
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This article is a summary of the dissertation: Agrifood and Superfood Markets: The AlgaVenice Case
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