Hanwha's third son Kim Dong-seon strengthens focus on core new business 'Food Tech'

The Tasterble Changes Name to Hanwha Foodtech
Incorporating AI and Robotics into Food Service
Targeting $450 Trillion Global Market in US and Europe

Hanwha Hotels & Resorts announced on the 14th that its food service subsidiary The Tastable will change its name to 'Hanwha Foodtech.' Foodtech is one of the key new business areas that Kim Dong-seon, Vice Chairman and third son of Hanwha Group Chairman Kim Seung-yeon, who is in charge of the group's distribution and robotics new business strategies, is focusing on.

Kim Dong-seon, Vice President and Head of Strategy Division at Hanwha Hotels & Resorts [Photo by Hanwha Hotels & Resorts]

Foodtech is a compound word of 'Food' and 'Technology,' referring to the application of cutting-edge technologies such as AI, 3D printing, and robotics across the food industry. The Tastable, a food service specialist company, expanding its business into the foodtech sector reflects the rapidly changing trends in the food and beverage (F&B) market.

Since 2018, foodtech, which has grown mainly in the US and Europe, has recently become one of the most important keywords in the food industry. The Consumer Technology Association (CTA), which organizes CES, the world's largest home appliance and IT exhibition, forecasted that the global foodtech market size will reach approximately $342 billion (KRW 450 trillion) by 2027. The Korean government also plans to support the industry with goals to nurture 30 'Foodtech Unicorns' (companies valued at 1 trillion KRW) and achieve $2 billion in foodtech exports by 2027.

Vice Chairman Kim also believes that the competitiveness of the food industry in the future depends on the adoption of foodtech integrating robotics and AI technologies, and has been promoting the application of advanced technologies. Last month, he visited the CES venue in Las Vegas, USA, to observe domestic and international foodtech booths and assess the market situation.

Vice Chairman Kim stated, "Foodtech not only enables the rapid provision of food with consistent quality to customers but also greatly helps solve social issues such as labor shortages. As difficult and dangerous tasks are replaced by robots, human dignity will be enhanced, and humanity will be able to focus more on creative activities."

Hanwha Foodtech plans to actively target the rapidly growing foodtech market based on its experience operating various food service brands such as 63 Restaurant and Dowon Style. The company aims to expand its global presence, focusing on advanced foodtech markets like the US and Europe, where the foodtech market has been established earlier than in Korea.

To strengthen competitiveness, Hanwha Foodtech will establish a specialized organization and expand its research and development personnel. Starting this month, it will operate an 'F&B Solution Task Force (TF)' to analyze the market and discover ways to utilize foodtech, and will continuously hire research personnel specialized in the foodtech field. In the first half of this year, it plans to establish a research and development (R&D) center near Pangyo, Seongnam City, Gyeonggi Province, where many advanced industry companies are concentrated, to be used for foodtech development and as a testbed.

Since the use of advanced robotics technology is essential to realize foodtech, Hanwha Foodtech plans to actively collaborate with Hanwha Robotics, Hanwha's robotics specialist affiliate. The two companies recently signed a memorandum of understanding (MOU) outlining mutual cooperation plans, including technology exchange. A Hanwha Foodtech official said, "We plan to leverage Hanwha Robotics' technology, which has achieved great results in the collaborative robot field, throughout food service including cooking to secure a leading position in the market."

This content was produced with the assistance of AI translation services.