The report reveals that there were 205 deals amounting to $2 billion in investments during this period.
This represents a 13.9% decrease from the previous quarter, which saw 268 deals worth $2.2 billion.
Furthermore, the year-on-year decline is over 71%.
However, despite the current downturn, the food tech sector still holds promise for disruption and innovation.
However, he also noted that the food tech market is still in its early stages of development.
The closed IPO window is expected to pose ongoing challenges to venture activity in the sector.
However, he also acknowledged the spaces potential for disruption and innovation.
Despite this, deal activity within the plant-based sector is showing signs of improvement for the second consecutive quarter.
PitchBooks Frederick attributed the struggles in the plant-based sector to challenges in getting new customers to try premium products.
Factors such as price, taste perception, and the perception of processed foods hinder consumer adoption.
