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Innovation Is Changing - 3 Key Industries

How innovation is changing in the cosmetic, automotive and food and beverage industries

8Jun

Last year there were more unique inventions that were granted patents than ever before. The world, it seems, has caught the entrepreneur bug, with surges in new business creation currently showing no signs of abating.

In the UK, half a million startups were launched last year, with 45,000 new companies registering in November alone.

In this article I will look at three industries which are being affected by innovation, and what the future looks like for them.

Automotive

Environmentally friendly cars are still far from being a staple on the roads. In a survey conducted by Morpace, Inc., it was identified that only 29% of people rate environmental friendliness as the most important factor when buying a car.

The rise in oil prices has also not done much for the cause - with fuel in many nations the cheapest it’s been for a long time. This has led many to suggest that cars which use alternative energy will continue to lag behind the sales of traditional cars for the foreseeable future.

There are however other trends within the industry that demonstrate change is very much on the horizon. For example, cars which include automatic braking systems are likely to be introduced with more and more vigour over the next few years, with the overall goal to outreach fully autonomous vehicles in the long-term.

Cosmetics

The personal care industry is predicted to reach a value of $630m by the end of 2017.

Shampoo was the product which saw the most improvement in 2014, with 18% of industry innovations focused there.

Moving forward, the cosmetics industry promises to be one fraught with exciting developments. Smart cosmetics, that’s products which will adapt to a problem you have, are closer to implementation than many would think and would completely reshape the industry.

Many of the developments surrounding the industry’s advances are based around chemical developments, and there’s no doubt that companies within the space are dedicated to innovative mindsets which push products forward.

Food and Beverage

Health is the dish of the day for many of today’s consumers. The microwaveable meal was once the industry’s most successful innovation, but its status has since been degraded to food for the lazy and those who don’t mind being unhealthy.

In line with this, it was reported by Thomson Reuters that Kraft Foods was going to change the way it produces its Macaroni and Cheese dish, substituting artificial preservatives with paprika.

Whilst producing healthy food is essential, people are not willing to budge on the importance of taste. This is a considerable challenge for the industry and is one which innovation in 2015 will have to address.

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