Around 750 million people went hungry in 2021. War in Ukraine, inflation and climate change likely mean even more will do so in 2022. But food also has a longer-term sustainability problem. Responsible for around one-quarter of greenhouse gases, is there a point where the world''s poorest are expected to pay? If we wreck the planet, what hope for longer-term food security? With the Western consumer reluctant to change and policy makers grappling with a cost-of-living crisis and short-term food insecurity, the pressure is on technology to fill the gap. Short term, we think the best ways to play the theme are in food ingredients, chemicals, and contract catering. Longer-term we think food producers, food retail and paper and packaging can benefit from the food transition.