According to a recent report by Emergent Research, the worldwide food technology industry is anticipated to reach a value of USD 342.52 billion by 2027. This expansion can be attributable to the rising use of cutting-edge technologies in food processing methods, which enhance food safety and manufacturing process effectiveness. The adoption and implementation of robots and automation across the food industry’s processes is a growing area of investment for food processing companies. This leads to more hygienic operations, quicker production, and increased output capacity. The market for food technology is expanding due to rising demand and consumption, as well as better visibility of fresh items through online channels and increased availability of those products. To keep up with the rising demand for food due to the rapid population expansion, the food industry is investing heavily in automation and digitization. The market is expanding due to the growing need for food products that are more affordable, safer, hygienic, and healthier.
Some Key Highlights and Developments Included in the Report
- Amazon announced in May 2020 that it would begin providing an online food delivery service called Amazon Food in Bengaluru, India. The plan will allow the business to compete with well-established rivals like Zomato and Swiggy and boost the company’s position in the online meal delivery sector.
- In 2019, the web site’s segment held the biggest market share with 57.1%. With the availability of cash-on-delivery and cutting-edge online payment alternatives, increased demand for quick and convenient food and grocery delivery is fueling the expansion of such websites and supporting the rising trend of online meal ordering from various food chains.
- Revenue in the online grocery delivery market is anticipated to increase at a quick CAGR of 6.8% over the forecast year. Online food delivery has risen recently as a result of the widespread availability of websites for grocery shopping online and changing consumer preferences for online shopping platforms brought on by the COVID-19 pandemic.
- In terms of revenue share, the meat sector dominated the food technology market in 2019. Growing consumer demand for meat goods online purchases is fueling the expansion of online grocery shopping channels. This demand is being driven by consumers’ desire for healthier, more affordable, and safer meat products.
- In 2019, North America contributed the greatest revenue share to the global market for food technology. increased use of data technology and robotics in food processing procedures is anticipated to lead the local food technology market.
- Important market participants include McDonald’s Corporation, Delivery Hero, Domino’s Pizza Inc., Goodr, Apeel Sciences, McCormick & Company, Delivery Hero, DoorDash, and Grubhub.
Emergen Research has segmented the global food tech market based on technology type, service type, product type, and region:
Technology type Outlook (Revenue, USD Billion; 2020–2027)
- Mobile App
Service type Outlook (Revenue, USD Billion; 2020–2027)
- Online Food delivery
- Online Grocery delivery
- OTT & Convenience Services
Product type Outlook (Revenue, USD Billion; 2020–2027)
- Fruit and Vegetables
- Bread and Cereals
- Other food products
Regional Outlook (Revenue, USD Billion; 2020–2027)
- North America
- Rest of Europe
- the Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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