The global Food Tech Market is expected to be valued at USD 342.52 Billion in 2027 from USD 220.32 Billion in 2019, registering a CAGR of 6.0% in the forecast period. The market growth can be accredited to the increasing incorporation of advanced and novel food processing technologies to improve food safety and augment the efficiency of production processes. Food processing companies are actively investing in the deployment of robotics and automation across the processing segment of the food industry. This has resulted in the emergence of more hygienic processes, fast-paced production, and an enhanced output capacity of the processing equipment.
Additionally, the escalating availability of fresh products and enhanced visibility of online channels is boosting the availability, demand, and consumption of healthier food products, thereby driving the market growth for food tech globally. The significant investment ad funding in automation and digitization of the food industry in order to cater to the growing demand for food due to escalating population growth is projected to further fuel the market expansion. Moreover, the augmenting requirement and trend of healthy, cheap, safe, and hygienic food products is further adding traction to the market growth.
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Key Highlights from the Report:
The websites sub-segment occupied the largest share of the industry in 2019, accounting for a 57.1% market share. The exponential growth of the website can be accredited to the escalating demand for rapid and convenient food & grocery delivery. The availability of cash on delivery and online payment options are further supporting the growth of these websites and backing the trend of online food ordering.
The online grocery delivery sub-segment is projected to expand at a significantly high CAGR of 6.8% throughout the forecast timeframe owing to the presence of numerous online grocery shopping websites. The shifting preference of consumers to online shopping amid the COVID-19 pandemic has further added traction to the market growth.
The meat sub-segment accounted for a significant share of the market in 2019 and is estimated to dominate the market in the forthcoming years. This can be credited to the augmenting demand for healthier, cheaper, and safer meat products and the increasing trend of ordering meat products online.
North America contributed to a significant share of the revenue in 2019 and is projected to command the market growth over the forecast years. This growth can be accredited to the augmented adoption of robotics and data technology in the food tech industry in the region.
Major players in the market include Grubhub, Amazon, McCormick & Company, Delivery Hero, Domino’s Pizza Inc., DoorDash, Pizza Hut International, Goodr, McDonald’s Corporation, and Apeel Sciences.
In May 2020, Amazon announced its plans to introduce a food delivery service, under the name Amazon Food, in Bangalore, India. The strategic venture is poised to bolster the e-commerce giant’s position in the food delivery market in the country. It will allow Amazon to compete with major market players such as Zomato and Swiggy.
For the purpose of this report, Emergen Research has segmented the Global Food Tech Market on the basis of technology type, service type, product type, and region:
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Food Tech Market Technology Type Outlook (Revenue, USD Billion; 2017–2027)
Food Tech Market Service Type Outlook (Revenue, USD Billion; 2017–2027)
Online Food delivery
Online Grocery delivery
OTT & Convenience Services
Food Tech Market Product Type Outlook (Revenue, USD Billion; 2017–2027)
Fruit and Vegetables
Bread and Cereals
Other food products
Food Tech Market Regional Outlook (Revenue, USD Billion; 2017–2027)
Middle East & Africa
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Here are the questions we answer…
At what rate will the Food Tech Market grow? What will be the value of the market in 2027?
What are the key technologies driving the Food Tech Market?
What would be the impact of Food Tech Market across different regions?
What are the strategies adopted by players to enter the APAC region?
What is the critical application of the Food Tech Market in the different sectors?
What are future growth strategies in the market?
Table of Content
Chapter 1. Market Synopsis
1.1. Food Tech Market Definition
1.2. Food Tech Market Research Scope & Premise
1.3. Food Tech Market Methodology
1.4. Food Tech Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2019-2027
Chapter 3. Indicative Metrics
Chapter 4. Food Tech Market Segmentation & Impact Analysis
4.1. Food Tech Market Product Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
Chapter 5. Food Tech Market By Method Insights & Trends
Chapter 6. Food Tech Market By End-Use Insights & Trends
Chapter 7. Food Tech Market By Application Insights & Trends
Chapter 8. Food Tech Market Regional Outlook
Chapter 9. Food Tech Market Competitive Landscape
Chapter 10. Company Profiles
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