The global food tech market is expected to reach a value of USD 342.52 Billion by 2027, according to recent analysis by Emergen Research. This growth can be attributed to increasing adoption of advanced technologies in food processing techniques for improving food safety and efficiency of production processes. The report provides Food Tech market forecast, supported by detailed insights historical data and revenues, past and current market trends, industry trends, consumer trends, market size, market share, market growth, along with ranging impacts of each factor and driver. It also provides analysis of various factors expected to restrain or limit potential growth in market size over the forecast period, 2024–2028. The report includes profiles of major players in the market, strategies being employed, mergers, acquisitions, recent developments, agreements, contracts, new product development and launches, segment revenue, investment details as well as financials. Food industries are investing significantly in automation and digitalization in order to meet growing demand for food due to the rapid population growth. Moreover, rising demand for healthier, cheaper, and safer and more hygienic food products is driving market growth.
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Global Food Tech market forecast has been provided following thorough study, focus, comparison, and analysis of a varying range of factors and past market forecast and present outcomes. Food Tech Market forecast is made possible through, but has not been limited to, a study and analysis of a variety of factors and trends, and these are verified through interviews with industry experts and companies operating in the market. Food processing companies are increasingly investing in adoption and deployment of robotics and automation across processes in the food industry. This is resulting in more hygienic processes, faster production, and higher capacity output.
Rising focus by major companies on product/service expansion into new and untapped domestic markets, increasing investments in strategic agreements, favourable government policies and regulations, and growing competition in the market are some major trends observed in the Food Tech market. Development of more advanced offerings is driving rising demand and deployment in respective sectors/industries, and this is expected to drive Food Tech market revenue growth to a significant extent over the forecast period.
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Incorporated with Info-graphics, charts, 70 tables and 85 figures, this 250-page research report “Food Tech Market Size, Type, Application, End-Use Industry, Regional Outlook, Competitive Strategies and Forecasts, 2024 – 2027” is based on a complete research of the entire Global market and covering all its sub-segments through comprehensively thorough classifications. Insightful analysis and assessment are created from superior primary and secondary information sources with data and information derived from industry specialists across the value chain. In addition, increasing availability of fresh products and improved visibility through online channels, is resulting is rising demand and consumption, which is driving growth of the food-tech market.
Some Key Highlights and Developments Included in the Report
- In May 2024, Amazon announced that it is starting to offer online food delivery service named Amazon food in Bengaluru, India. The strategy is expected to strengthen the company’s position in the online food delivery market, and will enable the company to compete with established players such as Zomato and Swiggy.
- The websites segment accounted for largest market share of 57.1% in 2019. Increasing demand for quick and convenient food and grocery delivery, with the availability of cash-on-delivery and advanced online payment options, are driving growth of such websites, thereby supporting the growing trend of ordering food online from various food chains.
- Online grocery delivery segment revenue is expected to expand at a rapid CAGR of 6.8% during the forecast period. The wide availability of online grocery shopping websites and shifting consumer preferences for online shopping platforms due to COVID-19 pandemic has been driving an increase in online grocery delivery in recent times.
- The meat segment accounted for a significantly high revenue share in the food tech market in 2019. Rising demand for healthier, cheaper, and safer meat products is driving demand for online purchase of meat products, thus driving further growth of online grocery shopping channels.
- North America accounted for largest revenue share contribution to the global food tech market in 2019. Increased adoption of robotics and data technology in food processing techniques Is expected to drive the food tech market in the region.
- Key players in the market include Amazon, Apeel Sciences, McCormick & Company, Delivery Hero, DoorDash, Domino’s Pizza Inc., Goodr, Pizza Hut International, McDonald’s Corporation and Grubhub.
Region wise performance of the Food Tech industry
North America Food Tech market forecast is expected to remain significantly positive in terms of revenue share between 2024 and 2028. In addition, North America Food Tech market revenue share is expected to remain comparatively larger than that of other regional markets from 2024 to 2028.
Asia Pacific registered fastest revenue CAGR in 2024, and the Food Tech market forecast is that this trend is expected to continue going ahead. Market forecast states that revenue share contribution from China, India, and South Korea is expected to remain robust till 2028.
Europe Food Tech market forecast is positive currently, with revenue growth expected to remain steady between 2024 and 2028. Robust focus on research and development initiatives by major firms and changing trends and demographics in countries in the region are some factors expected to continue to support Food Tech market growth.
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Geographically, this report studies the key regions, focuses on product sales, value, market share and growth opportunity in these regions, covering:
- United States
- Southeast Asia
We can also provide the customized separate regional or country-level reports, for the following regions:
North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central & South America, Brazil, Argentina, Rest of South America, Middle East & Africa, Saudi Arabia, Turkey, Rest of Middle East & Africa
Table of Content
Chapter 1. Methodology & Sources
1.1. Food Tech Market Definition
1.2. Research Scope
1.4. Research Sources
1.4.3. Paid Sources
1.5. Food Tech Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2024-2028
Chapter 3. Key Insights
Chapter 4. Food Tech Market Segmentation & Impact Analysis
4.1. Food Tech Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Food Tech Market indicators analysis
4.2.2. Food Tech Market drivers analysis
188.8.131.52. Rapid urbanization and industrialization
184.108.40.206. Stringent government regulations regarding carbon emissions
220.127.116.11. Increasing prevalence of respiratory diseases
18.104.22.168. Rising need to enhance indoor air quality
4.2.3. Food Tech Market restraints analysis
22.214.171.124. High cost associated with the maintenance of Food Tech products
126.96.36.199. Availability of renewable sources of energy
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter’s Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
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The research provides answers to the following key questions:
- What will be the growth rate and the market size of the Food Tech industry for the forecast period 2024-2027?
- What are the major driving forces expected to impact the development of the Food Tech market across different regions?
- Who are the major driving forces expected to decide the fate of the Food Tech industry worldwide?
- Who are the prominent market players making a mark in the Food Tech market with their winning strategies?
- Which Food Tech industry trends are likely to shape the future of the industry during the forecast period 2024-2027?
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