The global market food technology is expected to reach a value of $342.52 billion by 2027, according to recent analysis by Emergen Research.
This growth can be attributed to the increasing adoption of advanced technologies in food processing techniques to improve food safety and the efficiency of production processes. Food processing companies are increasingly investing in the adoption and deployment of robotics and automation in all food industry processes. This results in more hygienic processes, faster production and higher production capacity. Additionally, increasing availability of fresh produce and improved visibility through online channels is driving increased demand and consumption which is driving the growth of the market for food Technology . Food industries are investing heavily in automation and digitalization to meet the growing demand for food products due to rapid population growth. Additionally, the growing demand for healthier, cheaper, safer and more hygienic food products is driving the growth of the market.
The current COVID-19 pandemic is expected to impact the growth of the food tech industry primarily due to movement restrictions and impact on supply and demand due to shutdowns. The COVID-19 pandemic has affected several sectors of the global market, and the Food Tech sector is expected to feel the impact of the pandemic. The economic downturn and dynamic changes in demand will further affect the growth of the industry. The report covers the impact analysis of the COVID-19 pandemic on the overall Food Tech industry.
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Some highlights and key developments included in the report
- In May 2020, Amazon announced that it was starting to offer an online food delivery service named Amazon food in Bengaluru, India. The strategy should strengthen the company’s position in the online food delivery market and enable it to compete with established players such as Zomato and Swiggy.
- The website segment accounted for the largest market share of 57.1% in 2019. The growing demand for fast and convenient delivery of food and groceries, with the availability of cash on delivery and online payment options advanced, is driving the growth of these websites, thereby supporting the growing trend of ordering food online from various food chains.
- Revenue from the online grocery delivery segment is expected to grow at a rapid CAGR of 6.8% during the forecast period. The wide availability of online grocery websites and changing consumer preferences for online shopping platforms due to the COVID-19 pandemic have led to an increase in online grocery delivery in recent years. time.
The report offers insightful insights into market dynamics of the Food Tech Market. It offers SWOT analysis, PESTEL analysis and Porter’s Five Forces analysis to present a better understanding of the Food Technology market, competitive landscape, factors affecting it and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of regulatory framework on the Food Technology market growth.
Radical Highlights Of The Food Technology Market Report:
- Comprehensive overview of the Food Tech market along with an analysis of changing market dynamics
- Assessing the growth of various market segments throughout the forecast period
- Regional and global analysis of market players including their market share and global position
- Growth strategies adopted by key market players to combat the impact of the COVID-19 pandemic on the market
- Impact of technological developments and R&D advances on the Food Tech market
- Information about money-making strategies and development strategies of major companies and manufacturers
- Relevant information for new entrants wishing to enter the market
- Details and information on business expansion strategies, product launches and other collaborations
- The report incorporates advanced analytical tools such as SWOT analysis, Porter’s five forces analysis, feasibility analysis, and investment return analysis.
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Additionally, the report includes an in-depth analysis of the competitive landscape. The segment covers a comprehensive overview of company profiles along with product profiles, production capabilities, products/services, price analysis, profit margins, and manufacturing process developments. The report also covers the strategic business actions taken by the companies to gain substantial market share. The report provides relevant information on recent mergers and acquisitions, product launches, collaborations, joint ventures, partnerships, agreements and government agreements.
Key Companies Featured in the Report:
Amazon, Apeel Sciences, McCormick & Company, Delivery Hero, DoorDash, Domino’s Pizza Inc., Goodr, Pizza Hut International, McDonald’s Corporation and Grubhub
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Emergen Research has segmented the global food technology market on the basis of technology type, service type, product type, and region:
Technology Type Outlook (Revenue, USD Billion; 2020-2027)
Service Type Outlook (Revenue, USD Billion; 2020-2027)
- OTT and proximity services
Product Type Outlook (Revenue, USD Billion; 2020-2027)
- Other food products
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North America (USA, Canada)
Europe (UK, Italy, Germany, France, Rest of EU)
Asia-Pacific (India, Japan, China, South Korea, Australia, rest of APAC)
Latin America (Chile, Brazil, Argentina, rest of Latin America)
Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, Rest of MEA)
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