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.The report provides detailed insights into Food Tech market revenue trends, industry trends, consumer trends, market size, market share, market revenue growth drivers, and forecast, along with ranging impact of each factor and driver. It also provides analysis of various factors expected to restrain or limit potential growth in Food Tech market size over the forecast period, 2020–2028. The report includes profiles of major Food Tech 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. Also included are details regarding top Food Tech market players, manufacturers, and vendors and the various strategies being deployed in the market and objectives for these strategies. This growth can be attributed to increasing adoption of advanced technologies in food processing techniques for improving food safety and efficiency of production processes. Food processing companies are increasingly investing in adoption and deployment of robotics and automation across processes in the food industry.
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Food industries are investing significantly in automation and digitalization in order to meet growing demand for food due to the rapid population growth. Global Food Tech market revenue growth is primarily driven by rising focus by major companies on product portfolio expansion, entry into new and untapped domestic and international markets, rising investments my top Food Tech market players, manufacturers, and vendors in strategic agreements and contracts, and rapidly increasing competition in the Food Tech market. This is resulting in more hygienic processes, faster production, and higher capacity output. 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. In addition, rapidly rising demand and deployment in respective sectors/industries in major and developing countries is supporting growth in terms of Food Tech market share contribution of these countries. In addition, Food Tech market share contribution is expected to continue to incline steadily over the forecast period due to favorable government policies, advancements in technology, and steady economic growth across various regions and countries. Moreover, rising demand for healthier, cheaper, and safer and more hygienic food products is driving market growth.
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Region wise performance of the Food Tech industry
North America Food Tech market revenue growth was relatively higher than that of other regional markets in 2020. North America Food Tech market revenue is expected to continue to remain dominant over the forecast period, supported by robust presence of top market players, manufacturers, and vendors, and favorable government policies and norms in countries in the region.
Asia Pacific Food Tech market revenue registered fastest growth rate in 2020, and this trend is expected to continue over the forecast period. Asia Pacific Food Tech market revenue growth is driven by significant market revenue contribution from China, India, and South Korea. China is a robust hub for top Food Tech market players, manufacturers, and vendors, as well as easy access to raw materials and workforce at more economical costs that that of other regional markets.
Europe Food Tech market revenue is expected to continue to remain steady over the forecast period, attributed to changing trends in various market and robust focus on research and development initiatives by top market players, manufacturers, and vendors to expand global footprint and drive revenues and profits.
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
In terms of Food Tech market share and revenue contribution to the global Food Tech market, North America is expected to maintain its dominance over other regional markets over the forecast period. Presence of major companies in countries in the region is a key factor supporting rapid increase in Food Tech market share.
The market intelligence report on the Food Tech Industry also includes an extensive investigation of the competitive landscape. It assesses the business and marketing strategies expected to be present in the market through the forecast years. It also includes an investigation of the recent advancements and other factors driving the growth of the overall market to help comprehend the progress of the companies in the coming years.
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Some Key Highlights and Developments Included in the Report
- In May 2020, 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 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 2020-2027?
- 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 2020-2027?
- What are the key barriers and threats believed to hinder the development of the industry?
- What are the future opportunities in the Food Tech market?
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