Market Overview

Global Food Tech Market size was valued at USD 189.06 Billion in 2023 and is poised to grow from USD 210.9 Billion in 2024 to USD 427.88 Billion by 2032, growing at a CAGR of 9.4% in the forecast period (2024-2032).

Today's lifestyle depends greatly on services that assist saving time and bringing convenience at the same time. While technology mammoths like Uber are enabling the urban consumer to travel for affordable prices with greater convenience, the online domain of the food and FMCG sector draws the same parallel. The trends for grocery purchases and food ordering have changed dramatically, especially in terms of how celebrity restaurants and food chains are deriving revenues. Identifying with the present need of the working class, businesses from all over the world are constantly making efforts to shake the otherwise slump-prone food and FMCG sector. Though showing ads on food ordering grocery apps is an emerging potential source of revenue, transactional charge on ordering food over internet from popular restaurants remain a consistent business idea for the market participants.

The food tech industry includes the food and grocery ordering and delivery online ecosystem, chiefly the online grocery delivery players (like Tesco PLC, Sainsbury), online food aggregators (like Grub Hub Inc., Domino's Pizza Inc.), and Over the Top (OTT) & convenience service provider (like Zomato, Book a Table). The market is likely to advance to a great degree because the target customers are the global population seeking convenience. The global food tech market is likely to increase over $250.43 billion by 2022 at a single digit CAGR during the forecast period. E-commerce's fast adoption, increased internet and smartphone penetration, and ease of ordering are some of the reasons why this market is growing. But the market includes certain challenges also which are restraining overall growth for the market, e.g., weak business models, financial strain, and highly competitive situation.

Food tech market is based on the nature of services that the players in the market offer.

Online grocery delivery firms, online food aggregators, and Over the Top (OTT) & convenience service provider are the services. Food aggregators are leading the market, yet the OTT & convenience service are predicted to increase at the highest CAGR as a small but rising segment of the population have been found to be showing interest in well-known chefs and restaurants which they can access through such services for dine-in. The food tech industry is among the largest beneficiaries of the digital technology boom of the past decade.

The food tech services can be accessed by the customers through mobile applications or websites. The technology which is being most used i.e. websites is making the highest revenue in 2015. The other technology i.e. mobile apps are anticipated to rise at the fastest rate. Placing orders from individual food chains' website is losing its glamour to mobile applications, driven majorly by the advent of such platforms as Food Panda. The food delivery and grocery delivery trends differ according to the geographical regions. North America is leading the market because of the rising per capita income, increasing smartphone and internet penetration in the nation. Nevertheless, it is anticipated that Asia-Pacific (APAC) will grow at the highest CAGR during 2015 to 2022. Europe, led by the U.K., will also continue to make considerable revenue during the forecast period.

The market rivalry for the food tech farming industry reflects a trend of firms employing strategies like partnerships, new product launches, mergers, and agreements among others. GrubHub Inc., Tesco PLC, Domino's Pizza Inc., Pizza Hut International, and Sainsbury were the key players that emerged in 2015.

The businesses providing their services in the market must move ahead in sync with evolving food industry trends. Being up to date with trending food demands at regional levels and maintaining inventory of bestsellers is a crucial necessity for a smooth operation and free growth of the food tech industry.

Market Drivers

Supply Chain Network to Improve Market Progress

• The rapid growth of the supply chain network has speeded up the adoption of blockchain technology as it has raised the demand for enhanced monitoring of change and rapid decision-making to manage risks such as health hazards. Food item companies also have to abide by the new rules of the Food and Drug Administration (FDA) including restrictions on meat intake, labelling for shelf life, and the establishment of a "healthy" or "natural" food. To facilitate customers in ordering, companies are focusing on new technology. For example, the US-based pizza restaurant chain Domino's Pizza, Inc. has restaurants across the globe.

Technological Advancements to Fuel Market Progress

• Packaging and processing plants can now supply new products on the same lines of production due to the rise in overall automation levels. In addition, one of every five processing and packaging plants already process more than 100 varieties of products, and many anticipate that number to rise over the next couple of years. The automation industry's technological advances and strict food safety requirements for food purity are driving the growth of the market in a positive way.

Market Opportunities

Alternative Proteins & Plant-Based Innovations

• lab-grown meat, or cultured meat, is breaking out of regulatory clearance in other countries as is the promise of new sustainable protein sector. Compared to traditional livestock farming, cultured meat is produced through cell culture of animals in bioreactors, which reduces land use, water consumption, and greenhouse gas emissions. Governments clear such food items for retail sale while producers are scaling up to make the products more accessible to consumers. Meanwhile, vegetable proteins are becoming further developed with better texture and flavour to secure more acceptance. Complex processes like extrusion and home-based flavouring are bringing plant meat nearer to natural meat, increasing their acceptability to flexitarians and consumers of meat. Fermentation-based proteins, such as mycoprotein and precision fermentation-derived dairy substitutes, are also transforming the food landscape. These proteins employ microbial fermentation to produce highly nutritious and sustainable substitutes for animal-derived products. Biotechnology is being used by companies to make dairy proteins such as whey and casein without cows, minimizing environmental footprints while retaining functionality in food use. Combined, these technologies are revolutionizing the protein sector, providing sustainable, ethical, and innovative food options.

Market Restraining Factors

Quality of Packaged Food to Limit Market Growth

• The safety and quality of packed food continue to be a real issue that has the potential to restrict market development, as consumer awareness of issues related to health, safety, and nutrition expands. Most foods in packs consist of preservatives, artificial components, and lots of sugar, salt, and unhealthy fats, which are believed to have some negative effects on long-term well-being. Packaging materials such as plastic and certain chemicals used for food preservation pose the risk of contamination or leaching of deleterious compounds into food. Natural ingredients, clean labels, and transparent sources are what the consumer is requiring, which in turn is making the manufacturer recraft the products without compromising on shelf stability. Additionally, the belief that packaged food is not fresh and nutritious as opposed to whole, fresh foods is pushing consumers towards healthier options, including organic or minimally processed foods. Concerns such as food recalls because of contamination, variable quality, and deceptive labelling also undermine confidence in the packaged food industry. With regulatory agencies enforcing tighter regulations on food safety and labelling, businesses must conform or lose market share, and quality issues become a key driver in determining the future direction of the industry's growth.

Segmentation Analysis

The market scope is segmented because of by Technology, by Application, by End User.

By Technology

• Alternative Proteins
• Food Processing & Automation
• Smart Agriculture & Agri-Tech
• Food Waste Reduction Technologies
• Blockchain & Food Traceability

Alternative Proteins is the largest category in the Food Tech Market, driven by increasing demand for sustainable and ethical food. Alternative proteins are plant-based proteins, cultured meat, and fermentation-based proteins, which serve as sufficient replacements for traditional animal products. Beyond Meat and Impossible Foods are the organizations that have revolutionized plant-based meat, while Upside Foods is spearheading technology for lab-grown meat.

In Food Processing & Automation, automated cooking systems, artificial intelligence -based sorting, and robotics increase efficiency and consistency. Miso Robotics' "Flippy" is an AI robotic chef used in fast-food restaurants to cook automatically.

Smart Agriculture & Agri-Tech utilizes IoT, AI, and vertical farming to improve yields and use of resources. AeroFarms, for example, employs aeroponic vertical farming to cultivate crops in the absence of soil, using much less water.

Food Waste Reduction Technologies seek to reduce waste by upcycling, intelligent inventory systems, and shelf-life extension solutions. Too Good to Go is an app-based platform that brings consumers together with excess food from restaurants and retailers at reduced prices.

Finally, Blockchain & Food Traceability increases transparency and safety in the food supply chain. IBM Food Trust utilizes blockchain to trace food origins, promoting accountability and minimizing contamination risks. These innovations all contribute to the future of food technology.

By Application

• Plant-Based & Cultivated Meat
• Personalized Nutrition
• Food Safety & Quality Control
• Sustainable Packaging
• Cloud Kitchens & Food Delivery

The Food Tech Market is dominated by the Cultivated Meat & Plant-Based category with surging demand from consumers for sustainable and ethical sources of protein. Plant-based alternatives to meat are popularized by Beyond Meat and Impossible Foods, and Upside Foods and Eat Just are in the vanguard of cultured (lab-grown) meat, reducing reliance on traditional animal agriculture.

Personalized Nutrition is another fast-evolving area, using AI, genetic analysis, and wearable devices to provide tailored dietary advice. Firms such as DNAfit interpret genetic information to recommend personalized diets, maximizing health and well-being.

Food Safety & Quality Control ensures regulatory compliance and contamination prevention with AI-based inspection equipment and biosensors. Neogen Corporation offers quick diagnostic kits for identifying foodborne pathogens, improving food safety in manufacturing plants.

Sustainable Packaging reduces environmental footprint with biodegradable, edible, and reusable products. Notpla, for example, produces packaging made from seaweed that disintegrates on its own, responding to the plastic waste problem.

By operating delivery-only kitchens designed specifically for online orders, Cloud Kitchens & Food Delivery is transforming the restaurant business.  Companies such as Kitchen United and Rebel Foods offer infrastructure for online restaurant companies, which saves costs and increases efficiency.  These innovations are transforming the food business in reaction to changing customer needs and sustainability requirements.

By End User

• Food & Beverage Manufacturers
• Restaurants & Food Service Providers
• Retail & Supermarkets
• Agriculture & Farming Industry

Regional Snapshots

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
• Asia-Pacific (China, India, Japan, ASEAN, Rest of Asia-Pacific)
• Latin America (Brazil, Mexico, Rest of Latin America)
• MEA (Saudi Arabia, South Africa, UAE, Rest Of MEA)

By region, Insights into the markets in North America, Europe, Asia-Pacific, Latin America and MEA are provided by the study. Asia Pacific held the largest share of the market in 2022, at more than 31.0%. The market in the region is anticipated to expand at the highest CAGR of 12.0% during the forecast period. Asia Pacific accounts for a large proportion of the population in the world. The United Nations Population Fund (UNFP) states that Asia Pacific hosts approximately 60% of the world's population. Additionally, the e-commerce industry is also growing tremendously in the region. The COVID-19 pandemic boosted the usage of on-demand food delivery platforms in the region. The region has a presence of many companies that are operating in the market, including India-based Swiggy, Australia-based Mr Yum, and Singapore-based NEXT GEN FOODS PTE. LTD. A high population and fast e-commerce penetration fuel the growth of the market in Asia Pacific.

North America is anticipated to register a substantial CAGR of 7.7%. North America boasts an advanced technology base and the availability of many players in the market. Large restaurant chains in the U.S., including Starbucks Coffee Company and Chipotle, are employing automation devices, including robotic grills, to reduce their labour expenses and enhance their profitability. The increasing investments in the Regional Research and Development (R&D) of cutting-edge technologies, including Artificial Intelligence (AI) and Machine Learning (ML), in the region offer great growth prospects for the market.

List of Companies Profiled

• Delivery Hero SE
• HelloFresh SE
• Swiggy
• Flytrex Inc.
• TRAX IMAGE RECOGNITION
• CUBIQ FOODS
• LUNCHBOX
• Miso Robotics
• Carlisle Technology
• Nymble (Epifeast Inc.)
• Sainsbury (U.K.)
• Foodpanda (Germany)
• Domino’s Pizza (U.S.)
• Eat24 (U.S.)
• GrubHub (U.S.)
• Doordash (U.S.)
• Tesco (U.S.)
• Pizza Hut (U.S.)

Key Industry Developments

• The global food technology market earned a revenue of USD 183,536.9 million in 2023 and is anticipated to reach USD 354,935.8 million by 2030.
• The market is anticipated to expand at a CAGR (2024 - 2030) of 9.9% by 2030.
• On segment basis, hardware held a revenue of USD 77,137.4 million in 2023.
• Software is the most profitable component segment showing the highest growth during the forecast period.
• By geography, Asia Pacific held the highest revenue generating position in 2023.
• On a country level, U.S. is projected to have the highest CAGR during the forecast period of 2024-2030.

Report Coverage

The report will cover the qualitative and quantitative data on the Global Food Tech Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations

Global Food Tech Market Regional Analysis

North America accounted for the highest Food Tech Market% market share in terms of revenue in the Food Tech Market and is expected to expand at a CAGR of Food Tech Market% during the forecast period. This growth can be attributed to the growing adoption of Food Tech Market. The market in APAC is expected to witness significant growth and is expected to register a CAGR of Food Tech Market% over upcoming years, because of the presence of key Food Tech Market companies in economies such as Japan and China.

The objective of the report is to present comprehensive analysis of Global Food Tech Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.

Food Tech Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions

• How much the global Food Tech Market valued?
• Which region has the largest share in 2024 for the global Food Tech Market ?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of Food Tech Market

• Historic year: 2019-2022
• Base year: 2023
• Forecast: 2024 to 2032
• Representation of Market revenue in USD Billion

Food Tech Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: