Growth of eCommerce channels due to convenience and favorable discounts and cash-on-delivery option is driving global food tech market growth.
Vancouver, British Columbia, Jan. 14, 2021 (GLOBE NEWSWIRE) -- The global food tech market is projected to reach a value of USD 342.52 Billion by 2027, according to recent analysis by Emergen Research. This high growth can be attributed to increasing penetration of the Internet and smartphones in developing economies. Food processing industries are increasingly adopting more advanced technologies due to strict regulations being implemented by government and social organizations regarding food safety, animal welfare, health, climate, and environment, resulting in minimized food waste and reduced energy consumption, which and some of the factors driving growth of the food-tech market.
The benefits of favorable discounts and cash-on-delivery options are driving adoption of and preference for eCommerce channels in emerging economies, which is boosting growth of the food tech market to a significant extent. However, intense competition among food-tech startups in developing economies is expected to emerge as a major challenge for growth of the market to a certain extent in the near future.
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Top Companies in Food Tech Market are:
Amazon, Apeel Sciences, McCormick & Company, Delivery Hero, DoorDash, Domino’s Pizza Inc., Goodr, Pizza Hut International, McDonald’s Corporation and Grubhub.
Food Tech Market Drivers During Forecast Period:
By Technology Segment:
The mobile app segment revenue is expected to expand at a rapid CAGR of 6.2% during the forecast period. Increasing global adoption of online food ordering mobile apps such as Zomato, FoodPanda, UberEats, Swiggy, Grubhub, and DoorDash is driving growth of the mobile apps segment currently.
By Service Segment:
The online food delivery segment accounted for largest market share of 45.4% in 2019. Easy availability of advanced online payment options, cash-on-delivery, and favorable discounts are factors driving preference and adoption of online food delivery channels.
By Regional Segment:
Revenue from the market in the Asia Pacific is expected to expand at rapid rate during the forecast period. Increasing purchasing power and changing lifestyle of consumers in countries in the region has boosted adoption of online food & grocery purchase and delivery options.
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Key Highlights of Report
In May 2020, Apeel Sciences announced investment of USD 250 million to improve existing capacity of its fresh food supply chain and reduce food waste. This investment is expected to help the company track the food waste problem on the global scale. The company has set a target to save 20 million pieces of fruits from wasting at the retail stores.
Emergen Research has segmented the global food tech 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)
Online Food delivery
Online Grocery delivery
OTT & Convenience Services
Product type Outlook (Revenue, USD Billion; 2020–2027)
Fruit and Vegetables
Bread and Cereals
Other food products
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Regional Outlook (Revenue, USD Billion; 2017–2027)
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East & Africa
Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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