The latest report, titled ‘Global Food Tech Market,’ comprises a profound analysis of the fundamental parameters contributing to the global Food Tech Market scenarios. The research report provides the reader with an in-depth interpretation of the Food Tech Market dynamics, including the crucial drivers, opportunities, threats, and challenges.
Food Tech Market Manufacturers, Type, Application, Regions and Forecast to 2027
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. 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. 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. 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.
The current COVID-19 pandemic is expected to have an effect on the growth of the Food Tech industry majorly attributable to the movement restrictions and impact on the supply and demand due to the lockdowns. 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 slowdown and dynamic changes in the demands 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 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 report offers insightful information about the 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 Tech 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 the regulatory framework on the growth of the Food Tech market.
Radical Highlights of the Food Tech Market Report:
- Comprehensive overview of the Food Tech market along with analysis of the changing dynamics of the market
- Growth Assessment of various market segments throughout the forecast period
- Regional and global analysis of the 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 the technological developments and RD advancements on the Food Tech market
- Information about profit-making strategies and developmental strategies of major companies and manufacturers
- Insightful information for the new entrants willing to enter the market
- Details and insights about 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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Furthermore, the report includes an in-depth analysis of the competitive landscape. The segment covers a comprehensive overview of the company profiles along with product profiles, production capacities, products/services, pricing analysis, profit margins, and manufacturing process developments. The report also covers strategic business measures undertaken by the companies to gain substantial market share. The report provides insightful information about recent mergers and acquisitions, product launches, collaborations, joint ventures, partnerships, agreements, and government deals.
Key Companies Profiled 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 tech market on the basis of technology type, service type, product type, and region:
Technology type Outlook (Revenue, USD Billion; 2020–2027)
- Mobile App
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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North America (U.S., Canada)
Europe (U.K., 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 Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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