Food Tech Market – Global
Food technology (Food Tech) has been altering the food sector by utilizing cutting-edge technology to control production, distribution, and consumption.
This involves everything from safe food selection to preservation, processing, packaging, distribution, and use.
In the last few years, food tech has evolved into its own sector with the rise of big data, AI, and the Internet of Things (IoT).
Global Food Tech Market Size And Potential Growth
In 2022, the Global Food Tech market was valued at $260.07 billion and will increase and reach $360.19 billion by the end of 2028.
The Global Food Tech market is expected to grow at an approximate CAGR of 5.58% during the forecast period.
The market has experienced positive growth due to advancing technologies within the food industry and a demand for healthier, cheaper, and safer food products.
The food tech business has significantly benefited from the recent decade’s boom in digital technology. Users can access services in the food tech market via websites or mobile applications.
Top Global Startups
Global Food Tech Market Segmentation, By Type
Global Food Tech Market – Dynamics & Statistics
Drivers
➟ Higher usage of online food delivery platform
➟ Automation and technological advancements
➟ The rapid expansion of the supply chain network
➟ Increase in the usage of smartphones
Challenges
➟ Stringent rules and regulations
➟ High capital investment
Investments in Food Tech Market
According to the Food Tech Data Navigator, Global Food Tech investments dropped around 50% Y-o-Y, from $59.5 billion in 2021 to $30.9 billion in 2022.
One of the reasons for the fall in the amount of Food tech investments in 2022 is the rising interest rates.
Global Food App Users, By Country (2020)
In 2020, China has the highest number of food delivery app users (650 million) followed by the United States (111 million), and the United Kingdom (24.8 million).
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Data Sources: Statista, Globe Newswire, Business Research Insights, Feedough, Biresearch, and others
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