The Latest research study released by Absolute Markets Insights FoodTech Market with 100+ pages of analysis on business Strategy taken up by key and emerging industry players and delivers know how of the current market development, landscape, technologies, drivers, opportunities, market viewpoint and status. Understanding the segments helps in identifying the importance of different factors that aid the market growth.In terms of revenue, the global foodtech market is growing at a CAGR of 8.91% over the forecast period (2021 – 2029). The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries. Some of the Major Companies covered in this Research are: 3fbio Ltd., Amazon, Apeel science, Creadev, CUBIQ FOODS, Evolva, Fermentalg, goBrands Inc., Mimica, MULTIVAC, Solar Foods, Syntegon Technology GmbH, Winnow Solutions Ltd., Xtrem Biotech SL, Other Market Participants
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Global FoodTech Market:
By Offering
- Hardware
- Software
- Services
By Type
- B2B
- B2C
By Category
- AgTech
- Food Science
- Meat Alternatives
- Dairy Alternatives
- Sugar Alternatives
- Others
- Food Processing, Storage and Packaging
- Food Service (Restaurants and Institutional Catering)
- Food Delivery
- Food Waste Solutions
- Retail
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Presently, customers are looking for consistency and convenience and are also seeking nutritious food that can be accessed with ease, limiting waste creation and aligning with their personal brands. Nevertheless, consumer spending trends show that they are willing and ready to pay a premium price for food tech innovations that can meet their ever-increasing needs of health, convenience, and very little environmental impact. The opportunity for food innovators to take advantage of these factors is creating a huge demand for foodtech market. The growing emphasis by customers on sustainability and health has placed significant pressure on the food industry to innovate in terms of the application of technology.
The food players focus on traceability, sustainability, improving freshness and eliminating food waste. For instance, Farmdrop, a U.K.-based company, delivers fresh and sustainably sourced grocery in reusable packaging. At the same time, another food company, Full Harvets, is bossting the food supply chain to shop ugly by using surplus or imperfect produce that would have or else gone to waste. These intiatives by various market participants are rising application of food-tech in raw material procurement which is anticipated to positively impact the foodtech market growth.
Currently, foodtech is playing an increasingly critical role in how the food we eat is cultivated, packed, distributed, and how it tastes, smells, and repurposed and reused. Investments in food tech can continue to increase to help deliver on the promise of healthier, more sustainable food systems for the world. The sudden outbreak of COVID-19 had a compelling impact on accelerating the adoption of food technologies throughout the value chain. Food producers are digitizing their production floors with robotics, eCommerce, and digital food-management tools to adjust to the new normal norms. The food industry is tackling the impact of COVID-19 situation using food-tech tools towards transparent, sustainable, and efficient operations.
New companies/entrants are taking advantage of the rising application of food-tech in the market to expand in the food industry. For instance, in July 2020, India-based company CureFit announced the launch of the ready-to-eat meal segment. The company strengthened its packaged food business to revive its food tech arm, EatFit, which was impacted by the Covid-19 outbreak. Thus, the foodtech market is gainig momentum and is expected to boost in the future years.
FoodTech Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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