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Food Technology Market Size - By Technology Type (Food Processing Technology, Food Distribution Technology, Food Safety Technology), End-user Industry (Beverages, Dairy Products, Bakery, Meat & Seafood), Component, Application, Forecast 2023 – 2032

  • Report ID: GMI6850
  • Published Date: Oct 2023
  • Report Format: PDF

Food Technology Market Size

Food Technology Market size was valued at USD 181.3 billion in 2022 and is anticipated to register a CAGR of over 8% between 2023 and 2032. The increasing consumer demand for convenient and healthy food is a significant factor driving the business growth. This demand has led to innovation in food processing, packaging, and distribution technologies. Companies are developing products & processes that provide healthier options, reduce the usage of preservatives, and offer greater convenience, thereby reflecting the evolving consumer preferences for nutritious & easy-to-prepare food choices.

 

Food Technology Market

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The growing popularity of online food delivery services is fueling the food tech market. With the increasing trend of ordering meals and groceries online, there is a rising need for efficient order processing, delivery logistics, and meal preparation technologies. Food technology companies are developing platforms & solutions to streamline online ordering, delivery tracking, and kitchen operations. This trend has led to innovation in food delivery apps, cloud kitchens, and supply chain management systems, contributing to the food technology business expansion.

The high cost of research & development can be a challenge in the food technology market, especially for SMEs. Developing and testing innovative food products, processing techniques & safety protocols require substantial financial investment. This can be particularly challenging for startups and smaller companies with limited resources. Additionally, the lengthy R&D timelines can delay product launches and market entry. Despite the potential for groundbreaking innovation, the financial burden associated with R&D can hinder the widespread adoption of advanced food technologies.
 

COVID-19 Impact

The COVID-19 pandemic had positive impacts on the food technology market. It accelerated the adoption of online food delivery and meal kit services as consumers sought contactless food options. This led to increased investments in food delivery platforms and digital solutions. In addition, there was a growing focus on food safety and traceability, driving the demand for technologies that enhance food quality & monitoring. The pandemic also highlighted the importance of resilient and efficient food supply chains, spurring innovation in this sector.
 

Food Technology Market Trends

Personalized nutrition is gaining popularity in the food technology industry due to its potential to revolutionize the way individuals approach their diets. With advancements in genetics, wearable health tech & data analytics, consumers can receive tailored dietary recommendations based on their unique genetic makeup, health goals, and preferences. This trend caters to the growing demand for healthier & more customized food options, empowering consumers to make informed choices that align with their specific nutritional requirements.
 

Food Technology Market Analysis

Food Technology Market Size, By Component, 2021 – 2032, (USD Billion)

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The hardware segment accounted for around 42% of the food technology market share in 2022, owing to the increasing adoption of cutting-edge technological solutions. Hardware components, such as sensors, IoT devices, and smart appliances, are instrumental in modernizing food production & distribution. They enable real-time monitoring of temperature, humidity & other critical parameters, ensuring food safety and quality. For instance, in May 2023, SpotOn introduced a new restaurant POS hardware suite called SpotOn Restaurant. This technology assists restaurants in optimizing their operations by enhancing staffing efficiency, reducing expenses, and streamlining various aspects of restaurant management.
 

Food Technology Market Share, By End User Industry, 2022

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The meat & seafood segment held around 20% of the food tech market share in 2022, owing to changing consumer preferences and the need for sustainable protein sources. Consumers are increasingly seeking alternative protein options, driving innovation in plant-based and cultured meat products. Additionally, advancements in food processing technologies and packaging solutions are extending the shelf life of meat & seafood products, reducing waste, and improving food safety.
 

China Food Technology Market Size, 2021 -2032, (USD Billion)

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Asia Pacific led the global food technology market with a share of over 31% in 2022. The region's large and diverse population is driving an increased demand for convenient, healthy & innovative food products. Moreover, governments and food industry players are investing in food technology to enhance food safety, supply chain efficiency, and sustainability. The region's vibrant startup ecosystem is fostering innovation in areas such as food delivery, personalized nutrition & alternative protein sources, thereby contributing to market growth.
 

Food Technology Market Share

Major players operating in the food technology market are:

  • Nestlé S.A
  • PepsiCo
  • Hello Fresh SE
  • McDonald's Corporation
  • Unilever
  • Delivery Hero SE
  • Danone S.A

Nestlé is a dominating player in the food tech business due to its extensive product portfolio, global reach, and substantial investments in research & development. The company consistently innovates to meet consumer demands for healthier, sustainable, and convenient food options. Nestlé's focus on personalized nutrition, sustainability initiatives, and data analytics has aided it in staying ahead in the ever-evolving food technology landscape.
 

Food Technology Industry News

  • In July 2023, FarMart, an intelligent food supply network, launched Saudabook, which is India's first technology solution for the food processing sector. This innovative platform opened its ERP system, FarMartOS, to all food processors in India, aiming to modernize the country's food sector and facilitate smarter supply chain operations.
     

This food technology market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:

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By Technology Type

  • Food processing technology
  • Food packaging technology
  • Food distribution technology
  • Food preparation technology
  • Food safety technology
  • Others

By End-user Industry

  • Beverages
  • Dairy products
  • Bakery
  • Meat & seafood
  • Grain & Oil
  • Fruits & vegetables
  • Others

By Application

  • Food science
  • Kitchen & restaurant tech
  • Delivery
  • Supply chain
  • Others

By Component

  • Hardware
  • Software
  • Services

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Nordics
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • ANZ
    • Southeast Asia 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • MEA
    • South Africa
    • UAE
    • Saudi Arabia

 

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market valuation of food technology was worth USD 181.3 billion in 2022 and is anticipated to expand at 8% CAGR from 2023 to 2032, owing to the increasing consumer demand for convenient and healthy food coupled with the growing popularity of online food delivery services.
The hardware segment held 42% share of the food technology market in 2022 and is projected to witness high demand through 2032, owing to the increasing adoption of cutting-edge technological solutions modernizing food production & distribution.
Asia Pacific held more than 31% revenue share of the food technology industry in 2022 and is expected to expand at robust CAGR through 2032, owing to the surging demand for convenient, healthy & innovative food products by the large and diverse population in the region.
Some of the leading food technology firms are Nestlé, PepsiCo, Hello Fresh SE, McDonald's Corporation, Unilever, Delivery Hero SE, and Danone.

Food Tech Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 17
  • Tables & Figures: 359
  • Countries covered: 21
  • Pages: 300
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