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Food Technology Market Size

  • 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.

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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