Foodtech Market Size, Share, Growth, and Industry Analysis by Type (Websites and Mobile App) By Application (Online Grocery Delivery, Online Food Aggregator, Convenience Services), Regional Insights, and Forecast From 2024 To 2031

Updated On: 01 April 2024

Foodtech Market Report Overview

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The global foodtech market size was USD 247000.0 million in 2021 and is projected to touch USD 424803.6 million by 2031, exhibiting a CAGR of 5.57% during the forecast period.

Foodtech, often known as food technology, is the application of cutting-edge technology for food processing and packaging in order to preserve food quality and supply it to consumers. The development of the food technology industry contributes to the explosive growth of e-commerce food services, which has a significant positive impact on the growth of the customer base for many chain restaurants. The foodtech market growth is attributable to the quick development of online food delivery services and the increased popularity of online shopping for healthier food items.

COVID-19 Impact: High Demand for Online Retail to Drive Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with foodtech experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Due to the pandemic's profound impact on consumer behavior and lifestyle, online retail platforms have expanded quickly on a global scale. Consumers favored online shopping and opted for online delivery services in order to reduce the risk of virus spread as a result of the extended closure of brick-and-mortar establishments and the movement limitations imposed by the emergency shutdown of governments. The pandemic had a significant impact on the rapid rise of online shopping platforms, which led to strong market growth.

LATEST TRENDS

"Growing Uses of Online Food Orders to Foster Market Growth "

Customers rely greatly on time-saving and convenient services because of their high standard of living and evolving style of life. Significant changes have been made in food delivery trends, particularly in how many chains of restaurants and individual eateries generate revenue. The promotion of food technology apps, such as those for online grocery shopping and online food ordering, is a growing source of income. When clients use the restaurants' applications to place online orders for food, the food technology companies give restaurants a high volume of consumer traffic in exchange for a transaction fee. The food technology businesses benefit financially from this.

Foodtech Market Segmentation

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• By Type

Based on type, the market is divided into Websites and Mobile Apps.

• By Application

Based on the application, the market is divided into Online Grocery Delivery, Online Food Aggregator, Convenience Services.

DRIVING FACTORS

"Supply Chain Network to Improve Market Progress"

The fast expansion of the supply chain network has accelerated the use of blockchain technology since it has increased the need for improved change monitoring and quick decision-making to address issues like health risks. Item companies must also follow the Food and Drug Administration's (FDA) new regulations involving limitations on the consumption of meat, shelf-life labeling, and the definition of a "healthy" or "natural" food. To make ordering easier for customers, businesses are concentrating on new technology. For instance, the American pizza restaurant chain Domino's Pizza, Inc. has outlets all over the world.

"Technological Advancements to Fuel Market Progress "

Processing and packaging facilities are now able to offer new goods on the same assembly lines due to the rise in total automation levels. Additionally, one out of every five packaging and processing facilities already handles more than 100 different product kinds, and the majority anticipates that number to rise over the coming years. The automation industry's technological advancements and the strict food safety laws governing food cleanliness are helping the market grow favorably.

RESTRAINING FACTORS

"Quality of Packaged Food to Limit Market Growth "

In the coming years, problems with the quality of packaged food and a lack of brand designs among entrepreneurs could seriously impede market expansion.

Foodtech Market Regional Insights

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"Rising Penetrations of Online Delivery to Flourish Market in Europe"

Europe is anticipated to have the largest foodtech market share in the coming years. Due to a rise in the penetration of online delivery in the U.K. and other Western European nations, the market in this region is anticipated to grow more rapidly.

Due to the presence of industry titans in North America, the demand for food technology is likely to increase and support market expansion.

KEY INDUSTRY PLAYERS

"Leading Players Adopt New Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Sainsbury (U.K.)
• Foodpanda (Germany)
• Domino’s Pizza (U.S.)
• Eat24 (U.S.)
• GrubHub (U.S.)
• Doordash (U.S.)
• Tesco (U.S.)
• Pizza Hut (U.S.)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.