The Global Food Technology Market size is expected to reach $342.1 billion by 2030, rising at a market growth of 10.1% CAGR during the forecast period.
Food technology ensures the consistent quality and texture of baked goods and confectionery through precise temperature and humidity control, optimizing results. Automated mixing, proofing, and baking processes enhance production efficiency, reducing labor costs and production times. Consequently, the Bakery & Confectionery segment generated $15,026.3 million revenue in the market in 2022. Food technology supports the creation of new bakery and confectionery products with unique flavors, shapes, and textures to cater to evolving consumer tastes. Automated quality control systems identify and reject products that do not meet quality standards, reducing waste and improving product quality. Technology allows for the customization of baked goods to meet specific dietary requirements, including gluten-free, vegan, and allergen-free options. Some of the factors impacting the market are rapidly increasing global population, increasing use in supply chain management, and high initial costs and resource constraints.
The rising global population signifies a higher demand for food products. Food technology plays a pivotal role in addressing this demand by optimizing agricultural practices, enhancing crop yields, and improving food processing methods. These technological advancements ensure a consistent and sufficient food supply to feed the expanding population. As the global population grows, there is a need for increased food distribution efficiency. Food technology aids in creating streamlined supply chain management systems, allowing for the efficient transportation and distribution of food products from production centers to consumer markets. Additionally, from farm to table, supply chain management streamlines the movement of food products, guaranteeing that food is delivered to customers in a timely and economical manner. Advanced supply chain technologies, such as real-time tracking and data analytics, allow for precise inventory management and reduce food wastage, benefiting producers and consumers. This efficient distribution of food is a fundamental element of the market, ensuring that products are delivered fresh and unspoiled. These insights enable food technology companies to adapt quickly, reducing the risk of food shortages or surpluses and ensuring a steady food supply. Hence, the rising use of food technology in supply chain management is beneficial for the market's growth.
However, in order to create and execute innovative food technology solutions, substantial initial investments in R & D, specialized equipment, as well as infrastructure are frequently needed. Small and medium-sized businesses (SMEs) and startups might find it difficult to raise the money they need, which would hinder their ability to compete and innovate in the market. The high barrier to entry may discourage would-be inventors and impede the food industry's overall rate of technological development. Addressing these constraints and finding resource-efficient alternatives is critical to ensure the long-term sustainability of food technology solutions. Thus, currently, the high cost of most food technologies and other resource constraints of smaller companies prevents the expansion of the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Delivery Hero SE, HelloFresh SE, Swiggy, Flytrex Inc., Trax Technology Solutions Pte. Ltd., CUBIQ FOODS S.L., Lunchbox Technologies, Inc., Miso Robotics, Inc., Carlisle Technology, and Domino’s Pizza, Inc.
Food technology ensures the consistent quality and texture of baked goods and confectionery through precise temperature and humidity control, optimizing results. Automated mixing, proofing, and baking processes enhance production efficiency, reducing labor costs and production times. Consequently, the Bakery & Confectionery segment generated $15,026.3 million revenue in the market in 2022. Food technology supports the creation of new bakery and confectionery products with unique flavors, shapes, and textures to cater to evolving consumer tastes. Automated quality control systems identify and reject products that do not meet quality standards, reducing waste and improving product quality. Technology allows for the customization of baked goods to meet specific dietary requirements, including gluten-free, vegan, and allergen-free options. Some of the factors impacting the market are rapidly increasing global population, increasing use in supply chain management, and high initial costs and resource constraints.
The rising global population signifies a higher demand for food products. Food technology plays a pivotal role in addressing this demand by optimizing agricultural practices, enhancing crop yields, and improving food processing methods. These technological advancements ensure a consistent and sufficient food supply to feed the expanding population. As the global population grows, there is a need for increased food distribution efficiency. Food technology aids in creating streamlined supply chain management systems, allowing for the efficient transportation and distribution of food products from production centers to consumer markets. Additionally, from farm to table, supply chain management streamlines the movement of food products, guaranteeing that food is delivered to customers in a timely and economical manner. Advanced supply chain technologies, such as real-time tracking and data analytics, allow for precise inventory management and reduce food wastage, benefiting producers and consumers. This efficient distribution of food is a fundamental element of the market, ensuring that products are delivered fresh and unspoiled. These insights enable food technology companies to adapt quickly, reducing the risk of food shortages or surpluses and ensuring a steady food supply. Hence, the rising use of food technology in supply chain management is beneficial for the market's growth.
However, in order to create and execute innovative food technology solutions, substantial initial investments in R & D, specialized equipment, as well as infrastructure are frequently needed. Small and medium-sized businesses (SMEs) and startups might find it difficult to raise the money they need, which would hinder their ability to compete and innovate in the market. The high barrier to entry may discourage would-be inventors and impede the food industry's overall rate of technological development. Addressing these constraints and finding resource-efficient alternatives is critical to ensure the long-term sustainability of food technology solutions. Thus, currently, the high cost of most food technologies and other resource constraints of smaller companies prevents the expansion of the market.
Component Outlook
Based on component, the market is classified into hardware, software, and services. The hardware segment garnered the highest revenue share in the market in 2022. Throughout the food value chain, hardware includes a variety of gadgets like cooking robots, voice assistants, self-ordering kiosks at restaurants, and delivery drones and robots. Furthermore, through temperature monitoring, IoT sensors can reduce waste. The factors propelling the growth of this segment are the need to comply with regulations, enhance customer satisfaction, and optimize supply chain efficiency.Industry Outlook
By industry, the market is segmented into fish, meat, & seafood, fruits & vegetables, grains & oil, dairy products, beverages, bakery & confectionery, and others. The dairy products segment witnessed a remarkable growth rate in the market in 2022. Food technology enables pasteurization, ultra-high temperature (UHT) treatment, and aseptic packaging, extending the shelf life of dairy products like milk and yogurt, reducing food waste, and expanding distribution reach. Technologies such as microbial testing and quality control systems ensure the safety of dairy products by detecting contaminants and pathogens, reducing the risk of foodborne illnesses. Dairy technology facilitates the development of various dairy products, including cheeses, yogurt, and butter, with distinct flavors, textures, and nutritional profiles to meet consumer preferences.
Application Outlook
On the basis of application, the market is divided into food science, kitchen & restaurant tech, delivery, supply chain, and others. The kitchen & restaurant tech segment recorded a significant revenue share in the market in 2022. Kitchen and restaurant tech, powered by food technology, streamlines kitchen operations, reducing wait times and improving service. Automated cooking and food preparation systems ensure consistency in the taste and presentation of dishes, enhancing the dining experience. Software applications help track ingredient inventory, reduce waste, and facilitate efficient procurement. Restaurant tech can adapt menus in real-time based on ingredient availability, ensuring a smoother dining experience for customers.Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific region acquired the highest revenue share in the market in 2022. Asia Pacific is home to a sizeable share of the world's population. About 60% of the world's population lives in Asia and the Pacific, according to the United Nations Population Fund (UNFP). Moreover, the region is seeing a notable increase in the e-commerce industry. The COVID-19 pandemic expedited the region's adoption of on-demand food delivery platforms. Many companies are active in the market in the region; some of them are Swiggy from India, Mr. Yum from Australia, and NEXT GEN FOODS PTE. LTD. from Singapore. Asia Pacific's e-commerce sector is expanding due to a large population and quick adoption, which is propelling the demand for food technology solutions in various food-based industries.The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Delivery Hero SE, HelloFresh SE, Swiggy, Flytrex Inc., Trax Technology Solutions Pte. Ltd., CUBIQ FOODS S.L., Lunchbox Technologies, Inc., Miso Robotics, Inc., Carlisle Technology, and Domino’s Pizza, Inc.
Strategies deployed in the Market
Partnerships, Collaborations, and Agreements:
- Oct-2023: Domino's Pizza Inc. teamed up with Microsoft Corporation, an American multinational technology corporation. Under this collaboration, the companies achieved pizza ordering and store operations using cloud computing power and generative AI technology. Additionally, the companies used the Cloud and Azure OpenAI Service of Microsoft to enhance consumer experiences of Domino's by offering a simplified and personified ordering process.
- May-2023: Miso Robotics, Inc. formed a partnership with Ecolab, a global company offering water and infection prevention solutions. Under this partnership, Miso Robotics augmented its growth and provided better digital and automated solutions for achieving hygiene and food safety in the food industry.
- Mar-2021: HelloFresh SE formed a partnership with Sodexo Group, a French food services and facilities management company. Under this partnership, the companies provided EveryPlate and HelloFresh meal kits to over 300 college and university students of U.S. through the BiteU app of Sodexo.
- Dec-2019: Delivery Hero SE came into an agreement with Woowa Brothers Corp., a company developing software applications. Under this agreement, Delivery Hero expanded its footprints into Asia and established its position as the largest food delivery platform in the world, determined by the number of orders.
Product Launches and Product Expansions:
- Aug-2023: HelloFresh SE introduced The Pets Table, a premium pet food brand. The Pets Table helps in enhancing the product portfolio of the company. Additionally, the new product gave HelloFresh an opportunity to enter into the pet food market thus providing customers with healthy and high-quality dog food.
- Jun-2023: Domino’s Pizza, Inc. unveiled the Domino's Pinpoint Delivery, for conveniently delivering to all customers across the U.S. The new product gives the opportunity to the customers to receive delivery of their products at any particular places like parks, beaches and baseball fields.
Acquisition and Mergers:
- Jul-2023: Swiggy completed the acquisition of LYNK Logistics Ltd, a company providing software solutions for grocery retailers. Through this acquisition, Swiggy strengthened its position in the grocery retail and food market.
- Jun-2022: Lunchbox Technologies, Inc. acquired NovaDine, Inc., a complete end-to-end digital ordering solution. Through this acquisition, the companies delivered alternative solutions for enterprises. Additionally, a single operating system was introduced for regulation of guest experiences digitally.
- Oct-2021: Delivery Hero SE completed the acquisition of the quick commerce and the food delivery businesses in the Caribbean and Central America of Hugo Technologies S.A. de C.V., a multi-category marketplace offering on-demand delivery for restaurants and supermarkets. Through this acquisition, Delivery Hero strengthened its local operations of quick commerce.
- Aug-2021: Lunchbox Technologies, Inc. completed the acquisition of Spread Co., Ltd., an online marketplace that offers delivery and take-out services. Through this acquisition, Lunchbox Technologies solidified the guest-restaurant relationship and offered commission-free food delivery and ordering.
- Nov-2020: HelloFresh SE completed the acquisition of Factor75, Inc., a health-focused meal delivery company. Through this acquisition, HelloFresh expanded its reach in the U.S. and strengthened its position in the ready-to-eat meals market.
Geographical Expansions:
- Sep-2020: Delivery Hero SE expanded its geographical footprints in Japan by providing services through their regional brand, foodpanda. Through this geographic expansion, Delivery Hero strengthened its position in Asia and established its leadership position in the market.
Scope of the Study
Market Segments Covered in the Report:
By Application- Food Science
- Supply Chain
- Delivery
- Kitchen & Restaurant Tech
- Others
- Fish, Meat, & Seafood
- Beverages
- Dairy Products
- Fruits & Vegetables
- Grain & Oil
- Bakery & Confectionery
- Others
- Hardware
- Software
- Services
- North America
- US
- Canada
- Mexico
- Rest of North America- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Delivery Hero SE
- HelloFresh SE
- Swiggy
- Flytrex Inc.
- Trax Technology Solutions Pte. Ltd.
- CUBIQ FOODS S.L.
- Lunchbox Technologies, Inc.
- Miso Robotics, Inc.
- Carlisle Technology
- Domino’s Pizza, Inc.
Unique Offerings
- Exhaustive coverage
- The highest number of Market tables and figures
- Subscription-based model available
- Guaranteed best price
- Assured post sales research support with 10% customization free
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 5. Global Food Technology Market, by Application
Chapter 6. Global Food Technology Market, by Industry
Chapter 7. Global Food Technology Market, by Component
Chapter 8. Global Food Technology Market, by Region
Chapter 9. Company Profiles
Companies Mentioned
- Delivery Hero SE
- HelloFresh SE
- Swiggy
- Flytrex Inc.
- Trax Technology Solutions Pte. Ltd.
- CUBIQ FOODS S.L.
- Lunchbox Technologies, Inc.
- Miso Robotics, Inc.
- Carlisle Technology
- Domino’s Pizza, Inc.
Methodology
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