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The global food tech market size was USD 220.32 Billion in 2019, and it is anticipated to reach USD 342.52 Billion by 2027, at a CAGR of 6.0% during the forecast period. Food Tech — a merger of the words food and technology — involves companies and projects that use technologies such as the Internet of Things (IoT), big data and Artificial Intelligence (IA), among other things, to turn the agrifood industry into a more modern, sustainable and efficient sector in all its stages, from food preparation to its distribution and consumption.
These research and development (R&D) projects are generally in the hands of highly innovative startups that are investing heavily in trying to provide creative and technological solutions to contemporary challenges such as population growth and its repercussions on food security, the digitalisation of society, the effects of climate change, the lack of natural resources, food waste and the environmental impact of food production.
The market is primarily driven by the growth of advanced technologies within the food industry. Increasing utilization of advanced technologies in food processing techniques is driving the growth of the food tech industry. Innovations in robotics, processing techniques, and data technology, are creating new growth opportunities in the food industry. Increasing awareness among the health-conscious population is increasing the demand for healthier foods. Rising demand for healthier, cheaper, and safer food products is driving the market for food tech.
Food Tech companies account for a tiny part of the agrifood industry but they have become the sector’s vanguard. Some of these startups are even quoted on the United States Nasdaq technological stock market, such as Beyond Meat with its famous laboratory vegetable hamburger that has been financed by, among others, such renowned names as Bill Gates, the co-founder of Microsoft, and the actor Leonardo Di Caprio.
The food-tech industry is divided into mobile applications and websites on the basis of technology. In 2019, the website segment was the largest share of revenues on the food technology industry. Increasing demand for fast and easy food and food supply with cash on-line delivery and advanced payment options drives web site development and increases food ordering via individual food chain websites.
Key trends in Food Tech industry
- The world market is worth 127 billion dollars and has succeeded in Japan in creating menus that are tailored to each user using the AI, social networks and DNA programme.
- Hamburgers receive positive assessments from the laboratory and make the public feel more sensational. Prototypes for artificial meat fillets that could be available on the market in 2 or 3 years are also available.
- Insects, seaweed and waste salmon skin are ingredients that can already be found in the category of healthy hors d’oeuvres, with an international market that could reach a value of 32 billion dollars by 2025, according to Grand View Research.
- Supermarkets and hypermarkets start using blockchain technology to ensure that, for example, their chicken meat is derived from antibiotic-free poultry.
- The advances in retail sales include robotic waiters and cooks, remote controlled supply vehicles and drones that track the showcases and stock in real-time.
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