Technology is rapidly transforming every industry worldwide. One of the key industries where technology is playing a vital role in modern times is the food industry. The rise of foodtech is aiding players in the food industry to meet the increasing consumer demands for various food products in a limited time window.
Moreover, the continuous development process is aiding in the invention of state-of-the-art technology to enhance several operations in the food industry. With the help of modern technology solutions, operations in the food industry, such as production, preservation, packaging, the supply chain, and consumer reach expansion, among others, are getting rapidly streamlined across the world.
What is Food Technology?
In simple terms, food technology or foodtech is the combination of the food industry with technology industry solutions to enhance food quality, quantity, delivery, and customer satisfaction. According to recent estimates by United Nations, the world population has surpassed the mammoth eight billion number and is expected to reach 10 billion by 2050.
For meeting the food requirements of such a high global population efficiently, relying on traditional food production and delivery methods is not a viable option. With the aid of various technological solutions such as automation, Artificial Intelligence (AI), Machine Learning (ML), big data, Internet of Things (IoT), e-commerce applications, and supply chain solutions the food industry is transforming the way food is produced and delivered to consumers.
How Modern Technology is Revolutionizing the Food Industry?
Investment in foodtech startups has significantly risen in recent years, especially during and post-COVID-19 pandemic. Today, firms in the global food industry with the aid of technology are deriving benefits such as fast food delivery, maximizing food production, cutting the loss of resources, and maintaining food freshness.
Foodtech companies for fresh food deliveries and groceries have become largely popular with worldwide consumers and have captured large market shares in a short duration. The smartphone app-based and website-based doorstep food and grocery delivery platforms provide flexibility and money-saving alternatives, owing to which it has quickly risen as a popular choice among consumers.
Additionally, ground-breaking technologies such as 3D printing are helping in improving the nutritional value of food products. Several global foods and nutritional supplement companies are benefiting from the adoption of 3D printing by enhancing food sustainability and production efficiency.
Major Players in the Global Foodtech Market
As the food industry is one of the key industries across the globe, there are numerous players in the industry who are adopting technology to manage their operations as a foodtech company. In addition, various innovative startups focused on niche areas of food solutions such as improving taste, nutritional quality, minimizing wastage, and reducing delivery time, among others are also emerging across the world.
Some of the major key players in the global foodtech industry are Food Panda; Deliveroo; Amazon.com, Inc.; Zomato; Delivery Hero Holding GmbH; Grub Hub Inc.; Tesco PLC; McDonald's Corporation; Papa John's International; Uber; and Domino’s Pizza Inc.
On 14 September 2022, McDonald's Corporation announced the opening of a new facility Speedee Labs at its global headquarters (MHQ). The establishment will focus on enhancing the customer experience and supporting restaurants with various innovations.
On 6 December 2022, Zomato, one of India’s top online food delivery platforms selected Konnect Insights, to enhance its customer experience strategy. Konnect Insights is an omnichannel management platform for customer experience. It enables brands to listen to customers from across the channels and learn from them to facilitate better customer engagement.
On 6 July 2022, global eCommerce giant, Amazon and Grub Hub Inc, an American online prepared food ordering and delivery platform reached an agreement to provide free one-year Grubhub+ membership to Amazon Prime members based in the United States. The agreement will provide various membership perks and awards to Amazon prime members and also enable access to free delivery from the thousand of restaurants registered on Grubhub.
Global Foodtech Market Valuation
The rapid digitization and rising use of smart devices have increased consumer access to various foodtech platforms. In addition, the demand for convenient foods, ready-to-eat food or cooked food is also sharply growing among worldwide consumers due to changing lifestyles. The food industry with help of innovative technology solutions is increasing food production and also optimizing resource use.
With these trends and developments, the global foodtech market size was valued at USD 233.6 Billion in 2021 and is expected to surpass USD 385.7 Billion by 2030, expanding at a CAGR of 5.8% during the forecast period, 2022–2030.
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The combination of two key industries of modern times, food and technology, is expected to bring revolutionary changes to the global food industry. Technology solutions such as AI, IoT, Data Analytics, Big Data, and Machine learning, among others will be driving forces for foodtech companies in transforming their operations and effectively meeting growing product demands in the coming years.