The increasing use of smartphones, increasing internet users, and the growth of mobile applications regarding food & services are the factors driving the global food tech market.
According to TechSci Research report, “Food Tech Market– Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F,” the global food tech market is expected to grow during the forecast period. The food technology business has been one of the biggest winners from the boom in digital technology over the past ten years. Users can access the services in the food tech market through websites or mobile applications. Websites, the most widely used technology, bring in the most money. Mobile apps are another substitute that are anticipated to increase faster. Mobile applications are gaining popularity in place of websites for specific food chains, partly due to services like FoodPanda.
The market for food technology is expanding primarily because of the increased use of smartphones and internet penetration. Additionally, these culinary technologies are employed as platforms for online meal delivery, which aid eateries in expanding their clientele and generating more revenue. This is one thing causing the food technology market to grow.
Due to issues like poor application ratings and maybe false user evaluations, many businesses partnered with food applications to supply their services and need help to reach customers.
Companies that provide services on the market should develop in tandem with the shifting trends in the food business. An essential prerequisite for the efficient operation and unconstrained growth of the food tech business is keeping up with regionally popular food demand trends and assuring inventory of best-selling items.
These food technology systems assist eateries in expanding their customer base, generating more money, and optimizing the use of their resources. The listing platform for food technology aids restaurants in raising customer awareness of their company. Consumers rely heavily on services that save them time and provide convenience simultaneously due to changing lifestyles and a high living level.
How many restaurants and food chains generate revenue has changed significantly due to the trends in food delivery. A future source of income is the promotion of food technology apps like those for online grocery shopping and online food ordering.
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The global food tech market is segmented based on technology type, service type, region, and competitive landscape.
The global food tech market is segmented based on technology type into mobile app and website. Due to the rapid expansion of numerous food delivery websites and the rise in food orders placed directly through individual websites, the website category, which now accounts for the leading share, is anticipated to grow quickly during the forecast period. However, due to the increasing usage of mobile apps for food delivery and the widespread use of smartphones with access to the Internet, the mobile app category, which is now experiencing rapid growth, is expected to hold a significant proportion of the market in the years to come.
Based on service type, the global food tech market is segmented into online food aggregators, grocery delivery, OTT & convenience services. Due to the rapid development of online platforms for grocery delivery that provide quick delivery services, the online grocery delivery segment, which held a sizable market share, is anticipated to grow at an impressive CAGR during the forecast period. Another important factor driving the market is the steep discounts that internet retailers offer on groceries.
On the basis of regional analysis, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Due to well-established online payment systems, North America accounted for a significant portion of the market. Further boosting the regional industry are increased fast-food and processed-food consumption and the widespread adoption of online meal delivery services among a sizable portion of the region’s population.
Key Market Players Operating in the Food Tech Market include:
- Food Panda
- Domino’s Pizza Inc.
- Doordash Inc.
- Grubhub Inc.
- McDonald’s Corporation
- Pizza Hut International
- Zomato Limited
- Delivery Hero Holding GmbH, Inc.
- Roofoods Ltd
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“The global food tech market includes the Over the Top (OTT) & convenience service providers, online food aggregators (like Grubhub Inc. and Domino’s Pizza Inc.), online food and grocery ordering and delivery ecosystem (such as Zomato). Since the target audience is the convenience-seeking worldwide population, the market is anticipated to advance significantly. The market’s growth is attributed to factors including the quick uptake of e-commerce, rising internet and smartphone use, and the simplicity of placing orders.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Food Tech Market– Global Industry Size, Share, Trends, Competition Forecast and Opportunities, 2018-2028F, Segmented By Technology Type (Mobile App, Website), By Service Type (Online Food Aggregators, Online Grocery Delivery, OTT & Convenience Services), By Region,” has evaluated the future growth potential of food tech market globally and provides statistics and information on market structure, size, share, and future growth. The report provides cutting-edge market intelligence and helps decision-makers to make sound investment decisions. Besides, the report also identifies the emerging trends along with essential drivers, challenges, and opportunities present in the food tech market globally.
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