Mumbai, India: Bharatbook announces a report on “Global Food Tech Market”. The report further includes a thorough analysis of the impact of the five major forces to understand the overall attractiveness of the industry.
The online ordering ecosystem has been supportive in addressing the time constraint issues of the global population through timely, quick and convenient food and grocery delivery. The global food tech market is expected to grow at a CAGR of 5.8% through 2015 to 2022. Development in the market is accredited to the rapid adoption of e-commerce, growing internet and smartphone penetration, and ease of placing orders among others.
The report is a compilation of the different segments of global food tech market, including market breakdown by the service type, technology type, and different geographical areas. Herein the revenue generated from the service type, namely: online grocery delivery, food aggregators, & OTT & convenience services; and technology type, namely: websites and mobile apps is tracked to calculate the overall market size. While highlighting the key driving and restraining forces for this market, the report also provides a detailed summary of the food tech market. It also includes the key participants involved in the industry at the relevant sections.
The report answers the following questions about the global food tech market:
• What are the different factors driving the market and how will the impact change through the forecast period?
• What are the major factors challenging the growth of global food tech market and how can they be addressed through the forecast period?
• How will the market players leverage on key developments such as acquisitions, partnerships, and product launch among others?
• Which region will lead the global food tech market by the end of the forecast period?
• What are the prevalent service types and what is the market size for each of them?
• What are the prevalent technology types and what is the market size for each of them?
• How will the competitive rivalry evolve through the forecast period?
The report puts special emphasis on the market share of the services provided in food tech market, owing to the changing paradigms in the industry. In spite of this, due to the numerous instances of failed business models and financial pressure, a majority of potential new entrants resist from adopting food tech services. The report further includes a thorough analysis of the impact of the five major forces to understand the overall attractiveness of the industry. This segment also focuses on the investments done in the food tech market by the market participants.
The most often used strategy for developing a better hold on to the market has been through partnerships & collaborations, followed by product launches. Moreover, the company profile section highlights significant information about the key companies involved along with their financial positions, key strategies & developmental activities of recent years.
Further, the report includes an exhaustive analysis of the geographical split into North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW). Each geography details the individual push and pull forces in addition to the key players from that region. The prominent players operating and profiled in the global food tech market are GrubHub Inc., Domino’s Pizza Inc., Tesco PLC, Sainsbury Inc., and Pizza Hut International among others.
Modern day lifestyle relies heavily on services which helps saving time and offers convenience simultaneously. While technology giants such as Uber are letting the urban population commute at reasonable prices and increased convenience, the online segment of the food and FMCG industry draws a similar parallel. The trends of buying groceries and food delivery have transformed profoundly, particularly in the ways famous restaurants and food chains are generating revenue. Identifying with the current demand of the working population, companies across the globe are relentlessly putting in efforts to stir the otherwise stagnating food and FMCG industry. While displaying advertisements on food ordering grocery apps is an upcoming viable revenue generation mode, transactional fee on ordering food online through famous restaurants continue to be a stable business model for the market players.
The food tech market encompasses the online food and grocery ordering and delivery ecosystem, primarily the online grocery delivery companies (such as Tesco PLC, Sainsbury), online food aggregators (such as Grub Hub Inc., Domino’s Pizza Inc.), and Over the Top (OTT) & convenience service provider (such as Zomato, Book a Table). The market is expected to progress to a substantial extent since the target customers are the convenience seeking global population. The global food tech market is expected to grow over $250.43 billion by 2022 at a single digit CAGR through the forecast period.
Global food tech Market Snapshot
Rapid adoption of e-commerce, growing internet and smartphone penetration, and ease of placing ordering are some of the factors responsible for the growth of this market. However, the market consists of certain challenges as well which are inhibiting the overall growth for the market, such as week business models, financial pressure, and intense competition scenario.
The concept of food tech market revolves around the types of services the market players provide. These services are online grocery delivery companies, online food aggregators, and Over the Top (OTT) & convenience service provider. Online food aggregators are dominating the market, however, the OTT& convenience service are estimated to grow at the highest CAGR since a small yet growing population segment have been identified to show inclination towards famous chefs and restaurants which they can find through such services for dine-in.
The food tech market is one of the major beneficiaries of the boom in the digital technology in the last decade. The services in the food tech market can be availed by the users through websites or mobile applications. The most commonly used technology i.e. websites is generating the maximum revenue in 2015. The alternate technology i.e. mobile apps, is expected to grow at the highest rate. Ordering food through individual food chains’ website is losing its hype to mobile apps, largely propelled by the emergence of platforms such as Food Panda.
The trend of food delivery and grocery delivery varies with the geographical regions. The market is dominated by North America due to the increasing per capita income, rising smartphone and internet penetration in the country. However, it is expected that Asia-Pacific (APAC) will grow at the highest CAGR through 2015 to 2022. Europe, with the U.K. leading, will also continue to generate significant revenue through the forecast period.
The competitive landscape for the food tech farming market demonstrates an inclination of companies adopting strategies such as collaborations, product launches, mergers, and contracts among others. GrubHub Inc., Tesco PLC, Domino’s Pizza Inc., Pizza Hut International, and Sainsbury were the most prominent names that surfaced in 2015.
The companies offering their services in the market should progress in coordination with the changing food industry trends. Keeping abreast with popular food demands at regional levels and ensuring inventory of bestselling products is an imperative requirement for a smooth functioning and unrestricted growth of the food tech industry.
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