Food Technology Market: Overview
Emerging food technology is innovating the way local restaurant food is sourced and distributed and creating growth opportunities for food technology or online delivery platforms as well internet kitchen in the market. This advancement in food technology or online delivery platforms is generating lots of opportunities for restaurants in the food ordering industry. Consumers nowadays prefer ordering their favorite meal through online platforms, with unlimited access to the number of restaurants. Consumers also have the convenience of selection, customization and can order food from the restaurants based on ratings and reviews. Due to the superior ease of accessibility of online food delivering platforms, the food technology market is growing at a faster pace. The food technology web platforms are highly adopted by consumers and are proliferating due to the increase in usage of smartphones and the internet. These food technology platforms help restaurants in achieving customer reach and to earn additional revenue as well as improve their resource utilization. Food technology is the listing platform that helps restaurants in increasing the awareness about the business. With the changing lifestyle and high standard of living, consumers are mainly dependent on services that help them in saving time and offer convenience simultaneously. The trends of food delivery have transformed profoundly, particularly in the ways many restaurants and food chains are generating revenue. The advertisement for food technology apps such as online food ordering and online grocery apps is an upcoming method of generating revenue. The food technology companies are offering restaurants with a large customer traffic and in exchange of that the food technology companies take the transactional fee on ordering food online through the restaurants on their application, which helps them to increase their revenue.
Food Technology Market: Dynamics
The increasing penetration of the internet and usage of the smartphones are the primary factors driving the growth of the food technology market. Also, these food technologies are used as online food delivery platforms that help restaurants in increasing their customer reach and generate additional income. This is one of the factors driving the growth of the food technology market.
Many restaurants who have collaborated with food applications for delivering their services are unable to reach customers because of factors such as low ratings over the application and user reviews that may not be true.
Global Food Technology Market: Segmentation
The food technology market can be segmented on the basis of service type, technology type, and region.
By Service Type, the food technology market can be segmented as:
By Technology Type, the food technology market can be segmented as:
Global Food Technology Market: Competition Landscape
Examples of some of the key players operating in the global food technology market are Food Panda, Deliveroo, Uber, Zomato, Tesco PLC, Sainsbury, Grub Hub Inc., Domino’s Pizza Inc., Delivery Hero Holding GmbH, Eat24, McDonald's Corporation, Panera Bread Company, Pizza Hut International, Doordash Inc., and Papa John's International, etc.
Food Technology Market: Regional Outlook
The food technology market is dominated by Western Europe followed by North America and Asia Pacific. The market in Western Europe is expected to witness higher growth due to increase in online delivery penetration in the U.K. and other countries of Western Europe. The demand for the food technology in North America is increasing and is expected to contribute to the market growth owing to the presence of food technology giants. The primary growth factor is the introduction of multiple online delivery platforms to increase customer traffic in the Asia Pacific region. Latin America and MEA markets are projected to contribute a significant share in the global market over the forecast period.
The report covers exhaustive analysis on:
Regional analysis of Global Food Technology Market includes
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.