Global Food Tech Market

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Global Food Tech Market
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Summary
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.
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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.
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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?

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• 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?

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Executive Summary
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., Dominos
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.
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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.
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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.
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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.
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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. 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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Full Report Global Food Tech Market
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