The Asia Pacific Food Technology Market would witness market growth of 10.5% CAGR during the forecast period (2023-2030).
Sustainability is a paramount concern within the market, with innovations aimed at reducing the environmental footprint of food production. From the development of eco-friendly packaging materials to the reduction of water and energy usage in food processing, sustainable practices are driving positive change. Companies are increasingly embracing circular economy principles, recycling, and upcycling food waste to minimize environmental impact.
Furthermore, food technology is playing a critical role in addressing the challenge of food security. The latest developments in this sector include precision agriculture, which utilizes technology and data to optimize crop yields and reduce resource use. In addition, genetic modification and breeding techniques are being harnessed to develop crop varieties that are more resilient and productive.
The market is expanding because of the growing demand for the food supply chain to be automated and digitalized. Additionally, rising investments and technological breakthroughs spur market expansion. Food technology enhances the food industry at different levels, including usage, distribution, packaging, and processing. Market participants make use of big data, the Internet of Things (IoT), and artificial intelligence (AI). Using these technologies contributes to more efficient and sustainable operations throughout the food value chain.
Korea has an established food processing sector that produces a wide range of processed foods, drinks, and additives. More than 31,300 food processing businesses with sales of 79.1 trillion KRW, or roughly $69.1 billion, existed in Korea as of 2021. Korean food manufacturing businesses are primarily dependent on imported raw materials and ingredients. In 2018, Korea imported $13.3 billion of basic and intermediate agricultural goods. Additionally, between FY 2018 and FY 2023, the milk processing industry in India is predicted to develop at a compound annual growth rate (CAGR) of 14.8%, with a target of INR 2,458.743 Bn ($32.57 Bn).
In Japan, sales for the food service industry in hotels, restaurants, and other institutional settings (HRI) was JPY 25,517 trillion (US$239.1 trillion) in 2020. The sizable food consumption demands of Japan are still significant for imports and will remain a key sector for foreign agricultural products that serve the Japanese HRI food service companies. It is anticipated that the growth of the food processing and food service industries in the region will coincide with the expansion of the regional market.
The China market dominated the Asia Pacific Food Technology Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $31,206.4 Million by 2030. The Japan market is registering a CAGR of 9.7% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 11.1% during (2023 - 2030).
Based on Application, the market is segmented into Food Science, Supply Chain, Delivery, Kitchen & Restaurant Tech and Others. Based on Application, the market is segmented into Fish, Meat, & Seafood, Beverages, Dairy Products, Fruits & Vegetables, Grain & Oil, Bakery & Confectionery and Others. Based on Component, the market is segmented into Hardware, Software and Services. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Food Technology Market is Predict to reach $342.1 Billion by 2030, at a CAGR of 10.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Delivery Hero SE, HelloFresh SE, Swiggy, Flytrex Inc., Trax Technology Solutions Pte. Ltd., CUBIQ FOODS S.L., Lunchbox Technologies, Inc., Miso Robotics, Inc., Carlisle Technology, and Domino’s Pizza, Inc.
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