How Food Industry is Embracing TECH-DRIVEN FUTURE

In an era defined by innovation and disruption, it’s no surprise that the food technology landscape in India is undergoing a remarkable transformation. This change isn’t just about what we eat; it’s about how our food is produced, distributed, and consumed. The amalgamation of technology and food tech is not only cutting-edge but also a dire necessity. We can see that the food tech industry in India is on the cusp of a monumental transformation, driven by technological advancements.

The shift from traditional to tech-driven processes has been particularly prominent in recent years. With over 3000 startups in the food technology space, technology is making a significant presence in the food and beverage industry mainly in online food delivery and online grocery. The online food retail market is just 2.5 per cent of the overall food market with revenue touching $997.30 billion in 2024 and growing at an expected rate of 7.96 per cent (CAGR 2024-2028). It encompasses various aspects of the food industry, from agriculture and production to distribution and consumption. Let’s dig deep and unearth how technology is reshaping India’s food tech sector.

The food tech market in India was valued at Rs 959.16 billion in 2022 and it is expected to reach Rs 3,509.50 billion by 2027, expanding at a compound annual growth rate (CAGR) of 29.53 per cent during the 2023-27 period, according to Research and Market report. The growth in the sector is due to the increasing adoption of technology and the ease of getting food at the doorstep. However, low-cost food and retail products offered by local unorganised players in tier II and tier III cities and villages have bogged down the growth of organised players to some extent.  The food tech market in India is broadly categorised into two segments based on product type – online food delivery and online grocery. In 2022, the online food delivery segment dominated the food tech market, accounting for 60.66 per cent of the overall revenue. The online grocery segment is expected to witness promising growth during the forecast period and is likely to dominate the market by the end of the forecast period accounting for 42.73 per cent market share in 2027.  Some of the leading names in the food technology space, according to Research and Market report, include – Jubilant FoodWorks Limited, Spencer’s Retail Limited, Zomato Limited, Box8, Bundl Technologies Private Limited (Swiggy), Rebel Foods Private Limited, Reliance Retail Limited (Jio-Mart), SPAR Hypermarket, Supermarket Grocery Supplies Private Limited (Bigbasket), Amazon India Limited.

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