This report provides an overview of the global growth rates of the food tech industry. Funding for food tech companies has risen exponentially from $60 million in 2008 to $16.9 billion in 2018. Data from 2016 projects the food tech market reaching $250.43 billion by 2022. One of the segments with the fastest growth is plant-based proteins, which will attain an estimated market of $85 billion in 2029. Additional findings from Europe reveal that food delivery is the segment receiving the most funding.

Global Food Tech Industry Growth Rates

Funding for food tech companies increased from $60 million to over $1 billion from 2008 to 2015.
By 2018, the funding for food tech increased to $16.9 billion.
Major food chains such as Burger King and McDonald’s are now actively serving food tech-produced products such as Impossible Foods and Beyond Beef, fueling the rise in demand.
Plant-based proteins are a food tech segment worth $5 billion in 2019. This single segment is expected to grow to $85 billion by 2029 at a growth rate of about 28 percent.
In 2016, the food tech industry was projected to reach $250.43 billion by 2022 at a CAGR in the single digits.
The number of food tech unicorns with substantial investments is increasing each year (see chart below).

Global Food Tech Industry Related Findings

In 2019, the overall value of the food and agriculture industry was estimated at approximately $8 trillion globally.
Food waste is a potentially viable segment ready for innovation. Some companies are targeting the 40 percent of pre-consumer food waste in the U.S. with a goal of reducing it (such as by improving food quality during transportation).
In Europe, the abundance of food tech funding is in food delivery (see chart below).