The global food tech market will reach $390 bln by 2025, with biotechnologies and cultured meat to be the most dynamically developing markets, a joint research by the EFKO Group, Moscow Exchange and J’son & Partners Consulting has revealed.
The global food technology market (except the delivery segment) is showing an average annual growth of 7.2% and is expected to reach $390 bln by 2025. Actively growing areas include biotechnologies, with the compound annual growth rate (CAGR) of 22%, and the Internet of Things, with the CAGR of 16%. The market of innovative foods such as cultured meat, milk alternatives and others, will drastically grow as compared to other food tech areas, with the CAGR of 50.5% between 2018 and 2025.
According to analysts from the EFKO Group, Moscow Exchange and J’son & Partners Consulting, the global personalized nutrition market will reach $11.5 bln in a five-year period. Among the market’s global trends researchers name introduction of services in healthcare and growing platforms for small groups of clients such as people with diabetes and cancer patients.
Russia’s personalized foods market is developing at the ‘lowest level’ of prepared food delivery platforms such as Elementaree, Yandex.Chef and Chefmarket.
Speaking of Russia’s personalized genomics segment, researchers mention Atlas, Genotek and MyGenetics. Yet, as regards legislative aspects, personalized genomics belongs to ‘entertaining’ rather than medical services. Russia’s personal genomics market is estimated at RUR 200-250 mio ($3.5 mio).
According to the research, the cultured meat market will total over $200 mio in five years and some $600 mio by 2032. In ten years, the meat substitutes market is expected to reach $140 bln, while the market of innovative new dairy products will total some $350 mio in a five-year period, analysts say.
Smart and eco-friendly packaging
The active and intelligent packaging market is forecast to grow by 9.1% annually and reach $32.3 bln in five years. According to analysts, the global market of eco-friendly packaging (recyclable, biodegradable and reusable) will stand at $297 bln by 2025. Interestingly, Asia-Pacific countries are among leaders as regards the use of eco-friendly packaging.