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Food Tech - Industry - Asia Pacific Market, Share and Trends 2023-2028

Report ID:

FTIND1A

|

Industry:

Summary of Food Tech

The Asia Pacific region has seen tremendous growth in the food technology industry over the past few years. Driven by rising incomes, urbanization and health and sustainability concerns of consumers– food tech startups are developing innovative solutions across alternative proteins, precision fermentation, supply chain transparency and more.

Countries like – China, India, Japan, Australia and Southeast Asian nations have emerged as top markets. China received over $2 billion in food tech funding in 2022 alone. Indian food tech attracted $1 billion across 150+ deals. Alternative meat and dairy startups are booming due to large populations seeking resource-efficient proteins. Based on our estimates, we can say that the Asia-Pacific’s FoodTech industry is forecasted to be a $142.84 billion industry in 2029 from $95.2 billion in 2023 with a CAGR of 6.86%.

Fermentation is also gaining ground with companies producing animal-free dairy, egg and meat products. Indoor farming technologies are optimizing land and resource use to meet growing demands. Blockchain platforms provide traceability into complex international supply chains across the region.

Government initiatives are supporting food innovation. With rising incomes and health awareness– APAC’s food tech industry is well-positioned for continued strong growth in coming years.

Recent Trends and Insights

Investment in APAC food tech reached new highs in 2022– with over $5 billion invested across the region according to recent insights. China received the bulk of funding with startups there raising $2.5 billion across 300+ deals. This represents a five-fold increase compared to 2020 levels.

Alternative proteins continue to see huge growth interest from investors and consumers. Chinese plant-based giant Zhenmeat raised $500 million, one of the largest rounds globally for an alt protein company. Indian startup GoodDot raised $30 million for its cell-based chicken products.

Supply chain tech is also a major focus as companies digitize complex international networks. Indian B2B platform Ninjacart raised $400 million to connect farmers to retailers across South Asia. Australian traceability platform FullTrace raised $50 million to expand in Southeast Asia and China.

Government support is helping accelerate food innovation. China unveiled plans to invest $30 billion in agricultural technology as part of its 2025 innovation initiative. Singapore committed $144 million over five years for its AgriFood Innovation Park.

Product Insights

Cultivated meat, fermented dairy, egg and seafood products are being developed by companies like Turtle Tree Labs (cultured milk), Shiok Meats (crab meat), Avant Meats (pork) and MeaTech (beef/chicken/salmon). These aim to replicate textures and flavors of animal products.

Companies like Perfect Day and Atomo are producing animal-free dairy proteins like casein and whey using fermentation. The alternative protein and supply chain sectors in particular are seeing tremendous interest from investors and consumers in the high-growth APAC market.

Startups like Ninjacart, Farmers Business Network and Agrex are digitizing supply chain data to enable traceability, reduce waste and connect producers to buyers more efficiently across vast geographies.

Vertical farming companies and controlled environment producers are optimizing land use through technologies like AI, IoT and robotics to meet urban food demands more sustainably.

Key Companies

Some major players within this vast domain of industry are

  • Zomato
  • Swiggy
  • Shiok Meats
  • Grain
  • HealthifyMe
  • EazyDiner
  • Box8
  • Perk Coffee
  • Open Taste

Regional Analysis

China’s “new infrastructure” plan backs key technologies. India has a $1.5 billion agriculture export target by 2022 necessitating supply chain upgrades.

The outlook remains outlook remains outlook remains very positive as APAC’s middle class expands and demand for sustainably-produced, healthy foods rises sharply. The region’s food tech ecosystem is well-positioned for continued strong growth in the coming years.

Japan, China, Thailand and the Philippines are identified as high-potential countries in the APAC region due to their large food industries, projected high-value growth and rising per capita value levels.

The key packaging materials in the APAC food market are flexible packaging, rigid plastics, paper & board, rigid metal and glass. Flexible packaging was the most used pack material for food products in the Asia-Pacific in 2022– followed by rigid plastics.

Market Segmentation

By Type:

  • Traceability/supply chain management technologies
  • Food safety and quality inspection systems
  • Industrial IoT solutions for monitoring and control
  • Farm management software
  • Manufacturing execution systems
  • Industrial controls and automation equipment

By End user:

  • Restaurants, Caterers, Meal Prep Companies and Packaged Food Producers
  • Food and beverage
  • Agriculture and livestock
  • Food processing and manufacturing
  • Packaging
  • Logistics and distribution

By Enterprise Size:

  • Large food and beverage companies
  • Small and medium food producers
  • Startups and emerging foodtech firms

By Country:

  • China
  • India
  • Japan
  • Indonesia
  • South Korea
  • Australia

Our Methodology

We have offered a well-founded review of the Asia – Pacific’s regional foodtech market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as– case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.

We value your investment and offer free customization with every report to fulfil your research needs.

Frequently Asked Questions

The Asia Pacific Size of the Food Tech Industry is USD 95.2 Billion in 2023 and is expected to grow to USD 142.84 Billion by 2029

The CAGR of the Food Tech Industry Market in Asia Pacific is 6.86%

The China region accounts for 35% of the total market share of the Food Tech Industry Market

The key players in the Food Tech Industry Market in Asia Pacific are Zomato, Swiggy, GrubMarket, Dada-JD Daojia and eFishery. These industry leaders collectively contribute to shaping the landscape of this market and driving growth within the industry.

The factors driving the Food Tech Industry Market in Asia Pacific are Large urban populations, Rising incomes & convenience, Precision ag & supply chain tech, Invest in delivery & e-grocery and Strong startups. These factors contribute to the overall growth of this industry, establishing it as a key player in the interconnected global economy.

Summary of Food Tech

The Asia Pacific region has seen tremendous growth in the food technology industry over the past few years. Driven by rising incomes, urbanization and health and sustainability concerns of consumers– food tech startups are developing innovative solutions across alternative proteins, precision fermentation, supply chain transparency and more.

Countries like – China, India, Japan, Australia and Southeast Asian nations have emerged as top markets. China received over $2 billion in food tech funding in 2022 alone. Indian food tech attracted $1 billion across 150+ deals. Alternative meat and dairy startups are booming due to large populations seeking resource-efficient proteins. Based on our estimates, we can say that the Asia-Pacific’s FoodTech industry is forecasted to be a $142.84 billion industry in 2029 from $95.2 billion in 2023 with a CAGR of 6.86%.

Fermentation is also gaining ground with companies producing animal-free dairy, egg and meat products. Indoor farming technologies are optimizing land and resource use to meet growing demands. Blockchain platforms provide traceability into complex international supply chains across the region.

Government initiatives are supporting food innovation. With rising incomes and health awareness– APAC’s food tech industry is well-positioned for continued strong growth in coming years.

Recent Trends and Insights

Investment in APAC food tech reached new highs in 2022– with over $5 billion invested across the region according to recent insights. China received the bulk of funding with startups there raising $2.5 billion across 300+ deals. This represents a five-fold increase compared to 2020 levels.

Alternative proteins continue to see huge growth interest from investors and consumers. Chinese plant-based giant Zhenmeat raised $500 million, one of the largest rounds globally for an alt protein company. Indian startup GoodDot raised $30 million for its cell-based chicken products.

Supply chain tech is also a major focus as companies digitize complex international networks. Indian B2B platform Ninjacart raised $400 million to connect farmers to retailers across South Asia. Australian traceability platform FullTrace raised $50 million to expand in Southeast Asia and China.

Government support is helping accelerate food innovation. China unveiled plans to invest $30 billion in agricultural technology as part of its 2025 innovation initiative. Singapore committed $144 million over five years for its AgriFood Innovation Park.

Product Insights

Cultivated meat, fermented dairy, egg and seafood products are being developed by companies like Turtle Tree Labs (cultured milk), Shiok Meats (crab meat), Avant Meats (pork) and MeaTech (beef/chicken/salmon). These aim to replicate textures and flavors of animal products.

Companies like Perfect Day and Atomo are producing animal-free dairy proteins like casein and whey using fermentation. The alternative protein and supply chain sectors in particular are seeing tremendous interest from investors and consumers in the high-growth APAC market.

Startups like Ninjacart, Farmers Business Network and Agrex are digitizing supply chain data to enable traceability, reduce waste and connect producers to buyers more efficiently across vast geographies.

Vertical farming companies and controlled environment producers are optimizing land use through technologies like AI, IoT and robotics to meet urban food demands more sustainably.

Key Companies

Some major players within this vast domain of industry are

  • Zomato
  • Swiggy
  • Shiok Meats
  • Grain
  • HealthifyMe
  • EazyDiner
  • Box8
  • Perk Coffee
  • Open Taste

Regional Analysis

China’s “new infrastructure” plan backs key technologies. India has a $1.5 billion agriculture export target by 2022 necessitating supply chain upgrades.

The outlook remains outlook remains outlook remains very positive as APAC’s middle class expands and demand for sustainably-produced, healthy foods rises sharply. The region’s food tech ecosystem is well-positioned for continued strong growth in the coming years.

Japan, China, Thailand and the Philippines are identified as high-potential countries in the APAC region due to their large food industries, projected high-value growth and rising per capita value levels.

The key packaging materials in the APAC food market are flexible packaging, rigid plastics, paper & board, rigid metal and glass. Flexible packaging was the most used pack material for food products in the Asia-Pacific in 2022– followed by rigid plastics.

Market Segmentation

By Type:

  • Traceability/supply chain management technologies
  • Food safety and quality inspection systems
  • Industrial IoT solutions for monitoring and control
  • Farm management software
  • Manufacturing execution systems
  • Industrial controls and automation equipment

By End user:

  • Restaurants, Caterers, Meal Prep Companies and Packaged Food Producers
  • Food and beverage
  • Agriculture and livestock
  • Food processing and manufacturing
  • Packaging
  • Logistics and distribution

By Enterprise Size:

  • Large food and beverage companies
  • Small and medium food producers
  • Startups and emerging foodtech firms

By Country:

  • China
  • India
  • Japan
  • Indonesia
  • South Korea
  • Australia

Our Methodology

We have offered a well-founded review of the Asia- Pacific’s regional foodtech market along with ongoing trends and upcoming projections to highlight proximate investment opportunities in this report. Moreover, an extensive analysis of any future prospects, challenges, competitors, or navigating aspects is also provided. A methodical detailed regional examination is presented.

Primary Research  

Our multi-pronged research approach includes interviews with industry leaders and a global survey of advanced manufacturing professionals to gain qualitative insights. We utilize our proprietary databases encompassing key performance indicators worldwide in order to collate relevant data points. A multivariate forecasting framework considering historical performance, current dynamics and qualitative factors are utilized to develop market sizing and growth projections through 2029.

We supplement our primary research with a careful examination of secondary materials such as– case studies, news stories and references from other sources. Organizations can benefit from the strategic advice and conclusions offered because they will be better equipped to respond to the dynamic nature of this industry and seize emerging possibilities.

We employ a comprehensive and iterative research methodology focused on minimizing deviation to provide the most accurate market estimates. Our research utilizes a combination of bottom-up and top-down approaches across segments and utilizes databases, primary research insights and industry experts for analysis.

Raw data is obtained from multiple sources and thoroughly filtered to ensure only authenticated and validated sources are considered. We collect data from raw material suppliers, industry associations, technology providers, and buyers to gain a holistic perspective.

Quantitative Analysis

Our market estimates are derived through statistical models, beginning with collection of historical data and analysis of macro- and micro-economic factors influencing the market. Gathered information on market dynamics, technology and pricing trends are utilised to build the models.

Econometric and technological models are applied to project short- and long-term market potential respectively. A bottom-up approach is preferred to minimize errors. Key parameters considered include market drivers and restraints, material pricing trends, regulatory scenarios, and capacity additions.

Weights are assigned to these parameters based on impact analysis and market forecasting is performed via statistical tools and techniques. We believe this methodology results in an accurate and realistic market picture.

We value your investment and offer free customization with every report to fulfil your research needs.

Frequently Asked Questions

The Asia Pacific Size of the Food Tech Industry is USD 95.2 Billion in 2023 and is expected to grow to USD 142.84 Billion by 2029

The CAGR of the Food Tech Industry Market in Asia Pacific is 6.86%

The China region accounts for 35% of the total market share of the Food Tech Industry Market

The key players in the Food Tech Industry Market in Asia Pacific are Zomato, Swiggy, GrubMarket, Dada-JD Daojia and eFishery. These industry leaders collectively contribute to shaping the landscape of this market and driving growth within the industry.

The factors driving the Food Tech Industry Market in Asia Pacific are Large urban populations, Rising incomes & convenience, Precision ag & supply chain tech, Invest in delivery & e-grocery and Strong startups. These factors contribute to the overall growth of this industry, establishing it as a key player in the interconnected global economy.

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Understand the macroeconomic situations that affect the global positioning of countries.

Businesses can better understand how chatbots can advocate their vision.

DeFi helps reduce dependency on traditional methods of transactions.

Creating a sustainable environment for driving multiple countries into a better tomorrow.

Understand how the U.S. discrepancy in accordance to their debt creates a havoc. 

Sustainable blockchain technology has immense benefit for the environment which cannot go unnoticed.

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Featured Reports

Understand the macroeconomic situations that affect the global positioning of countries.

Businesses can better understand how chatbots can advocate their vision.

DeFi helps reduce dependency on traditional methods of transactions.

Creating a sustainable environment for driving multiple countries into a better tomorrow.

Understand how the U.S. discrepancy in accordance to their debt creates a havoc. 

Sustainable blockchain technology has immense benefit for the environment which cannot go unnoticed.