Food Tech - Industry - North America Market, Share and Trends 2023-2028
- Report Summary
- Segmentation
- Methodology
- Table of Contents
Summary of Food Tech
The food technology industry in North America is rapidly evolving as companies develop innovative solutions to challenges facing the agriculture and food system. Driven by consumer demand for healthier, more sustainable products, food tech has emerged as a vibrant sector developing novel ingredients, production methods and distribution models.
Major areas of focus include plant-based and cultivated meat alternatives, fermentation technologies for dairy and protein substitutes, and precision fermentation for creating new foods at an industrial scale. Companies are engineering foods using cellular agriculture to replicate textures and flavors of animal products without the environmental footprint of industrial livestock farming. Based on our estimates, we can say that the North America’s Foodtech industry is forecasted to be a $111.38 billion industry in 2029 from $86.80 billion in 2023 with a CAGR of 5.11%.
Food tech is also enhancing traceability and transparency in supply chains. Technologies like blockchain, IoT sensors and computer vision are enabling consumers to access detailed information about how and where their food was produced. This builds trust while helping farmers optimize operations through data insights.
As the population grows and climate change impacts agriculture– food tech innovation will be crucial to ensuring global food security. Startups are working on ways to produce more with less land, water and emissions through controlled-environment indoor farms, vertical farming towers and hydroponic greenhouses. These urban agriculture models locate food production closer to consumers in cities.
Recent Trends and Insights
Cultivated meat companies like Upside Foods, Memphis Meats and Wildtype raised millions more to scale up production of real meat grown directly from animal cells without slaughter. Companies like Perfect Day, Nature’s Fynd and Air Protein are using fermentation to create dairy products, baking ingredients and whole cuts of “meat” with much smaller environmental footprints.
Blockchain platforms and IoT sensors are gaining adoption among major food brands and retailers to provide traceability into complex international supply chains down to the farm or fishery. 2021 saw a record $14B invested in food tech companies globally, with North America receiving over half of total funding. Alternative protein attracted the most capital.
Online-only retailers like Thrive Market and FreshDirect are growing while Amazon acquired Whole Foods– signaling the rise of e-commerce for fresh and packaged goods. Controlled-environment indoor farms and vertical towers funded by SoftBank, Infinity Farms and others ramp up production of leafy greens and herbs year-round near urban populations.
Foodtech was the 7th most funded industry in 2023 so far, with over $12B in VC funding. The US attracted by far the most funding for Foodtech startups – with over $4B in 2023 – conspicuously followed by the UK and Germany. The UK is the top European country by Foodtech funding.
Product Insights
Some of the new and upcoming formats of alternative proteins which include – Cultivated meat, fermented dairy products, egg substitutes and plant-based meat/seafood – are aimed at replicating textures and flavors of animal foods.
Companies producing novel ingredients like non-dairy casein, whey and albumin proteins using microbial fermentation. Leafy greens, herbs, berries and microgreens grown year-round in climate-controlled indoor vertical farms with 95% less water than traditional agriculture.
Startups developing personalized nutrition products to address specific health conditions, from vitamins to microbiome-supported foods. Blockchain platforms and sensors enabling consumers to scan codes and access detailed origin stories and production data for food items.
IoT, computer vision and AI tools helping farmers & manufacturers and distributors streamline operations and reduce waste. The Internet of Things nodes were used to assess soil moisture, temperature and crop disease. Network stability period and network life of the proposed method show 90.4% accuracy.
Key Companies
Some major players within this vast domain of industry are
- Real ventures
- Burcon
- Block
- DoorDash
- NCR
- Grubhub
- Toast
- McDonald’s Global Technology
- Apeel
Regional Analysis
Major hubs in California (Bay Area, LA), Boston, New York, Chicago for R&D and venture funding. Leading cultivated meat companies in Bay Area, indoor farms in Chicago, NYC and Denver. Three of the top five hubs by Foodtech funding in 2023 are US based– with the Bay area taking the first spot.
Concentration of activity in Vancouver and Toronto, with funding from investors like Real Ventures. Alternative protein innovation led by companies like Burcon, Planet Based Foods.
Emerging food tech scene in Mexico City focused on supply chain solutions, indoor farms and novel ingredients suited to Latin American diets. Multinational food corporations establishing R&D centers to tap into talent pool.
North America dominates global food tech investment and company formation. Abundant venture capital and world-class research universities fuel the sector. Both startups and major food brands are developing the next generation of solutions.
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:
- The U.S.
- Canada
- Mexico
Our Methodology
We have offered a well-founded review of the North America’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 North America Size of the Food Tech Industry is USD 86.8 Billion in 2023 and is expected to grow to USD 117.08 Billion by 2029
The CAGR of the Food Tech Industry Market in North America is 5.11%
The U.S region accounts for 69.8% of the total market share of the Food Tech Industry Market
The key players in the Food Tech Industry Market in North America are Impossible Foods, Beyond Meat, Indigo Agriculture, Memphis Meats and Plenty. 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 North America are Demand for sustainable options, Investment in alt proteins, Precision ag tech and Online grocery & meals. These factors contribute to the overall growth of this industry, establishing it as a key player in the interconnected global economy.
- Report Summary
- Segmentation
- Methodology
- Table of Contents
Summary of Food Tech
The food technology industry in North America is rapidly evolving as companies develop innovative solutions to challenges facing the agriculture and food system. Driven by consumer demand for healthier, more sustainable products, food tech has emerged as a vibrant sector developing novel ingredients, production methods and distribution models.
Major areas of focus include plant-based and cultivated meat alternatives, fermentation technologies for dairy and protein substitutes, and precision fermentation for creating new foods at an industrial scale. Companies are engineering foods using cellular agriculture to replicate textures and flavors of animal products without the environmental footprint of industrial livestock farming. Based on our estimates, we can say that the North America’s Foodtech industry is forecasted to be a $111.38 billion industry in 2029 from $86.80 billion in 2023 with a CAGR of 5.11%.
Food tech is also enhancing traceability and transparency in supply chains. Technologies like blockchain, IoT sensors and computer vision are enabling consumers to access detailed information about how and where their food was produced. This builds trust while helping farmers optimize operations through data insights.
As the population grows and climate change impacts agriculture– food tech innovation will be crucial to ensuring global food security. Startups are working on ways to produce more with less land, water and emissions through controlled-environment indoor farms, vertical farming towers and hydroponic greenhouses. These urban agriculture models locate food production closer to consumers in cities.
Recent Trends and Insights
Cultivated meat companies like Upside Foods, Memphis Meats and Wildtype raised millions more to scale up production of real meat grown directly from animal cells without slaughter. Companies like Perfect Day, Nature’s Fynd and Air Protein are using fermentation to create dairy products, baking ingredients and whole cuts of “meat” with much smaller environmental footprints.
Blockchain platforms and IoT sensors are gaining adoption among major food brands and retailers to provide traceability into complex international supply chains down to the farm or fishery. 2021 saw a record $14B invested in food tech companies globally, with North America receiving over half of total funding. Alternative protein attracted the most capital.
Online-only retailers like Thrive Market and FreshDirect are growing while Amazon acquired Whole Foods– signaling the rise of e-commerce for fresh and packaged goods. Controlled-environment indoor farms and vertical towers funded by SoftBank, Infinity Farms and others ramp up production of leafy greens and herbs year-round near urban populations.
Foodtech was the 7th most funded industry in 2023 so far, with over $12B in VC funding. The US attracted by far the most funding for Foodtech startups – with over $4B in 2023 – conspicuously followed by the UK and Germany. The UK is the top European country by Foodtech funding.
Product Insights
Some of the new and upcoming formats of alternative proteins which include – Cultivated meat, fermented dairy products, egg substitutes and plant-based meat/seafood – are aimed at replicating textures and flavors of animal foods.
Companies producing novel ingredients like non-dairy casein, whey and albumin proteins using microbial fermentation. Leafy greens, herbs, berries and microgreens grown year-round in climate-controlled indoor vertical farms with 95% less water than traditional agriculture.
Startups developing personalized nutrition products to address specific health conditions, from vitamins to microbiome-supported foods. Blockchain platforms and sensors enabling consumers to scan codes and access detailed origin stories and production data for food items.
IoT, computer vision and AI tools helping farmers & manufacturers and distributors streamline operations and reduce waste. The Internet of Things nodes were used to assess soil moisture, temperature and crop disease. Network stability period and network life of the proposed method show 90.4% accuracy.
Key Companies
Some major players within this vast domain of industry are
- Real ventures
- Burcon
- Block
- DoorDash
- NCR
- Grubhub
- Toast
- McDonald’s Global Technology
- Apeel
Regional Analysis
Major hubs in California (Bay Area, LA), Boston, New York, Chicago for R&D and venture funding. Leading cultivated meat companies in Bay Area, indoor farms in Chicago, NYC and Denver. Three of the top five hubs by Foodtech funding in 2023 are US based– with the Bay area taking the first spot.
Concentration of activity in Vancouver and Toronto, with funding from investors like Real Ventures. Alternative protein innovation led by companies like Burcon, Planet Based Foods.
Emerging food tech scene in Mexico City focused on supply chain solutions, indoor farms and novel ingredients suited to Latin American diets. Multinational food corporations establishing R&D centers to tap into talent pool.
North America dominates global food tech investment and company formation. Abundant venture capital and world-class research universities fuel the sector. Both startups and major food brands are developing the next generation of solutions.
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:
- The U.S.
- Canada
- Mexico
Our Methodology
We have offered a well-founded review of the North America’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 North America Size of the Food Tech Industry is USD 86.8 Billion in 2023 and is expected to grow to USD 117.08 Billion by 2029
The CAGR of the Food Tech Industry Market in North America is 5.11%
The U.S region accounts for 69.8% of the total market share of the Food Tech Industry Market
The key players in the Food Tech Industry Market in North America are Impossible Foods, Beyond Meat, Indigo Agriculture, Memphis Meats and Plenty. 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 North America are Demand for sustainable options, Investment in alt proteins, Precision ag tech and Online grocery & meals. These factors contribute to the overall growth of this industry, establishing it as a key player in the interconnected global economy.
Jump to Content
GET A FREE SAMPLE
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
Or view our licence options: