The Latin America, Middle East and Africa Food Technology Market would witness market growth of 11.8% CAGR during the forecast period (2023-2030).
Recent market trends include but are not limited to, automation, food traceability, and customized diets. For example, supermarkets use blockchain to track down poultry that has not been given antibiotics before producing chicken meat. The food business can benefit from robotics by using it to handle a variety of delicate and challenging products and operate in demanding work environments.
Recent innovations and collaborations in the market have transformed the way food is produced, processed, and consumed. A combination of consumer demand for healthier and sustainable food options and the integration of cutting-edge technologies drives these advancements. One notable innovation is the rise of plant-based meat substitutes. Companies like Beyond Meat and Impossible Foods have developed plant-based meat products that closely mimic the taste and texture of traditional animal-based meat. This innovation has gained significant popularity among consumers seeking more sustainable and ethical alternatives. It has led to collaborations between plant-based meat companies, established fast-food chains, and traditional meat producers, resulting in plant-based menu items and hybrid meat products. The landscape of protein is changing as a result of these innovations, giving customers more options.
Even though many countries in Latin America have adopted cutting-edge, carefully planned food regulations, the region is still planning to implement more consistent and effective food regulations. Latin American countries are working together on this partly because of the rapid pace of globalization. The region encourages more collaboration, regulation, and implementation, and the regulatory bodies in Latin America want the region's food laws to be more uniformly applied.
The Brazilian Health Regulatory Agency (Anvisa) is a nationwide autarchy connected to the Ministry of Health. By implementing sanitary control over the manufacture, marketing, and use of goods and services subject to health regulation, including related surroundings, procedures, substances, and technology, Anvisa promotes the protection of the general public's health.
Food testing and safety are being given more attention as processed, packaged, ready-to-eat, and perishable foods are now available through a broader range of retail channels. For instance, the Food and Agriculture Organization (FAO) reports that growing urbanization in Latin America has significantly altered the food distribution and production systems, with supermarkets accounting for approximately 50% of all grocery sales. The market will expand in this region due to all of these factors.
The Brazil market dominated the LAMEA Food Technology Market, by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $8,965.9 Million by 2030. The Argentina market is showcasing a CAGR of 12.4% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 11.5% during (2023 - 2030).
Based on Application, the market is segmented into Food Science, Supply Chain, Delivery, Kitchen & Restaurant Tech and Others. Based on Application, the market is segmented into Fish, Meat, & Seafood, Beverages, Dairy Products, Fruits & Vegetables, Grain & Oil, Bakery & Confectionery and Others. Based on Component, the market is segmented into Hardware, Software and Services. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Food Technology Market is Projected to reach USD 342.1 Billion by 2030, at a CAGR of 10.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Delivery Hero SE, HelloFresh SE, Swiggy, Flytrex Inc., Trax Technology Solutions Pte. Ltd., CUBIQ FOODS S.L., Lunchbox Technologies, Inc., Miso Robotics, Inc., Carlisle Technology, and Domino’s Pizza, Inc.
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