Food tech: India’s online food ordering market will nearly double annually by the following this time period to about $4 billion by 2022. This is being predicted in the view of a study done by Google and Boston Consulting (also known as BCG).
This is excellent news for several food tech companies, including FreshToHome, the world’s largest fish and meat e-commerce website, which has just pulled in $121 million in one round of funding during a period characterised by instability for most other enterprises.
In Tier 2 market we can saw an increase in internet usage as a result of people moving away from conventional economies, resulting in the advancement of online firms such as Grocers’ Shop, Milkbasket, and Zappos as pandemics widened the available in the latter markets. The development of new customer segments, in addition to their increasing physical presence, led to new and increased sales.
In addition, QR-based ordering, online meal customization, contactless payments, and smart camera- assisted services such as the AI all have gained increasing use and have now become an essential part of food tech workflows for both restaurants and grocery stores. By the year 2022, it is predicted that this new technology/food integration will increase annually at a CAGR of 25-30 per cent
In a study performed by Google and BCG, food aggregators saw a six-fold rise in 2018 as a result of accelerated digitization and stable growth over the same period of the time period. and the report claims supposedly say that time spent online has almost doubled in the past year, with a study suggesting that time was to 62 minutes in 2017 and tripled to 150 minutes in 2019. It is estimated that food ordering volume will rise by approximately 18% to 20%, while average order prices will be approximately 5% to 10% less as consumers order in greater volumes.
Food lovers are able to pay for advancements in food science because of the simplicity with which they are attained, without resorting to compromising authenticity. Today’s consumers are very aware of food fraud, and so they want to know where their food comes from, the sources, the origins, and all of the additives, and preparation processes used, as well as what else is used in it.
The category is a solid winner in this respect, as well as FreshToHome, which only sells FNSSA and TUV-certified products. the platform has an AI-driven supply infrastructure and utilises temperature-controlled distribution to keep meat and seafood at peak freshness all the entire supply chain The platform is anticipating almost doubling its revenue within the next 12 months, which includes everything from Fresh and zero’s commitment to chemicals as the company is claiming to maintain its Fresh Daily use commitment to be effective in all sectors.
In addition to people’s convenience, FreshToHome’s FTH Everyday Delivers on regular necessities like milk, groceries, fresh fruits, and vegetables, and other groceries to people’s lifestyle. As of now, there are no other locations where availability options, the service, which is accessible in Bangalore, Hyderabad, and Pune, is being increased to five times its current size. By the year 2016, the business anticipates that the number of orders placed on FTH Daily to be between four and five million.
In a general sense, the pandemic has generated a higher level of interest in well-being, leading to the food tech to increase in India becoming one of the world’s fastest-growing industries, and improving everyone’s health has shaped how people eat around the world.