Digital Food Management Solutions Market Size to Grow by USD 2.39 billion, Food Safety to be Largest Revenue-generating Application Segment - Technavio
NEW YORK, Sept. 22, 2022 /PRNewswire/ -- According to the report "Digital Food Management Solutions Market by Application and Geography - Forecast and Analysis 2022-2026", the market will witness a YOY growth of 14.98% in 2022 and a CAGR of 15.55% during the forecast period. The report is segmented by application (food safety, marketing, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa).
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Key Segment Analysis
The food safety segment will be the largest contributor to market growth during the forecast period. Digital food safety (DFS) is the concept of converting and converging manual food safety practices into a centralized software solution. The growth of the food safety market segment is attributed to factor such as the growing importance and stringency of food safety standards, an increase in the involvement of government agencies in food safety via regulations, and the rising demand for analytical instruments in the food and beverage industry.
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Geographical Market Analysis
North America will provide maximum growth opportunities in the digital food management solutions market during the forecast period. According to our research, the region will contribute 46% of the global market growth. The US and Canada are the two major markets for digital food management solutions in North America. The rapid urbanization and the rising disposable income of the population will drive the digital food management solutions market growth in North America during the forecast period.
The digital food management solutions market is fragmented. Vendors are deploying growth strategies such as acquiring regional or local vendors to compete in the market. The report analyzes the market's competitive landscape and offers information on several market vendors, including:
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Key Market Drivers and Challenges
The growth of the foodservice industry is driving the growth of the market. Rapid urbanization has resulted in an increase in the disposable income of people globally. Hence, the demand for convenient and easy-to-prepare food products has increased. Foodservice establishments are focusing on maximizing profits, enhancing customer service, and reducing costs. The use of digital food management solutions helps in improving efficiency and reducing mismanagement of food delivery.
The increasing operational costs will challenge the digital food management solutions market during the forecast period. Customers prefer online food vendors that provide higher discounts. However, the increasing cost of food products and ingredients is driving the prices of food items. Thus, the unpredictability in the pricing of food items will have a negative impact on the profit margins of online on-demand food delivery services vendors.
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Table of Contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
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