Foodtech to touch $8 bn by 2022
India’s foodtech industry is projected to grow at a CAGR of 25-30% to US$ 8 billion by the end of 2022, according to a report by Google and Boston Consulting Group (BCG). This strong surge will be largely driven by rising internet penetration, increasing ordering frequency and favourable consumer disposition. The report titled ‘Demystifying the Online Food Consumer’ added that funding in the food-tech sector has grown by 35 times in the past five years. Reach of foodtech aggregators on the other hand has increased by six times between 2017 and 2019. Also consumers are spending more than twice the time to explore and order online — from 32 minutes per month in 2017 to 72 minutes per month in 2019. “The food tech industry is nascent but one of the fastest growing in the country… Food tech has now made its presence in greater than 500 cities in India and with consumer confidence growing, there are new opportunities for the players to ‘win with the consumer’ in an evolving market,” Google Director (Travel, BFSI, Classifieds, Gaming, Telco and Payments) Roma Datta Chobey said.