In 2023, revenue in the food market is expected to amount to $996.40 billion and is expected to grow at a CAGR of 3.4% between 2023-2027. Also, rising food prices should support growth. Food prices increased by 0.3% in December 2022.
In addition, the rapid development in technology, dynamic changes in consumers’ preferences, and regulatory bodies have boosted the demand for food quality and safety, resulting in the growing adoption of automated systems in the food industry. As a result, the global market for Food Automation is projected to reach a revised size of $15.10 billion by 2030, growing at a CAGR of 4.9%.
