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Global Food Market To Encounter Major Growth By 2023

Global food market to encounter major growth by 2023

The foods, agriculture technology and products market is expected to encounter a considerable growth of $234 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 8.1% during the period.

This was revealed in a recently released report by Market Research Reports Search Engine (MRRSE); an interface tailored to provide information market research.

According to the report, the growth is attributed to an increase in the demand and consumption of livestock-based products and seafood, increase in consumer awareness about food safety, governments support on adoption of modern techniques and increase in demand, spiraled by an increase in population.

The report added that, the cold chain accounted for the significant market size in the food and agriculture technology and products market in 2018.

The growth of cold chain is due to the “increased business networking relations between countries, higher demand for perishable foods through online shopping and greater flexibility for transporting perishable foods at the right time in developed countries”.

Credit: | Images: Varden Farms and Resort

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