The Digital Transformation of the Food Industry in MENA
By 2020, the food market is expected to reach $3.03TN in revenue, and grow at a 4.5% compound annual growth rate (CAGR), according to research firm Research and Markets. Food technology has been one of the key drivers of growth in the food industry, with startups using AR, AI, data analytics, and machine learning to transform the way we discover, eat, and order our food.
Funding in food tech has climbed steadily over the past few years, skyrocketing in 2015 with 275 deals totaling over $5.7B, before dipping down in 2016, according to CB Insights. Regionally, investment in food tech is increasing, with over $18M in funding in the past 3 years, spread across more than 12 deals, including undisclosed investments.