The Dig­i­tal Trans­for­ma­tion of the Food In­dus­try in MENA

Arabnet - The Quarterly - - Industry Stories - By Lynn El Bizri | @lnlne

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.

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