Global investment in foodtech and agtech (agrifoodtech) startups totaled $29.6bn in 2022, a 44% decline on record-breaking 2021 levels.

The decline is largely in-line with global venture capital markets, however several climate-related categories bucked the global trend posting year-over-year increases.

The drop in deal activity was not as pronounced, with 2,797 deals closing, down just 19% from 2021.

A decrease in investment in Chinese eGrocery, global Cloud Retail Infrastructure and North American alternative protein startups drove much of the overall decline.