The global smart food market is expected to reach a market size of USD 940.98 Billion at a steady CAGR of 10.0% in 2028, according to latest analysis by Emergen Research. This steady revenue growth can be attributed to increasing investments by food processing companies for development of enhanced food preservation techniques, packaging, and high nutritional value food products.
Subject matter experts conducting the study also take a closer look at the products at their development stage and in the pipeline to help business owners conclude on the business strategies that can lower their cost and promise great returns or profits. Strong emphasis on new launches, acquisition and mergers, collaboration, import and export status and supply chain management empowers the business evangelists, manufacturers and business owners build a robust strategy when it comes to making an investment.
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Rising prevalence of lifestyle diseases such as obesity, cardiovascular diseases, and diabetes are among other factors driving demand for smart food options among a growing global consumer base. Diabetes patients are increasingly adopting smart food solutions as the low glycemic index of smart foods helps in managing blood sugar levels. These are among other factors expected to continue to support overall growth of the smart food market going ahead.
The smart food movement by the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) is expected to boost growth of the smart food market during the forecast period. The movement aims to convert the ‘Big 3’, which is rice, maize, and wheat, into the ‘Big 5’, which includes rice, maize, wheat, millets, and sorghum, in order to reduce prevalence of malnutrition, particularly in developing countries.
Key Highlights of Report
In November 2020, Cargill announced investment into Health for Life Capital II fund of Seventure Partners. The Health for Life capital II Fund of Seventure Partners supports the microbiome revolution in the areas of nutrition and health. The investment is expected to help Cargill in bringing more relevant products to the market in the functional food arena.
The dairy products segment accounted for largest market share of 31.0% in 2020. Increasing consumption of dairy products among a global consumer base is driving growth of the smart food market, and this is expected to continue during the forecast period.
Functional food segment revenue is expected to expand at a rapid CAGR of 10.3% during the forecast period. The health promoting properties of functional ingredients is boosting demand for functional foods among the health-conscious consumer base.
The competitive landscape section of the report talks about the recent advancements in the R&D and technologies undertaken by the prominent players, along with their strategic business expansion plans, product launches, and brand promotions. The report pays special attention to the strategic alliances such as mergers and acquisitions, joint ventures, collaborations, agreements, corporate and government deals, and others adopted by the prominent players of the industry to expand their market presence and gain a substantial market position.
Key market participants include Archer-Daniels-Midland Company, Arla Foods, Aveka, Inc., Balchem Corporation, BASF SE, Cargill, Inc., Firmenich SA, Ingredion Incorporated, International Flavors & Fragrances Inc. (IFF), and Kellogg Company.
The global Smart Food market report covers the analysis of drivers, trends, limitations, restraints, and challenges arising in the Smart Food market. The report also discusses the impact of various other market factors affecting the growth of the market across various segments and regions. The report segments the market on the basis of types, applications, and regions to impart a better understanding of the Smart Food market.
Emergen Research has segmented the global smart food market on the basis of end products, food type, and region:
End Products Outlook (Revenue, USD Billion; 2021–2028)
Food type Outlook (Revenue, USD Billion; 2021–2028)
Genetically Modified Food
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The research study also offers insights into various regulatory frameworks and evaluates the growth of the industry in each key region of the world. The report also provides an assessment of the micro and macro-economic factors influencing the growth of the market in the mentioned regions. The global Smart Food market is segmented into the following based on the key regions of the world:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The all-inclusive report on the Global Smart Food Market added by Emergen Research demonstrates that the global Smart Food market is presumed to grow at a steady CAGR throughout the forecast timeline. The report analyzed the key market drivers, restraints, growth opportunities, investment opportunities, threats, and limitations of the Smart Food market. The report also offers accurate forecast estimation at a global and regional level to impart a better understanding of the scope of the market.
Summary of the Global Smart Food Report:
Comprehensive analysis of the market including risks and opportunities
Details of business strategies and plans undertaken by key market players
Analysis of current and future trends that will affect the growth of the market in the forecast timeline
In-depth analysis of drivers and constraints for better understanding of the market
The report encompasses a detailed forecast for the years 2021-2028.
The report provides valuable insights on key market growth driving trends and monetary competence in the forecast timeline.
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