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. 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 report considers the COVID-19 pandemic that is currently unfolding as a key market influencer. The report provides a thorough estimation of the overall impact of the pandemic on the Smart Food market and its vital segments. The report also discusses the impact of the pandemic across different regions of the market. It also offers a current and future assessment of the impact of the pandemic on the Smart Food market.
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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 report further divides the Smart Food market into key segments such as types, applications, end-user industries, technologies, and key regions of the market. The report also sheds light on the segment and region exhibiting promising growth in the Smart Food market.
Smart Food Market Segmentation
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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)
- Dairy products
- Bakery products
- Meat products
- Confectionary
- Beverages
- Dietary Supplements
- Others
- Food type Outlook (Revenue, USD Billion; 2021–2028)
- Encapsulated Food
- Functional Food
- Genetically Modified Food
- Others
Regional Segmentation
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)
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The report also studies the key companies of the Smart Food market along with analysis of their business strategies, M&A activities, investment plans, product portfolio, financial standing, gross profit margin, and production and manufacturing capacities.
Some Key players analyzed in the report are:
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.
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Key Questions Answered by the Report:
Which region is expected to dominate the market in the coming years?
What are the recent technological and product advancements occurring in the market?
What are the key strategies adopted by the prominent players in the Smart Food market?
What are the key product types and applications of the Smart Food industry?
What is the outcome of SWOT analysis and Porter’s Five Forces analysis?
How is the competitive landscape of the Smart Food market?
Who are the key players in the industry?
What is the growth rate of the industry over the coming years?
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