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The Synthetic Food Market Size is valued at USD 19.51 Billion in 2023 and is predicted to reach USD 33.1 Billion by the year 2031 at a 7.00 % CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The advent of synthetic food markets was the concern over sustainability and the environmental impact associated with traditional food production methods.
- The increasing demand for sustainable food sources is expected to drive industry growth.
- North America dominated the market and accounted for a global revenue share in 2023.
- One of the significant concerns restraining industry growth is the increasing cost of raw materials and further health and safety concerns.
The term "artificial food items" also applies to synthetic food products. Synthetic food items are prepared with the use of biotechnological techniques. Synthetic food items maintain their original appearance, flavor, color, and nutritional content despite being created through biotechnology. Proteins, lipids, vitamins, their constituent parts, and trace elements are dietary components of synthetic food products. Milk, ice cream, cereals, cakes, and bread are some of the most come synthesized foods. Since it can be challenging for the food industry to obtain farm-fresh fruits and vegetables, artificial food products have recently gained attention. It is, therefore, safe to predict that the global market for synthetic food will generate a sizable amount of money throughout the forecast period.
Some of the key factors driving the growth of the global synthetic food market include the adoption of ready-to-eat products, rising consumption of synthetic food, rising demand for synthetic dairy products, energy drinks, soft drinks, etc., increasing demand for processed and packaged food, rising population, changing lifestyles, and the presence of numerous restaurant chains.
The market for synthetic food is expanding due to the widespread usage of synthetic food by restaurant chains to preserve the freshness of their produce. Although there aren't many rules governing food safety, synthetic food products concerns limit the market's expansion. Other issues that hinder the expansion of synthetic food products include the usage of pricey organic components, an increase in raw material prices, and a shift in customer preference toward organic food items due to increased health consciousness.
Competitive Landscape
Some Major Key Players in the Synthetic Food Market:
- Aarkay Food Products,
- Dainels Midland Company,
- Allied Biotech Corp,
- BASF,
- Biolanders SAS,
- Hansen,
- Dohler Group,
- Frutarom Industries,
- Falcon Essentials Oils
- Fiorio Colori
- Other market players
Market Segmentation:
The synthetic food market is segmented on the product, end users and distribution. Based on product, the market is segmented into synthetic color, enzymes, hydrocolloids, antioxidants, flavor and fragrances and fats and oils. Based on the end users, the market is segmented into beverages, bakery and confectionery, dairy and frozen products, animal and pet food and savory and snacks. Based on the distribution, the market is segmented into supermarkets, convenience stores and online.
Based On Product, The Hydrocolloids Category Is Accounted As A Major Contributor To The Synthetic Food Market.
The hydrocolloids category dominated the market in 2021. Demand for products is driven by the growing need to provide various beverages' stabilization, suspension, thickening, and mouthfeel control. Due to the rising popularity of reduced-calorie drinks, the diabetic population is projected to fuel market expansion. Several reasons, including rising disposable income, evolving consumer tastes, and the growth of upscale restaurant chains, are anticipated to drive market share.
The Bakery And Confectionery Category Witnessed Growth At A Rapid Rate
The bakery and confectionery category dominated the market in 2021. The acceptance of healthier and safer food options will be fueled by the rising health concerns surrounding issues like vaccinations, diabetes, and obesity. Product penetration is probably being aided by the quick movement in consumer preferences away from nutritional products and toward sweets like cakes, pastries, cookies and chocolates among all age groups. Increased consumption of various beverages, such as tea, soda, juices, coffee, aerated drinks, and mineral waters, will boost demand in this market.
The North American Synthetic Food Market Holds A Signification Revenue Share.
The North American synthetic food market is expected to register the highest market share in revenue in the near future. Due to a busy lifestyle, the need for processed and ready-to-eat food is increasing, which will help the region thrive. Furthermore, it is anticipated that rising consumer knowledge of the primary advantages of artificial ingredients, such as their low sugar content, will spur market expansion. The widespread presence of FMCG producers and the sizable consumer base is fostering regional industry growth. The U.S. synthetic food market, a key contributor, earned almost USD 1.5 trillion in sales from the supermarket sector. Demand has been positively influenced by rising RTE consumption and high disposable income. In addition, Asia Pacific is projected to grow rapidly in the global synthetic food market due to the region's growing working population and consumers' desire for ready-to-eat cuisine. Consumer behaviors have changed significantly, particularly in urban areas. Urban areas create 80% of packaged consumer goods. The expansion of the local synthetic food industry is greatly influenced by the quick rise in dual incomes and the expanding demand for frozen, processed, and other dairy products. Synthetic food items are also widely used in Asia to satisfy the tremendous demand for food in China and India.
Recent Developments:
- In Feb 2019, Chr. Hansen developed a novel sweet potato variety specifically designed for its usage as a food coloring agent. The product was the outcome of the Danish company's ten-year breeding program. The Hansen sweet potato was used as the basis for Chr. Hansen's FruitMax range of vivid red solutions. These solutions have been utilized in confectionery, water ice, bakery items, bakery decorations, fruit preparation, and fermented milk products.
Synthetic Food Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 19.51 Billion |
|
Revenue Forecast In 2031 |
USD 33.1 Billion |
|
Growth Rate CAGR |
CAGR of 7.00 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Billion and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
Product, End-User, Distribution |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Aarkay Food Products, Archer Dainels Midland Company, Allied Biotech Corp, BASF, Biolanders SAS, Chr. Hansen, Dohler Group, Frutarom Industries, Falcon Essentials Oils and Fiorio Colori |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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