Smart Food Market Analysis and Forecasts New Research Report on 2022

Market Overview:

Global Smart Food Market Size Was Valued at USD 491.69 Billion in 2021, and is Projected to Reach USD 1,060.09 Billion by 2028, Growing at A CAGR of 11.6 % From 2022 to 2028.

A novel concept called "smart food" refers to foods that are healthy for you, the planet, and the farmer. Smart Food addresses environmental problems (climate change, water scarcity, and environmental degradation), poor diets (from starvation to obesity), and poverty. They have the capacity to significantly affect major global issues. This can be done by making them more well-known as well as by making some Smart Foods again a staple in underdeveloped nations.

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Market Dynamics:

Driver:

Another important element propelling the growth of the smart food market is rising investments by food processing industries as a result of increased focus on production of improved food preservation techniques. The need to address pressing global challenges including bad diets, environmental concerns, and poverty is becoming more and more important, which is one of the main drivers of the use of smart food solutions. The demand for smart food solutions is rising as a result of the growing need to combat malnutrition, the rising incidence of diabetes and cardiovascular diseases, as well as the growing number of environmental problems including water scarcity and climate change.

Opportunities:

Since smart food solutions have the potential to boost agricultural productivity, farmers are embracing them more frequently. Smart food choices are being driven by the growing demand to lower the risk of chronic diseases among the expanding global population, which is also boosting the market for such foods. The market for smart foods is growing as a result of rising government backing for their adoption. As a result, and due to expanding initiatives and activities to create awareness in this respect, the novel trend is likely to shift within the forecast period.

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Market Segmentation

By Food Type, the functional food segment revenue growth rate is projected to incline rapidly during the forecast period. The functional food segment registered the largest revenue share in the smart food market over the forecast period. Functional foods are defined by the presence of many components, some of which are classed as nutrients, that influence a variety of key functions in the body, resulting in improved wellbeing and health and/or a reduction in the risk of certain diseases.

By End Products, the dairy products segment registered the largest revenue share in the smart food market over the forecast period. Dairy products segment revenue growth rate is anticipated to incline rapidly during the forecast period. The smart food market is predicted to grow at a faster rate throughout the forecast period, thanks to rising dairy consumption and a growing worldwide population.

By Food Type
• Genetically Modified Food
• Encapsulated Food
• Functional Food

By End Products
• Bakery & Confectionary products
• Dairy Products
• Meat products
• Beverages
• Dietary Supplements

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Regional Analysis of Smart Food Market
Asia Pacific region is expected to dominate the smart food market over the forecast period. Changing dietary preferences and eating patterns and habits among consumers due to increasing purchasing power and adoption of a more modern lifestyle is driving the growth of the smart food market in countries in the region. The growing need to improve food security, enhance diet, and address food shortages in developing economies are among some key factors boosting demand for smart food solutions. The rising need to reduce the risk of chronic diseases such as diabetes and cardiovascular diseases among the growing population in developing economies is boosting demand for smart food solutions.

By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Southeast Asia, Rest of APAC)
• Middle East & Africa (GCC Countries, South Africa, Rest of MEA)
• South America (Brazil, Argentina, Rest of South America)

Major Key Players Considered in the Market
• ADM (US)
• Kellogg Company (US)
• Arla Foods (Denmark)
• Aveka Inc. (US)
• Balchem Corporation (US)
• BASF SE (Germany)
• Cargill Inc. (US)
• Firmenich SA (Switzerland)
• Ingredion Incorporated (US)
• International Flavors & Fragrances Inc. (IFF) (US)

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Key Industry Developments In Smart Food Market

In December 2019, Cargill and Renmatix have formed a partnership to explore new uses and market opportunities for a proprietary, water-based process of converting waste plant material into functional food components.

In April 2021, Smartfood has introduced a once-in-a-lifetime flavor experience for fans, just in time for summer, following years of anticipation. The brands will take customers on an unexpected and thrilling journey with the latest product, one that they can also feel good about, by combining their delectable, ready-to-eat Smartfood® popcorn with the irresistible tastes of a Krispy Kreme Original Glazed Doughnut.

Objectives of the global Smart Warehousing market

1. To identify the main subsegments of the Smart Food market to comprehend its structure.

2. Identifies describes, and analyses the sales volume, value, market share, competitive market landscape, opportunities and threats, and strategic initiatives for the main worldwide Smart Food manufacturers for the next few years.

3. To examine the Smart Food in terms of specific expected growth, career outlook, and market share contribution.

4. Analyse commercial developments in the market, such as market expansions, partnerships, new product development, and mergers.

5. To develop a strategic analysis of the main players and a thorough analysis of their strategic planning.

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