The smart food industry is experiencing rapid growth and development coupled with the demand to protect the consumer’s health and interest which has led to the foundation of various regulatory policies and frameworks across the globe. This industry faces major differences in the key terminologies across the global market, along with significant differences in the regulatory and policy environment. Various countries have developed their own policies, regulatory framework, labeling, agendas, novel food application procedure
According to a new market intelligence report by BIS Research, titled ‘Global Smart Food Market- Analysis…ecast (2016-2022)’, the global smart food market is expected to reach $525.25 billion by 2022. The strong growth is attributed to the increasing health consciousness among the population, and growing R&D in the food industry, the introduction of newer food preservation techniques, and rising healthcare costs.
The countries such as U.S., China, India, U.K., and Spain are witnessing massive growth in the smart food market. This robust growth in the developing regions is largely propelled by the growing urban population and increasing disposable incomes which in turn have stimulated the growth in the smart food industry.
As a result of these demographic changes, the global food industry has undergone massive structural changes.
High growth in the market is attributed to the increasing awareness among consumers about health and balanced diet and also the changing dietary patterns according to modern lifestyle. Moreover, the rising healthcare costs have also driven the growth of this market.
Functional food segment is dominating the smart food market. This is because consumption of the foods containing functional ingredients is rapidly expanding in the food industry for example pre- and probiotic yogurt drinks, milk and milk-based drinks and the cholesterol-lowering spreads. Some of the leading companies which provide functional foods are BASF SE, Kerry Group, and General Mills Inc. among others. The company BASF SE provides ingredients such as Lamequick whipping agents, Spongolit cake emulsifiers and Nutrilife bakery enzymes that provides an extra advantage to bakery products. These products generate the majority of its revenue from Asia-Pacific regions.”
Analogue and Novel foods hold huge scope of growth in the coming years. The concept of novel foods revolves around the use of enzymes in food products to reduce the allergenic potency of proteins, while the Analogue foods can be cheese analogue, meat analogue or others.
Ingredion, Cargill Inc., Balchem Corporation, Sensient Technologies, Symrise, and Kerry Group, among others, are some of the prominent players in the smart food market. The market has the presence of a large number of small-sized to medium-sized companies that compete with each other and the large enterprises.
Key questions answered in the report:
- What is the size, in terms of value ($million) of the global smart food market in 2016, and growth rate during the forecast period, 2017-2022?
- What are different food types considered as smart food and their recent developments by respective manufacturers?
- What is the market size of different end products in this market, in terms of value and their respective growth prospects and key developments?
- What is the market size for different food types, based on various end products, and regions?
- What is the smart food market size for different regions, in terms of value and their respective growth prospects and key developments?
- What are the key trends and opportunities in the market, pertaining to countries included in different geographical regions?
- How attractive is the market for different stakeholders present in the industry by analyzing the futuristic scenario of smart foods?
- What are the major driving forces that tend to increase the demand for smart foods during the forecast period?
- What are the major challenges inhibiting the growth of the global smart food market?
- What kinds of new strategies are being adopted by existing market players to make a mark in the industry?
- What is the competitive strength of key players in the smart food market by analyzing the market share?
- What are the key market players in the market, along with their detailed analysis & profiles (including company snapshots, their financials, key products & services, and SWOT analysis)?
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