Vancouver, British Columbia, Feb. 02, 2021 (GLOBE NEWSWIRE) — The global synthetic food market is projected to reach a market size of USD 24.15 Billion by 2028 at a CAGR of 4.8%, over the forecast period, according to most recent analysis by Emergen Research.
The growing food consumption all across the globe is expected to drive the growth of the synthetic food market. The growing population has created a surge in demand for food, particularly meat. The demand for meat globally is expected to outpace the supply of pigs, cows, chickens, and other edible animals.
Production of food is quite stressful to the environment, and climate change, water scarcity, and rise in global temperature will drive the need for synthetic food. The growing demand for beverages and trend of eating out is also contributing to the growth of the market. More restaurants are adopting synthetic food as a replacement for natural food. The high-scale manufacture of synthetic food ingredients will propel the growth of the synthetic food market.
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There is growing popularity of packaged food across the globe, and application of synthetic food ingredients in packaged food will add to the revenue growth of the market. The presence of a large number of restaurant chains that use synthetic food to retain the freshness of vegetables and fruits is fueling the growth of the synthetic food market.
Key Highlights of Report
- In July 2020, Perfect Day publicly came out with their recipe for lab-made dairy. In early July, a limited-edition batch was released, with flavors including chocolate, vanilla salted fudge, and vanilla blackberry toffee, which quickly sold out, portraying the demand for synthetic milk products.
- The synthetic color segment is expected to grow at a significant rate during the forecast period due to the rise in demand from consumers across developing countries. The demand for synthetic colors such as blue and green in the beverage industry will also propel the segment’s growth.
- The growing demand for ready-to-drink beverages such as non-alcoholic and carbonated soft drinks due to an increase in consumer spending will propel the end-use segment’s growth.
- Online segment is projected to grow at the highest rate during the forecast period. The growing trend of shopping online and imposition of lockdown during COVID-19 spurred the growth of distribution of synthetic food in online segment.
- North America accounted for the largest share in 2020. The presence of large FMCG manufacturers and consumer base contributed to the growth of the segment. High disposable income and increase in synthetic food ingredients in beverages propelled the growth for the segment. Growing trend of bakery and confectionary will also contribute to the high revenue of the segment.
- Major companies operating in the global synthetic food market include Allied Biotech Corp, Flavorchem Corporation, Döhler Group, Frutarom Industries Ltd., FMC Corporation, Biolandes SAS, Naturex S.A., Falcon Essential Oils, Fiorio Colori, and BASF SE.
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Emergen Research has segmented the global synthetic food market in terms of product, end-users, distribution, and region:
- Product Outlook (Revenue, USD Billion; 2018-2028)
- Synthetic Color
- Flavor and Fragrances
- Fats and Oils
- End-use Outlook (Revenue, USD Billion; 2018-2028)
- Bakery and Confectionery
- Dairy and Frozen Products
- Animal and Pet Food
- Savory and Snacks
- Distribution Outlook (Revenue, USD Billion; 2018-2028)
- Conventional Stores
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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Published at Tue, 02 Feb 2021 19:00:00 +0000