The contemporary worldwide population has made health and wellness a top priority and concern. Additionally, consumers are becoming more aware of their diets due to the rise in medical conditions like heart disease, cancer, osteoporosis, diabetes, and strokes as well as rising healthcare expenditures. Companies all over the world are resolutely making attempts to further expand the otherwise stagnant food and fast-moving consumer goods (FMCG) industry in response to the current, growing demand for leading a healthy lifestyle. The corporations have created a “smart food” sector within their current product portfolios, selling them as goods that help with disease prevention or health improvement, further lowering healthcare expenses.
According to the most recent report by Emergen Research, the global smart food industry is anticipated to reach a market size of USD 940.98 billion at a consistent CAGR of 10.0% in 2028. This consistent revenue growth can be ascribed to rising investments made by food processing businesses in the creation of improved food preservation methods, packaging, and food products with high nutritional values. An increasing worldwide customer base is driven by a variety of variables, including the rising prevalence of lifestyle disorders like obesity, diabetes, and cardiovascular diseases. As a result of the low glycemic index of smart foods, which aid in controlling blood sugar levels, diabetes patients are increasingly adopting smart food solutions.
These and other elements are some of those that are anticipated to support future market expansion for smart foods. During the projected period, the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) smart food initiative is anticipated to spur market expansion. To decrease the prevalence of malnutrition, particularly in developing nations, the movement seeks to transform the “Big 3,” which are rice, maize, and wheat, into the “Big 5,” which consists of these foods: rice, maize, wheat, millets, and sorghum.
The market is experiencing consistent revenue growth as a result of food processing firms increasing their investments in the creation of high nutritional value food products, enhanced food storage techniques, and packaging. The rising frequency of lifestyle disorders including obesity, cardiovascular disease, and diabetes amid an expanding worldwide customer base is another element boosting demand for shrewd food choices. Diabetes patients are increasingly choosing smart food options since they help control blood sugar levels thanks to their low glycemic index. Future growth of the smart food industry is anticipated to benefit from such factors.
Key Highlights of the Report
- Cargill made an investment in Seventure Partners’ Health for Life Capital II fund in November 2020. The microbiome revolution in nutrition and health is supported by Seventure Partners’ Health for Life capital II Fund. The investment is anticipated to assist Cargill in introducing more pertinent goods to the functional food industry.
- In 2020, the dairy products category had the biggest market share (31.0%). The market for smart foods is expanding due to rising dairy product consumption among a worldwide customer base, and this trend is anticipated to continue throughout the forecast period.
- Revenue in the functional food market is anticipated to increase quickly over the projected period, at a CAGR of 10.3%. The demand for functional foods is rising among the health-conscious consumer base as a result of the health-promoting qualities of functional ingredients.
- In comparison to other regional markets, Asia Pacific had the quickest revenue growth rate in the worldwide smart food industry in 2020. The need for smart food solutions in the region is rising in response to the growing need to lower the risks of chronic diseases including diabetes, cardiovascular diseases, and others among a growing population in developing nations.
- Arla Foods, Aveka, Inc., Balchem Corporation, BASF SE, Cargill, Inc., Firmenich SA, Ingredion Incorporated, International Flavors & Fragrances Inc. (IFF), and Kellogg Company are a few notable market participants.
Emergen Research has segmented the global smart food market based on 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
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