Provided by BIS Research
The increasing awareness among the populace about the importance of diet and health is a consequence of the rising rate of health issues, such as heart diseases, cancer, osteoporosis, diabetes, strokes, etc. Modern lifestyle has rendered people helpless in the face of consumerism, and thus, the modern lifestyle diseases are prevailing globally, which has consequently given rise to the smart food industry.
The smart food market has given a boost to the stagnant food and FMCG industries, and companies are taking this opportunity to add smart food to their existing product portfolio. Smart foods are being projected as products which assist in the prevention of diseases and improve health conditions.
With a variety of options in the type of food such as functional foods, encapsulated foods, genetically modified foods, and others (analogue and novel foods), the smart food market is gaining momentum in the FMCG industry. The smart food market is projected to grow substantially over the span of the next five years. Some of the factors which are galvanizing the market include increasing health consciousness among the populace, growing research and development in the food industry, introduction of latest food preservation techniques and rising healthcare costs.
Currently, the nature of the smart food market is fragmented and the market is still trying to reach a wider consumer base who lack awareness about this segment of food industry. Another reason for slow adoption of smart food is the high cost of products, which is not preferable to the populace. These factors are restraining the overall growth of the market globally. However, rising healthcare costs and changing dietary patterns of the people are helping in spreading the awareness about this industry and consequently, in the growth of the market.
According to the latest research report by BIS Research, titled ‘Global Smart Food Market, Analysis & Forecast - 2017 to 2022’, the global smart food market is anticipated to grow at a CAGR of 8.32% from 2016 to 2022, owing to the gradually increasing awareness about balanced diet and health, along with the changing dietary patterns as a result of modern lifestyle.
The market report categorises the smart food market on the basis of food type, end-products and geography. Among different food types provided by the market, functional foods dominate the market presently, followed by encapsulated food. Due to the presence of functional foods for a longer time in the market, this segment is most popular among the consumers and is expected to generate maximum revenue by 2022. However, the segment which is expected to grow at the highest rate includes analogue and novel foods.
Furthermore, the key end-products provided by the smart food industry are bakery products, confectionery, dairy products, dietary supplements, meat products, beverages and others (including frozen products and fruits & vegetables). Among these, dairy products are expected to generate maximum revenue by 2022, owing to the increased consumption and dietary benefits of dairy products.
The report also includes a separate segment of the key companies involved in the smart food market along with their individual SWOT analysis. The companies demonstrate an inclination towards market strategies such as mergers & acquisitions and business expansions, with market giants primarily focussed on mergers and acquisitions.
Some of the key players are:
- Archer Daniels Midland Company
- Arla Foods
- Balchem Corporation
Stay up-to-date with the latest trending news stories and industry advances with the Research and Markets blog. Don’t forget to join our mailing list to receive alerts for the latest blog plus information about new products.