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The growing need to resolve global issues like poor diets, environmental degradation, climate change, and hunger is propelling the global smart food market forward.
The global smart food market size is expected to reach USD 940.98 Billion registering CAGR of 10.0% during the forecast period. Food processing companies are increasing their investments in the production of improved food storage methods, packaging, and high nutritional value food products, which is resulting in steady revenue growth for the market. Other factors driving demand for smart food choices include the increasing prevalence of lifestyle diseases such as obesity, cardiovascular disease, and diabetes among a growing global customer base. Patients with diabetes are rapidly turning to smart food options, as the low glycemic index of smart foods aids in blood sugar control. Such variables are expected to continue to help the smart food market’s overall growth in the future.
During the forecast period, food movement by the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) is expected to boost the smart food market’s growth. The movement aims to transform the ‘Big 3′ of rice, corn, and wheat into the ‘Big 5′ of rice, maize, wheat, millets, and sorghum in order to reduce malnutrition, especially in developing countries.
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Some Key Highlights in the Report
Cargill announced an investment in Seventure Partners’ Wellbeing for Life Capital II fund in November 2020. Seventure Partners’ Health for Life capital II Fund supports the microbiome movement in nutrition and health. The investment is expected to assist Cargill in bringing more important functional food items to market.
In 2020, the dairy products segment had the highest market share of 31.0 percent. The smart food market is expected to expand due to rising dairy product consumption among the global customer base, a trend that is expected to continue during the forecast period.
During the forecast period, revenue in the functional food segment is projected to grow at a rapid CAGR of 10.3 percent. Functional ingredients’ health-promoting properties are boosting demand for functional foods among health-conscious consumers.
In the global smart food industry, Asia Pacific region had the highest revenue growth rate in 2020. The growing need to reduce the risk of chronic diseases like diabetes, cardiovascular disease, and others among a growing population in developing economies is driving up demand for smart food solutions in the region.
Key players in the smart food market include Archer-Daniels-Midland Company, Arla Foods, Aveka, Inc., Balchem Corporation, BASF SE, Cargill, Inc., Firmenich SA, Ingredion Incorporated, International Flavors & Fragrances Inc. (IFF), and Kellogg Company.
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