Market Overview:
Global Synthetic Food Market Size Was Valued at USD 17.9 Billion In 2022 And Is Projected to Reach USD 27.3 Billion By 2030, Growing at A CAGR of 5.4% From 2023 To 2030.
Synthetic Foods have been produced by using new techniques with the help of advancements in technology. Synthetic Foods usually consist of a high amount of protein. Synthetic foods are manufactured from food substances that have been chemically incorporated. Synthetic foods are artificial foods, these foods generally emulate the appearance, odor, and taste of natural foods. Furthermore, synthetic and cellular-based foods are appearing in response to consumer surges. Many consumers want to know the food they eat is manufactured ethically and sustainably, hence the birth of food production in labs like non-meat protein. According to the Center for Food Integrity, in the ratio of only one in four consumers believe livestock animals are well taken care of, which has propelled demand for synthesized and cellular-based foods specifically in the non-meat protein industry.
Top Key Players in Synthetic Food Market:
FMC Corporation, Flavorchem Corporation, Chr Hansen A/S, D.D Williamson & Co. Inc., Dohler Group., Allied Biotech Corporation, Aarkay Food Products, Royal DSM N.V., Archer Daniels Midland Company, Fiorio Colori, Young Living Essential Oils., Symrise AG, Frutarom Industries Ltd., Naturex S.A., BASF SE., Sensient Technologies, and Other Major Players.
Market Dynamics and Factors for Synthetic Food Market:
Drivers:
Growing Population And Switching Consumer Trend Towards Ready-To-Eat Food
The food & beverage industry expansion due to the growing population and switching consumer trends towards ready-to-eat, ready-to-cook, or baked products will stimulate synthetic food market growth. Switching consumer lifestyles and consumption habits are initiating demand for packaged, canned, and processed items. Hence, accelerating artificial additives adoption owing to their strong role in enriching product shelf life and maintaining flavor and taste. Furthermore, the growth of convenient product consumption because of expanding dispensable income and occupied schedule has demanded the artificial additives surge for ultra-processed items. In addition, the rapid growth of the population combined with expanding gap between the supply and demand of nutritious food is a significant concern propelling the market growth over the forecast period.
Opportunities:
Technological developments
Technological developments for maintaining nutritious value in dietary products, scientist has designed artificial additives to provide the taste and flavor of natural ones. The occurrence of new flavor innovations in the industry manufacturer to maintain unique selling prices will create lucrative opportunities for synthetic market food market growth in upcoming years. Advanced processing techniques such as microencapsulation and spray drying are being used to protect sensitive nutrients like vitamins and antioxidants from degradation during processing and storage. These techniques enable the incorporation of essential nutrients into synthetic food products without compromising their nutritional value.
Segmentation Analysis of the Synthetic Food Market:
- By Product Type, the color segment is projected to dominate the market owing to increasing demand for food colorants in fast foods, processed foods, carbonated soft drinks, and juices will support the industry growth.
- By Application, the beverages segment is dominating the market. An increasing the demand for consumption of a variety of tea, coffee, juices, aerated drinks, and other soft drinks and cold drinks which include a wide range of color, flavor, antioxidants, enzymes, and preservatives which helps to the growth of the market.
Regional Analysis of the Synthetic Food Market:
The North American region is projected to dominate the market owing to the high demand for synthesized-based food and beverages, changing the lifestyle of consumers toward ready-to-eat and ready-to-cook food products. In addition, the huge customer base, and presence of key players such as ADM, FMC Corporation, D.D Williamson & Co. Inc, and others hasten the growth of the market during the forecast period. Additionally, changing consumption habits, rapid urbanization, and increased consumption of bakery, frozen food, and processed foods are key factors that help industry growth in the region.
Key Industry Development:
- In August 2021, Flavorchem Corporation announced their new product Sour which is not only a trending flavor but also linked with health and wellness.
- In July 2020, Perfect Day publicly launched its recipe for lab-made dairy. At the beginning of July, a limited-edition batch was announced, with flavors including chocolate, vanilla salted fudge, and vanilla blackberry toffee, which instantly sold out, representing the demand for synthetic milk products.
