Synthetic Food Market to grow at 5% CAGR to reach USD 20 billion by 2024
Asia Pacific Synthetic Food Market is anticipated to grow over 30% by 2024 owing to increasing the application of artificial additives among key manufacturers to enhance shelf-life, texture and appearance of consumable products.
Selbyville, United States - June 25, 2019 /MarketersMedia/ —
North America is anticipated to register a growth rate over 5.5% by 2024. The large presence of FMCG manufacturers and huge consumer base will positively support product penetration. Growing consumer consciousness concerning health benefits of artificial ingredients consisting low sugar levels will further propel industry. The U.S. is the leading contributor towards synthetic food market growth owing to its large production and consumer adoption rate.
Beverages applications from flavor & fragrances is expected to generate worth over USD 3 billion by 2024. Increasing consumption of numerous beverages including juices, coffee, tea, soda, aerated drinks and mineral waters will enhance demand in this segment. Most of the manufacturers have started developing "good-for-you" healthy beverage lines by shifting towards artificial sweetener usage.
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Bakery and confectionery from fat replacers generated sales over USD 350 million in 2016. Rising health concerns, including obesity, diabetes and immunization will fuel the adoption of healthier and safer food options. Shifting dietary preference towards sweets, candies, chocolates, pastries, cakes, doughnuts and cookies among all age groups will propel product penetration.
Hydrocolloids will depict 5% CAGR up to 2024. Increasing ingredient requirement as an additive enhancing texture, viscosity, stability and physical appearance of the meals will stimulate product demand. Some of the most common artificial hydrocolloid comprises carboxymethyl cellulose, guar gum, carrageenan, gelatin, locust bean gum and alginates.
Flavor & fragrances accounted for over 45% synthetic food sales in 2016. Increasing demand for providing significant features in numerous consumer goods including cinnamon aroma of pumpkin lattes and cherry taste of cherry cola will boost synthetic food market share. Moreover, enhanced non-reactive formulations as compared to natural scents is the major advantage stimulating product penetration.
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Legislative amendments by international and regional organizations, including FSSAI, FDA, EFSA, JTAFS, FSANZ and CFIA to encourage product application will boost synthetic food market growth. These guidelines effectively permit manufacturers to directly add artificial ingredients as seasonings and indirectly in vinegar and salt.
Urban synthetic food market benefit from easier access to consumer base, lower distribution costs, and proximity to diverse technologies including IT and waste treatment facilities. These ingredients are precisely added in vegetable dyes, inorganic pigments, potato skins, sausage casings, gelatin desserts and powdered drink mix to provide high quality meals. Furthermore, better availability of raw materials, improved packaging and equipment and the presence of highly trained manufacturers will stimulate synthetic food market expansion.
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Global industry share is fragmented owing to presence of a large number of international and local industry players. Rising competition among present organizations and new participants is anticipated to encourage product advancement. Some of the key fmarket players are ADM, Flavorchem, Sensient Technologies, FMC Corporation, DSM, Aarkay, Allied Biotech, BASF, Chr. Hansen, Frutarom Industries and Symrise. Other prominent participants include Falcon Essential Oils, Biolandes, Kalsec, Fiorio Colori, Naturex, Young Living Essential Oils, Dohler Group and DDW.
Name: Arun Hegde
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/industry-analysis/synthetic-food-market
Source URL: https://marketersmedia.com/synthetic-food-market-to-grow-at-5-cagr-to-reach-usd-20-billion-by-2024/88889705
Release ID: 88889705
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