Industry Outlook and Trend Analysis
The Synthetic Food Market was worth USD 12.19 billion in 2014 and is expected to reach approximately USD 19.09 billion by 2023, while registering itself at a compound annual growth rate CAGR of 5.11% during the forecast period. Switching consumer lifestyle and consumption habits are inciting demand for packaged, processed and canned products. This boosts the adoption of artificial additives because of their solid role in upgrading shelf life of the product and retaining flavour and taste. Cereals, cakes, ice-creams, and breads are key major ultra-processed food types. Development of convenient product consumption because of expanding dispensable income and occupied schedule has surged the artificial additives demand for ultra-processed items. Fast development of population combined with expanding gap amongst supply and demand of nutritious food is a significant concern driving adoption of additional additives.
Product Outlook and Trend Analysis
Synthetic colour market accounted for over USD 1 billion income in 2016. Expanding demand for ingredients from food manufactures to enhance and confer visual appeal, which is lost amid processing, will boost industry development. Surge in manufacturing of carbonated juices, soft drinks, and alcohols will give solid business chances to industry makers. Key perspectives, for example, convenient availability, low cost of production, and appearance like natural ingredients propelling artificial colours market size. Antioxidants market will witness significant development over the forecast period. Solid application outlook to repress oxidative rancidity in fat-based foods, principally meat and dairy products and fried food will drive manufactured artificial antioxidants market.
Application Outlook and Trend Analysis
Beverages applications from colours are anticipated to develop at significant pace over the following years. Rising consumption of juices, tea, aerated drinks, coffee, soda and mineral waters will impact section development. Organizations have increased usage of artificial additives including, flavour, colours, antioxidants and enzymes to increase competitive advantage over drinks quality and usefulness. Increasing demand for alcoholic and non-alcoholic beverages attributable to rising discretionary income will help synthetic colours market size. Bakery and confectionery market from flavour and fragrances accounted for 19% of the business share in 2016.
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Regional Outlook and Trend Analysis
North America synthetic food market represented more than 25% of worldwide request in 2016. The vast existence of FMCG manufacturers and enormous consumer base supporting regional industry development. The United States Synthetic Food Market being the significant contributor created over USD 1.5 trillion revenue from the grocery industry. High discretionary income alongside expanding usage of RTE products has significantly stimulated demand. Asia Pacific artificial additives market will encounter significant demand over the forecast period. Furthermore, China is the biggest market in the APAC district, outperforming USD 700 billion income in 2016.
The leading players in the market are DSM, BASF, Chr. Hansen, Sensient Technologies, Flavorchem Corporation, Allied Biotech Europe GmbH, Archer Daniels Midland, FMC Corporation and Fiorio Colori. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Synthetic Food Market is segmented as follows-
Flavour and Fragrances
Dairy and Frozen Products
Bakery and Confectionery
Poultry and Seafood
Convenience Foods and Beverages
Spreads Savoury and Snacks
Animal and Pet Food
Oils and Fats
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Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
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Some of the key questions answered by the report are:
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?
Name: Jennifer Daniel
Organization: Planet Market Reports