Comprehensive Synthetic Food Market Analysis 2023: Size, Share, And Key Trends
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Synthetic Food Global Market Report 2023, the synthetic food market is expected to show significant growth in the forecast period.
Key insights from the synthetic food market forecast include:
- Market Size
The global synthetic food market is expected to grow from $15.42 billion in 2022 to $16.48 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The synthetic food market is expected to reach $20.73 billion in 2027 at a CAGR of 5.9%.
- Major Driver
The growing demand for alternative protein sources is expected to propel the growth of the synthetic food market going forward. For instance, in August 2022, according to the National Research Council Canada, a Canada-based government research organization, the need for alternative proteins in Canada, including plant-based proteins, was anticipated to expand by 14% annually by 2024 and by 2054, the overall protein demand is expected to double to 943.5 million metric tons. Therefore, the growing demand for alternative protein sources is driving the growth of the synthetic food market.
View More On The Synthetic Food Market Report 2023 – https://www.thebusinessresearchcompany.com/report/synthetic-food-global-market-report
- Key Trend
Product innovations are the key trend gaining popularity in the synthetic food market. Major companies operating in the synthetic food market are introducing innovative products with unique flavors to sustain their position in the market. For instance, in August 2021, Shiok Meats Pte. Ltd., a Singapore-based cellular aquaculture and cell-based meat company, launched the world’s first-ever cell-based crab meat. Shiok Meats’ cell-based meats produced crab cake, chili crab, lobster-flavored potato chips, and tom yum shrimp soup. Shiok Meats’ crab and OmniMeat, a combination of cell-based and plant-based meat, were used to make the Crab Cake meal, and Shiok Meats’ crab was used to make the Chili Crab entree.
- Major Players
Major players in the synthetic food market are BASF SE, Archer Daniels Midland Company, Royal DSM N.V, FMC Corporation, Symrise AG, Döhler Group SE., Chr. Hansen A/S, Young Living Essential Oils LC, Beyond Meat, Naturex S.A., Believer Meats, Impossible Foods, Flavorchem Corporation, UPSIDE Foods Inc., Allied Biotech Corp., Mosa Meat, Falcon Essential Oils, Aarkay Food Products Ltd., Meatable, Aleph Farms Ltd., Motif FoodWorks Inc., GOOD Meat, SuperMeat, IntegriCulture Inc., Fiorio Colori S.R.L, Multus Biotechnology Ltd., BioBetter Ltd., and Frutarom Industries Ltd.
- Top Market Segments
The global synthetic food market is segmented –
1) By Product: Synthetic Color, Enzymes, Hydrocolloids, Antioxidants, Flavor And Fragrances, Fats And Oils
2) By Distribution: Supermarkets, Conventional Stores, Online
3) By Application: Beverages, Dairy And Frozen Products, Bakery And Confectionery, Meat, Poultry And Seafood, Processed Food, Convenience Food And Beverages, Sauces And Dressings
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The Synthetic Food Global Market Report 2023 provides an in-depth analysis on the synthetic food market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the synthetic food market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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