The global smart food market is expected to reach a market size of USD 940.98 Billion at a steady CAGR of 10.0% in 2028, according to latest analysis by Emergen Research. This steady revenue growth can be attributed to increasing investments by food processing companies for development of enhanced food preservation techniques, packaging, and high nutritional value food products. Rising prevalence of lifestyle diseases such as obesity, cardiovascular diseases, and diabetes are among other factors driving demand for smart food options among a growing global consumer base.
The dairy products segment accounted for largest market share of 31.0% in 2020. Increasing consumption of dairy products among a global consumer base is driving growth of the smart food market, and this is expected to continue during the forecast period.
Functional food segment revenue is expected to expand at a rapid CAGR of 10.3% during the forecast period. The health promoting properties of functional ingredients is boosting demand for functional foods among the health-conscious consumer base. Furthermore, the report provides details about the new players entering the market, entry-level barriers and offers strategic recommendations to overcome those barriers to gain a substantial industry presence.
