The synthetic food market is predicted to witness significant growth, owing to the rising consumer inclination towards processed and packaged food products. Time constraints, convenience, and longer shelf life are some prominent factors that have triggered the demand for Read-to-Eat food. As per the USDA, consumers, businesses, and government entities in the U.S. had combinedly spent around US$1.77 trillion on snacks and food & beverages in grocery shops during 2019.
Increased preference towards such food products has escalated the use of synthetic additives that helps in maintaining quality, taste, and longevity. Synthetic foods or artificial foods are produced from chemically synthesized substances that imitate the odor, taste, and appearance of natural foods. Global synthetic food market size is expected to surpass US$20 billion by 2024, according to a forecast by Global Market Insights, Inc.
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Adoption of artificial food colors
The synthetic food color segment is expected to register considerable market share through 2024, owing to growing utilization as an ingredient in many convenience foods. Artificial food colors are widely used to enhance the appearance of food, drinks, and others. There has been an increasing demand for colors in cereals, candy, cakes, drinks, bakery products, vitamins, and pharmaceuticals. Easy availability of food colors approved by regulatory bodies, low cost, and their ability to match the look of natural foods are some notable factors driving synthetic food market trends.
High consumption of beverages
Beverage application of synthetic food is anticipated to grow steadily, on account of the growing consumption of different kinds of beverages among consumers such as carbonated drinks, alcohol, juices, and others. Manufacturers increasingly use various food ingredients such as colors, emulsifiers, flavors & fragrances, and others to make their products more flavorful and unique to stay ahead in a vastly competitive market landscape.
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Flourishing bakery industry in the U.S.
The synthetic food industry share from the bakery and confectionery application segment is slated to witness considerable growth, owing to the rising popularity of cakes, muffins, pies, and others. Synthetic food additives substantially enhance the taste, flavor, color, and shelf life of bakery and confectioneries. An increase in disposable income and changing food habits have boosted the consumption of bakery products, especially among office-goers and students.
The presence of one of the worlds’ largest baking markets, the U.S., is a major factor propelling the significant consumption of artificial food ingredients in North America. According to the American Baker Association, the U.S. bakery industry has an overall economic impact of about US$154 billion towards the nation.
The rise in the adoption of packaged food products due to the mounting health concerns amid the COVID-19 pandemic is likely to impact the consumption of artificial food products. Moreover, the growing emphasis by food scientists to develop technology to produce nutritious foods artificially and reduce the dependence on natural sources for food production should drive synthetic food market developments.
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