The Business Research Company’s Synthetic Food Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Synthetic Food Global Market Report 2023 evaluates synthetic food market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and resulted in increased interest rates affecting many markets across the globe. The synthetic food market is expected to reach $20.73 billion in 2027 at a CAGR of 5.9%.
The growing demand for alternative protein sources is expected to propel the growth of the synthetic food market going forward. Alternative protein sources are made from plants, animals, or fermentation-produced cells. The increasing demand for protein has resulted in rapid innovations devised by the food industry in categories such as alternative proteins such as lab-grown meat, plant-based meat, single-cell proteins from yeast or algae, and edible insects. Therefore, alternative protein sources and synthetic food are part of the more significant trend toward developing sustainable and healthy diets. 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.
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The synthetic food market segments in the report are:
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
The table of contents in TBRC’s synthetic food market report includes:
- Executive Summary
- Synthetic Food Market Characteristics
- Synthetic Food Market Trends And Strategies
- Synthetic Food Market – Macro Economic Scenario
- Synthetic Food Market Segmentation.
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- Global Synthetic Food Market Competitive Benchmarking
- Global Synthetic Food Market Competitive Dashboard
- Key Mergers And Acquisitions In The Synthetic Food Market
- Synthetic Food Market Future Outlook and Potential Analysis
- Appendix
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