Synthetic Food Market crossed USD 13.5 billion in 2016 and will witness over 5% CAGR up to 2024 says this industry forecast report based on Products , Applications and more.

Selbyville, DE -- (SBWire) -- 10/08/2018 --Global Synthetic Food Market is estimated to exceed USD 20 billion by 2024; according to a new research report by Global Market Insights, Inc. Busy lifestyle and changing demographic trends are resulting into preference for ready to eat and processed food consumption, thus enhancing synthetic food market growth. Increasing penetration of artificially engineered ingredients among manufacturers for their improved flavor & fragrances properties will support industry growth of synthetic food market. Key aspects such as texture enhancement, enhanced shelf life and visual appeal will propel artificial additive demand.

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Expansion of the processed food industry along with increasing demand for soft drinks, confectionery, meat, fruits and dairy will provide a strong application outlook for artificial additive industry growth. Increasing supply chain complexities of food manufacturers including spoilage and loss of nutritive value will further propel product penetration rate. Some ingredients are added directly as seasonings and indirectly as vinegar and salt to enhance product shelf life and deliver better taste.

Artificial colors are extensively used in several products to enhance the appearance and make it more attractive or lucrative. Increasing utilization of these colorants in meals, carbonated soft drinks, non-alcoholic beverages and alcoholic beverages is projected to propel artificial additives market size. The rising number of regulations by FDA and EU to produce low sugar content products will further boost industry growth.

Hydrocolloids were valued over USD 1.5 billion in 2016. Increasing necessity to provide stabilization, suspension, thickening, and manipulating mouthfeel of several beverages driving product demand. The growing consumption of low calorie drinks among the diabetic population will support industry growth. These hydrocolloids are also used to improve taste of low-calorie drinks without impacting beverage's flavor.

Flavor & fragrances dominated the overall artificial additives market in 2016. Factors such as changing taste preferences, rising disposable income along with gourmet food chain expansion is expected to propel artificial additives market share. These are widely used in savories and snacks to enhance overall product appeal and deliver aroma for a prolong time.

Asia Pacific synthetic food market is projected to account over 30% of the share by 2024. Increasing the application of artificial additives among key manufacturers to enhance shelf-life, texture and appearance of consumable products driving regional demand. Furthermore, major companies such as BASF, Symrise and Sensient are anticipated to invest in formulation of new flavors & tastes obtained through enhanced ingredient engineering. The rising consumption of bakery & confectionery products in China, India, Japan, and Australia owing to increasing double income trend is supporting industry expansion.

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North America synthetic food market is anticipated to witness growth over 4.5% up to 2024. Increasing demand for ready to eat and processed meals owing to busy lifestyle will support regional growth. Rising consumer awareness regarding key benefits associated with artificial ingredients including low sugar content is expected to propel artificial additives market size.

Global synthetic food market share is highly fragmented due to the presence of both large number of multinational as well as regional companies. Increasing competition among existing organizations and new entrants is anticipated to encourage product development. Archer Daniels Midland Company, Flavorchem, Sensient Technologies, FMC, DSM, BASF, Chr. Hansen, Döhler Group and Allied Biotech are key players in synthetic food market. Other prominent players include Frutarom, Symrise, Young Living Essential Oils, Falcon Essential Oils, Biolandes, Naturex, Fiorio Colori and D.D. Williamson & Co. Inc.