Smart food industry is gaining significant traction with time as the world is heading towards modern lifestyle. Companies in the food and FMCG industry are utilizing this opportunity to extend their businesses across the globe, providing products which attract the health conscious masses. The smart food market has registered a strong growth in the demand for healthier alternatives of food products. This trend has been tapped by one of the biggest company in the market, PepsiCo, which acknowledged that ‘45% of PepsiCo's revenue comes from its 'guilt-free' beverage and snack division.1”
According to the CEO of PepsiCo, Indra Nooyi, "Our everyday nutrition portfolio is growing faster than the balance of [PepsiCo's overall] portfolio.1" Hence, their research and development is focussed around healthier products, which is paving the way for varied product launches. The company has already launched Life Water and a sparkling lemonade, which are resonating with shoppers, in light of the expansion of its 'guilt-free' products. This year, PepsiCo is planning to expand its Smartfood Delight popcorn lineup, and in Brazil, it will launch new Quaker fruit bars made with real fruit and less sugar1.
Other companies in the market are also undertaking different strategies to expand their business and make a mark in the emerging market. Acknowledging the highly competitive smart food market, BIS Research has added a new report to their offering, titled ‘Global Smart Food Market, Analysis & Forecast- 2017 to 2022’, categorising the market by food type viz. functional foods, encapsulated foods, genetically modified foods, and others (including analogue food and novel foods), by end-product type ranging from bakery products, confectionary, dairy products, dietary supplements, meat products, beverages and others (including frozen products and fruits & vegetables), and by geography. According to the analyst at BIS Research, “The smart food market is expected to grow at a CAGR of 8.32% from 2016 to 2022. This growth is attributed to the increasing awareness among consumers about health and balanced diet and also the changing dietary patterns according to modern lifestyle. Moreover, the rising healthcare costs has also driven the growth of this market.”
The report includes a detailed chapter on the market dynamics, including the key driving and restraining forces, along with viable opportunities for the global smart food market through the forecast period. Moreover, having identified the potential for further development in the form of product launches, acquisitions, and partnerships among others, the report has included a separate section of detailed competitive landscape. The market sizing and estimation in terms of revenue generated has been included in the report.
The recent activities of the key players in this market have also been tracked in the form of company profiles. Some of the key companies covered in the report are Archer Daniels Midland Company, Arla Foods, Aveka, Balchem Corporation, GSK, Kellogg, Nestle, Coca Cola Company and PepsiCo, among others.