Vancouver, British Columbia, Feb. 18, 2021 (GLOBE NEWSWIRE) -- The global smart food market is projected 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 government support towards smart food initiatives and developments in the food industry to produce more food products with high nutritional value in an effort to reduce malnutrition among underprivileged sections in growing populations in developing countries. Issues such as malnutrition, climate change, and environmental degradation are factors resulting in a growing need to develop solutions related to food and natural resources, as well as nutrition.
Smart food products have been proving an ideal solution to combat some of these issues, and growing production and demand is driving growth of the smart food market, with the trend expected to continue during the forecast period. Micronutrient deficiencies among women and children in developing countries is another key factor driving need for adoption of smart food solutions. This is being backed by increasing investment by food processing companies in research and development for advancements in the food industry to develop and offer more nutrient rich food products with better shelf life. These factors are expected to continue to support market growth over the forecast period.
Lack of awareness regarding smart foods among the growing population is a key factor restraining growth of the smart food market currently, and the scenario is expected to change to some extent during the forecast period.
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Smart Food Market to Reach USD 940.98 Billion by 2028 | Rising Awareness Among Health-Conscious Consumers Regarding Benefits of a Healthy Lifestyle...
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