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Food Fortification Industry Emerging Will Generate New Growth Opportunities Status

Submitted by Rubecca726 on Thu, 11/24/2022 - 22:20

The Market Research Future (MRFR) study on the Global Food Fortification industry (2020-2030) includes comprehensive primary research and a thorough review of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain valuable insight into market demand and industry performance.
Food fortification is the method of adding micronutrients such as vitamins, proteins, and minerals to food and beverage products to enrich them with nutrients. This market is driven by several factors, such as increased demand for fortified food items, increasing micronutrient malnutrition (iron, folic acid, iodine, vitamin A, and zinc), and anemia in women has grown in an alarming amount. The Gates Foundation, UNICEF, the World Health Organization (WHO) support food fortification as a primary means of enhancing micronutrient health. Among the fortified food segments, fortified dairy and beverage products are expected to rise at the highest rate in the global market for food fortification.
Market Dynamics
With growing market awareness and rising interest in a healthy lifestyle, consumer demand for fortified food is expected to increase during the forecast period. However, as the working population has increased and the demand for convenience food has increased in recent years, key players are investing in R&D for new fortified food product lines, such as breakfast cereals, which are now fortified with various minerals and vitamins to meet the daily nutrient requirements. Trending balanced diets, healthier lifestyles, and changing patterns of consumption are projected to drive market growth from 2016 to 2022.
The global market for food fortification has been segmented into product, nutrients, and type.
Based on product, the global market for food fortification has been segmented into dairy products, confectionery products, fats, and oils products, beverages, bakery products, infant formulas, and others
Based on nutrients, the global market for food fortification has been segmented into vitamins, minerals, proteins, prebiotics & probiotics, and others. Vitamins accounted for more than 50% of the global market share in terms of revenue and are projected to remain stable during the forecast period due to growing health issues and preventive measures for safety, combined with global demand for functional and convenient food products. The mineral segment is the second-largest sector and includes essential micronutrients used in food and beverage, as traditional food items are not always filled with essential minerals.
Based on type, the global market for food fortification has been segmented into frozen, ready-to-mix, ready to eat, ready-to-drink, and others.
Key Players
The leading players profiled in the food fortification market are Kellogg Co. (U.S.), Nestle SA (Switzerland), Dean Foods (U.S.), Kraft Foods (U.S.), Altria Group (U.S.), General Mills (U.S.), and Campbell Soup Company (U.S.).
Regional Analysis
The global market for food fortification is segmented into North America, Europe, the Asia Pacific, and the rest of the world.
North America has the largest food fortification market share. The market is projected to grow at a higher pace during the review period.
The Asia Pacific will be the fastest-growing region in the food fortification market, and steady growth in developing economies such as China, India, Australia, Japan, and Latin American countries will provide sufficient opportunities for expansion to major players. Increasing consumption of processed and convenience food products in the rising economies of the Asia Pacific and Latin America and rising demands for fortified food and beverage products, especially in China and India, will be the primary factor highlighting market growth. The market is projected to expand at a steady pace in the forecast period. This is attributed to rising growth in emerging economies such as China, India, Australia, Japan, and Latin America, as well as offering lucrative opportunities for expansion to major players. The demand here is driven by growing customer consciousness and the rising prevalence of chronic diseases such as high blood pressure, cancer, Alzheimer's disease, cardiovascular disease, and others.
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