Market Overview
Food fortification is the process of adding micronutrients such as vitamins, proteins, minerals to food and beverage product so as to enrich it with nutrients. This market is driven by many factors such as increase in the demand for fortified food products, rising micro-nutrient malnutrition (iron, folic acid, iodine, vitamin A, and zinc), anemia in women has increased in an alarming number.
World Health Organization (WHO), UNICEF, and The Gates Foundation, endorse food fortification as a primary means of improving micronutrient health. Among the fortified food segment, fortified dairy and beverages products are projected to grow at the highest rate in the global food fortification market. Among numerous healthy food & snack options, consumers prefer having fortified snacks during evening snack time such as digestive biscuits, probiotic yoghurt, and others. Globally, food fortification market is growing at the rate of 4.5% during 2016 to 2022.
Competitive Analysis-
The major key players in Food Fortification Market are
- Kellogg Co. (U.S.)
- Dean Foods (U.S.)
- Altria Group (U.S.)
- Kraft Foods (U.S.)
- Nestle SA (Switzerland)
- General Mills (U.S.)
- Campbell Soup Company (U.S.)
Global Food Fortification Market is highly concentrated in North America. APAC has huge potential for food fortification, as there is rise in disposal income, increased in demand for fortified processed food and convenience food. Food fortification manufacturers are focusing on expanding their product line so as to provide larger product line in various food and beverages category to increase the consumer volume across the globe.
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Market Forecast
Consumer awareness & their increasing interest in consuming food with high nutritional value, hence the demand for food fortification will drive the market growth from 2016 to 2021. Also, the development of food advancement in food technology, has also boasted the sales of fortified food products. Growing incidence of diseases, increasing consumer health awareness, adding to this consumers want to increase the daily nutrition intake, which has led to the adoption of the food fortified products in day-to-day life. These factors will play a key role in the growth of food fortification market at the CAGR of 4.5% during 2016-2022.
Downstream Analysis-
There are various food that are made mandatory by the Government that has to be fortified, such as salt with iodine, vegetable fat with vitamin A& D, milk fortified with Vitamin D, this measure was undertaken to curb the incidence of rickets and iodine deficiency that affected about two billion people and is the leading preventable cause of intellectual and developmental disabilities. Dairy products now are fortified with various probiotics and prebiotics so to curb stomach ailments, products such as probiotic ice-creams, probiotic buttermilk and others. Adding to this, beverage are fortified with energy boasters, minerals, salts, and beverages is especially fortified to cure dehydration.
Regional Analysis
Global Food Fortification Market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these North American region has the major market share. The market is projected to grow at a higher rate in the review period. Asia-pacific will be the fastest growing region in the food fortification market and high growth in emerging economies such as China, India, Japan, Australia, and the Latin American countries, offers ample opportunities for expansion to major players. The high consumption of convenience food products in growing economies of Asia-Pacific and Latin America and growing incidences of diseases across the globe especially in China and India will be the crucial factor underlining the market growth.
Study Objectives of Food fortification Market:
- In depth analysis of the market’s segments and sub-segments
- To estimate and forecast market size by product, nutrients, type and region
- To analyses key driving forces which are influencing the market
- Region level market analysis and market estimation of North America, Europe, Asia-Pacific, and rest of the world (ROW) and their countries
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