Market Research Future (MRFR) studied the global food fortification market 2021 for the review period till 2023. The global food fortification market is expected to expand at decent CAGR over the analysis tenure (between 2017 and 2023). By 2023, the global food fortification market value can touch a decent amount.
Market Drivers and Restrains
The need for adding micronutrients (fortifying), such as; proteins, vitamins, and minerals to beverage and food products to enrich them with nutrients for the growing number of patients requiring healthy diet is expected to prompt the food fortification market growth. The upsurge in the demand for fortified food products and increase in cases of micro-nutrient malnutrition for iron, iodine, folic acid, zinc, and vitamin A, are other causes that can prompt the food fortification market growth. The surge in number of women with anaemia is creating the need for iron fortified food, thus their increasing sales can favor the food fortification market in the approaching years. an alarming number. The World Health Organization (WHO), Gates Foundation, and UNICEF are endorsing food fortification as the primary aid to improve micronutrient health among people, which, in turn, can benefit the food fortification market. The sales of fortified dairy and beverages products is higher compared to others and the rise in number of diaries offering fortified food products can add momentum to the global food fortification market surge. The growing consumer awareness and their inclination towards a healthy lifestyle are other causes that likely to favor the food fortification market. Another additional that is expected to benefit the food fortification market are the expansion of the working population with hectic schedule and their surge in demand for convenience food. The rise in investment in R&D for the formulation of new fortified food product and adding them to existing product line can prompt the market growth.
The segment study of the food fortification market is based on type, nutrients, and products.
The product-based segment of the food fortification market are fats and oils products, product dairy products, bakery products, confectionary products, beverages, and infant formulas among others. The diary product segment is expected to prompt the food fortification market growth in the review period.
The nutrients-based segments of the food fortification market are minerals, vitamins, prebiotics & probiotics, and proteins among others. The growing adoption for prebiotics and probiotics among people owing to their nutritional benefits can favor the food fortification market by 2023.
The type-based segments of the food fortification market are ready-to-mix, frozen, ready to eat, and ready-to-drink among others. The inclination towards ready-to-mix type of fortified food and the rise in demand for ready to eat fortified food are causes that can underpin the market growth in the analysis period.
Altria Group (U.S.), Nestle SA (Switzerland), Dean Foods (U.S.), Kellogg Co. (U.S.), Kraft Foods (U.S.), Campbell Soup Company (U.S.), and General Mills (U.S.) are some reputed companies in the global food fortification market that are listed by MRFR in the report.
The global market of food fortification market is assessed for North America, Europe, Asia and Pacific, following the rest of the world (ROW). The food fortification market in the North America region is expected to hold decent share by 2023. In the Asia Pacific region, the food fortification market is expected to thrive at a high CAGR in the evaluation period as Asia Pacific is expected to emerge as the region offering several opportunities for the market of food fortification in economies, such as; Australia, China, Japan, India, and the other Latin America countries that offers several opportunities for rise of major players. The increase in consumption of convenience and processed food products in these developing economies of Latin America and Asia Pacific regions owing to the surge in the demand for fortified beverages and food products across India and China are other crucial factors that can underline the food fortification market in the years ahead. The food fortification market is projected to rise at a steady pace over the forecast time period and register higher growth in these emerging economies, such as; Japan, China, India, and Australia that can hold numerous lucrative growth opportunities that can aid major players to make decent revenue. The food fortification market is also expected to garner decent revenue due to increase in consumer awareness and the growing demand for fortified food among patients suffering from chronic diseases, such as; cancer, high blood pressure, Alzheimer’s disease, and cardiovascular disease among others.
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