Fortified Food Market Will See Strong Expansion Through 2024
Food enrichment or fortification refers to the process of making food more nutritional by adding vitamins and minerals. Various types of food fortification have been identified by governments around the world and international organizations. This method is carried out at an industrial level, community level, and at a household level to offer enhanced nutrition to people. For instance, targeted fortification programs are adopted in schools when biscuits are fortified to reduce malnutrition in school students. Likewise, market driven fortification is a part of programs adopted by commercial companies and bio-fortification is carried out to increase the nutritional benefits of fruits and vegetables. Besides these, household and other commercial food fortifications ensure appropriate nutritional composition in food for special dietary purposes.
The global fortified foods market is expanding at a robust pace. The market is expected to continue growing at an impressive rate during next five to six years. The demand for fortified foods is exceptionally growing among health conscious people. Developed countries exhibit lucrative prospects for the enterprises operating in the fortified food market. In emerging nations, the market is gaining traction due to the increasing awareness.
The Food and Agricultural Organization (FAO) and World Health Organization (WHO) have identified food fortification as one of the strategies to reduce the prevalence of malnutrition, particularly in underdeveloped countries. Several organizations have come forward to help people living in backward areas of countries such as India and Nigeria, by bridging the gap between nutrition and agriculture. North America, Japan, and Western Europe are the markets exhibiting maximum opportunities for fortified milk and milk producing companies.
Global Fortified Food Market: Key Segments
Based on food types, the global market for fortified food is segmented into milk products, cereals and cereal based products, fats and oils, infant formulas, confectionaries, and others includes tea. In terms of basic nutrients, the market can be bifurcated into minerals and vitamins. Further the segment of mineral and vitamin is classified on the basis of ingredient of nutrition. For instance, the vitamin segment is classified into vitamin D, vitamin C, Vitamin A and others, and the minerals segment can be sub-segmented with zinc, folic acid, copper, iron, Docosahexaenoic acid (DHA), iodine, selenium, and others.
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Regionally, the global fortified food market is segmented into North America, Asia Pacific excluding Japan, Latin America, Western Europe, Eastern Europe, the Middle East & Africa, and Japan.
Global Fortified Food Market: Trends and Opportunities
In developed economies the demand for fortified food is primarily driven by the rising health consciousness among consumers. Additionally, the market is also gaining from the rising willingness among consumers in emerging economies to spend on fortified foods. Favorable regulations aimed at eradicating malnutrition and the growing awareness among policy makers are the primary factors fuelling demand from the markets for fortified food in Asia pacific and the Middle East.
On the flip side, despite witnessing strong growth opportunities worldwide, the high cost incurred on the fortification of food is restraining the market. Nevertheless, strengthening economies of Asia Pacific present huge opportunities for enterprises in the market. Furthermore, the market is anticipated to continue witnessing rising demand from developed regions such as North America and.
Global Fortified Food Market: Vendor Landscape
To study the prevailing competitive landscape of the market, the report profiles companies such as Nestle SA, Kellogg Co., Unilever, Dean Foods, RFM CORPORATION and others.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.