Global Food Fortifying Agents Market - Growth, Trend, Forecast (2019 - 2024)

Market Insights

Food fortification is a process of making food more nutritional by adding vitamins and minerals. Global Food fortifying agents market is expected to register a CAGR of 4.5% during the forecast period, (2018-2023). Fortification of food with micronutrients is a valid technology for reducing micronutrient malnutrition as part of a food-based approach.

Market Dynamics

The global market for fortified food is expanding at a robust pace. For the next six years, the market is expected to grow at an impressive rate. The demand for this market is mainly driven by the health consciousness of consumers. The Food and Agricultural Organization (FAO) and the World Health Organization (WHO) recognized food fortification as one of the key strategies to reduce the widespread malnutrition, particularly in under developed countries. These factors have led to the adoption of the food fortifying agents in various food & beverage products, along with pharmaceuticals, and pet food manufacturing industries, among others.  Many organizations have come forward to solve the issues in backward areas of countries like India and Nigeria, by shortening the gap of nutrition and agriculture. North America, Japan, and Western European markets are exhibiting maximum opportunities for fortified milk and milk producing companies. Regulations for eradicating malnutrition and the growing awareness among strategy creators are the essential variables fueling the request from business sectors for fortified foods in Asia-Pacific and the Middle East.

Due to factors such as high costs, varying fortification levels depending on different manufacturers, and lower adherence leads to voluntary fortification. European countries only allow fortification of wheat or maize flour with folic acid on a voluntary basis.

Market Segmentation

The global food fortifying agents market is segmented by type into minerals, vitamins, lipids, carbohydrates, proteins and others. By application, it is segmented into cereals & cereal-based products, dairy & dairy-based products, and others. The vitamin sector accounts for the largest share of the food fortifying agents market, regarding value, during the forecast period due to the rising number of diseases, such as osteoporosis and rickets, due to vitamin deficiency, and also the increasing healthcare cost, and growing aging population.

In the segment of applications in food fortifying agents, the dietary supplements are projected to have the fastest growth during the forecast period. The health benefits of nutritional supplements, along with the increase in aging population and growing interest in personal fitness, drives the demand for dietary supplements in this market.

Regional Analysis

North America dominated the global food fortifying agents market in 2017. The Asia-Pacific region is predicted to be the fastest-growing market from 2018 to 2023.The markets are also growing in countries like China and India due to the increasing disposable income of the people, urbanized population, and expansion of key companies like Cargill, Incorporated and FMC Corporation in many countries. In China, a series of studies have been conducted to assess the efficacy, effectiveness and feasibility of fortifying soy sauce with iron content. In South Africa, multiple fortifications of biscuits with iron, β-carotene and iodine improved the status of all of these nutrients in school children.

Competitive Landscape

Players are additionally picking up from the growing eagerness among buyers in rising economies to spend on fortified substances. On the other side, despite seeing substantial development open doors around the world, the high cost caused on the fortification of nourishment is limiting the business sector. Nevertheless, strengthening economies of Asia-Pacific present tremendous opportunities for new entrants. Moreover, the many players are expected to enter with the rising interest from consumers. The major players in the market include Cargill, DuPont De Nemours and Company, Royal DS, BASF SE, Archer Daniels Midland Company, Nestle SA, Ingredion Incorporated, Arla Foods, Tate & amp, Lyle PLC, CHR. Hansen Holdings A/S

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• Analyzing outlook of the market with the recent trends and Porter’s five forces analysis
• Market dynamics which essentially consider the factors which are impelling the present market scenario along with growth opportunities of the market in the years to come
• Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
• Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
• Competitive landscape involving the market share of major players along with the key strategies adopted for development in the past five years
• Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis and strategies employed by the major market players
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