The global fortifying agent market is expected to reach USD 66.7 billion by 2023, registering a CAGR of 10.3% over the forecast period. The growing demand for healthy food, along with the increasing heath awareness among consumers, has accelerated the use of fortifying agents. These agents are largely being used in cereals, dairy, oil & fats, beverages, bakery, snacks, and confectionary items in the global market. The rapid adoption of fortifying agents in the food processing industry for better functional and nutritious attributes is boosting the market.
The growing consumer demand for dietary supplements and health foods helps drive the fortifying agents market. The increasing awareness among consumers about the benefits of dietary supplements with fortified nutrients for the overall development of the human body is leading manufacturers to use fortified agents in their products.
Fortification of wheat and maize flour with zinc, iron, folic acid, and other micronutrients has proven to be effective against iron deficiency anemia (IDA). Milk fortification helps in recovering the micronutrients that are lost during the processing of milk. Micronutrient content can be increased through fortification process. This is also increasing the market demand.
Cereals, dairy, fat & oils, and baby food products are among the largest industries that consume food fortifying agents. The improved food quality and nutrition has broadened their application in the food industry, which includes bakery, breakfast items, and beverages. Baked products, such as biscuits, cookies, cakes, pastries, and breads, are rapidly increasing fortifying agent application.
Products with higher health benefits are inducing consumers to consume such food items without price sensitivity. An increased number of food items is expected to appear in the market with innovative fortifying agents during the forecast period.
The minerals segment accounted for the largest share in the market in terms of volume. However, the vitamins segment dominated the food fortifying agents market in terms of value. Probiotics is projected to grow at the highest CAGR from 2015 to 2020.
Asia-Pacific is expected to be the fastest growing market, as the consumption of functional and fortified food is increasing at a rapid pace. High population, low health-index, and increasing spending pattern of consumers for fortified food items are the factors backing the Asia-Pacific market growth. India and China are hotspots for fortifying agent consumption in Asia-Pacific market. North America is anticipated to remain the largest consumer for fortifying agents, followed by Europe.
Major players: DuPont, Kerry Group PLC, Associated British Foods PLC, Wiberg GmbH, Proliant Non-Meat Ingredients, Campus SRL, Wenda Ingredients, Advanced Food Systems, Inc., Aliseia SRL, and Redbrook Ingredient Services Limited amongst others.
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1.1 Research Methodology
1.2 Definition of the Market
1.3 Report Description
2. Key Findings of the Study
3. Market Overview
3.1 Market Trends
4. Market Dynamics
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products & Services
4.4.5 Degree of Competition
5. Market Segments
5.1 By Type
5.1.4 Proteins & Amino Acids
5.2 By Application
5.2.1 Cereals & Cereal-based Products
5.2.2 Dairy & Dairy-based Products
5.2.3 Fats & Oils Market
5.2.4 Bulk Food Items
5.2.6 Dietary Supplements
5.3 By Geography
5.3.1 North America
220.127.116.11 Rest of North America
18.104.22.168 Rest of Europe
22.214.171.124 Rest of Asia-Pacific
5.3.4 South America
126.96.36.199 Rest of South America
188.8.131.52 South Africa
184.108.40.206 Rest of Africa
6. Competitive Landscape
6.1 Most Active Companies
6.2 Market Share Analysis
6.3 Most Adopted Market Strategies
7. Company Profiles
7.1 E. I. Du Pont De Nemours and Company
7.2 Kerry Group PLC
7.3 Associated British Foods PLC
7.4 Wiberg GmbH
7.5 Proliant Non-Meat Ingredients
7.6 Campus SRL
7.7 Wenda Ingredients
7.8 Advanced Food Systems, Inc.
7.9 Aliseia SRL
7.10 Redbrook Ingredient Services Limited
7.11 Cargill Incorporated
7.12 Hansen Holdings A/S
7.13 Ingredion Incorporated