Fortified Foods Market to Record Stellar CAGR During 2017 – 2027
Approximately 2 billion people across the world still lack access to the essential minerals and vitamins needed for a healthy and sustainable lifestyle. That is why food fortification programmes are actively encouraged by national governments, especially in developing nations. Future Market Insights has prepared an insightful report on the global fortified foods market titled ‘Fortified Foods Market: Global Industry Analysis 2012-2016 and Opportunity Assessment 2017-2027’. The fortified foods market is expected to push past US$ 500 Bn by the end of the forecast period witnessing a CAGR of 6.3% in terms of value during the forecast period.
Raw Material – Flour Most Important Raw Material in the Fortified Foods Market
The flour segment is anticipated to be worth about US$ 36 Bn in 2017 and is estimated to cross US$ 68 Bn by the end of 2027, registering a CAGR of 6.6%.
Micronutrients – Vitamins and Minerals to Record Robust CAGR Growth
Vitamins and Minerals have a market share of more than 4/5th of the fortified foods market by micronutrients and are predicted to slightly increase their share at the end of 2027. The CAGR for Minerals (6.5%) is higher than that of Vitamins (6.4%) from 2017-2027 and the most important deficiency to address would be that of iron that is typically found in pregnant women and preschool children.
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Application – Close Contest Between Basic Foods and Processed Foods
The basic foods segment is just a little larger than processed foods in the fortified foods market and is likely to remain so for the foreseeable future. An absolute dollar opportunity of more than US$ 46 Bn exists in this market with margarine fortification being particularly important.
Technology – Drying and Extrusion Vital in the Fortified Foods Market
Key stakeholders in the fortified foods market would do well to focus on drying and extrusion technologies as they are vital. The drying technology is predicted to exceed US$ 87 Bn by end 2027. Extrusion though some way behind, is still critical in the fortified foods market and companies must not ignore it under any circumstance.
Sales Channel – Modern Trade and Neighbourhood Stores Lucrative Distribution Channels
The modern trade and neighbourhood stores segments are poised to grow by 190 and 17 BPS respectively and this is largely at the expense of online sales and other retail formats in the fortified foods market. Supermarkets and hypermarkets are preferred by customers for being ‘one-stop shops’.
Region – Maximum Growth in the Fortified Foods Market in the Dynamic APEJ Region
The APEJ region represents more than a third of the global fortified foods market and is projected to grow by a massive 214 BPS throughout the duration of the study. A number of public private partnerships in this region coupled with salt fortified with both iodine and iron has propelled the growth of the fortified foods market in APEJ.
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Competition Landscape in the Fortified Foods Market
Future Market Insights has profiled some of the most prominent companies’ active in the fortified foods market market. These include Nestlé S.A., BASF SE, General Mills, Tata Chemicals Limited, Mondelēz International, Cargill Incorporated, Danone, Bühler AG, Bunge Limited, Unilever PLC, Koninklijke DSM NV, Stern-Wywiol Gruppe GmbH & Co. KG, Arla Foods amba, Nutritional Holdings (Pty) Limited, Dr. Paul Lohmann GmbH KG Chemische Fabrik, Wright Enrichment Inc., Gastaldi Hermanos, Sinokrot Global, Ufuk Kimya Ilac Sanayi Ve Ticaret Limited Sirketi, and Corbion NV.
Important Takeaways from the Fortified Foods Market Report
Nutritional deficiencies are more common in emerging economies. To strengthen their food fortification structures, developed countries are collaborating with governments in emerging economies by assisting in the setup of manufacturing units, providing technological support, and financial aid. While China could potentially slow down, Brazil and India are on track to record significant growth in the fortified foods market.
For further insights into the global fortified foods market, write in to Future Market Insights analysts at [email protected]