Growing demand for functional and protein-rich diets to support food fortification market growth. Emerging economies like India and China seem to witness increased demand for vitamin-rich foods. The surge in health concerns and growing disease rates are eventually propelling the growth of the food fortification industry.
Newark, Jan. 31, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global Food Fortification market is expected to grow from USD 88.24 Billion in 2022 to USD 221.49 Billion by 2032, at a CAGR of 9.64% during the forecast period 2023-2032.
This market is growing as there is a potential to improve life in food fortification, especially when several families cannot afford a balanced diet. Local food processors and millers have the potential to offer fortified staple food in large quantities. Food fortification players have become key players in the premixes sector for ingredients such as minerals, vitamins, amino acids, and protein.
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Competitive Strategy
To enhance their market position in the global Food Fortification market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In July 2023: General Mills will now double the amount of Vitamin D in its BIG G Cereals. It is a crucial move by the organization as Vitamin D is important in building and maintaining strong bones; in the US, it is generally under-consumed, with around 96% of Americans aged 2 years and more having a shortage of this nutrient. It is helping the organization gain market share.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2032 | USD 221.49 Billion |
| CAGR | 9.64% |
| No. of Pages in Report | 238 |
| Segments Covered | Type and Application |
| Drivers | Surge in micronutrient deficiency among people |
| Opportunities | Food Fortification can be cost-effective |
| Restrains | High Processing Cost |
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Market Growth & Trends
Based on one of the articles of 2023, around 3 billion people, or around 37% of the global population, suffer from micronutrient deficiency. The shortage of micronutrients like iodine, folate, vitamin A, iron or Zinc leads to several health ailments like anaemia, blindness, brain damage, goitre, stunting and wasting among children. It can also lead to birth defects and a poor immune system. Such disorders can also lead to poor learning ability, well-being, livelihoods and life expectancy. It also results in negative economic and social consequences. Hence, around 140 nations have made fortification mandatory for at least one staple food. . The deficiencies of crucial minerals and vitamins, which are important for maintaining optimal health and immunity, can lead to severe or life-threatening conditions. It can result in a surge in maternal and child mortality, a decrease in cognitive and physical development & performance and impaired immune function. The deficiencies of micronutrients can result in 4% to 5% of the GDP. The World Food Programme (WFP) has decided to increase the proportion of fortified maize meal, wheat flour and rice distributed in the programme from 60% in 2020 to 80% in 2025. Also, the WFP will work with around 40 countries to ensure national systems to bring fortified food to reach vulnerable families. The surge in health concerns and growing disease rates are eventually propelling the growth of the food fortification market. Based on another study, around 1.5% of deaths are due to iron deficiency, and an almost similar number is also due to Vitamin A deficiency. Also, anaemia due to iron deficiency decreases the chance of a healthy life, and the deficiency of iodine is causing the problem for around .2% of the world's population. Therefore, fortification has become a cost-effective method that needs to be executed on a large scale, and fortified food will bring down the danger of insufficiency due to a shortage of nutrition supply or a poor eating schedule.
Key Findings
• In 2022, the protein and amino acids segment dominated the market with the largest market share of 47.21% and market revenue of USD 41.66 Billion.
The type segment is divided into vitamins, protein and amino acids, lipids, carbohydrates, minerals and others. In 2022, the protein and amino acids segment dominated the market with the largest market share of 47.21% and market revenue of USD 41.66 Billion. This high market share is attributed to its important role in maintaining complete health.
• In 2022, the dairy and dairy based product segment dominated the market with the largest market share of 40.21% and market revenue of USD 35.48 Billion.
The application segment is divided into dairy and dairy based product, infant formula, fats and oils, cereals and cereals based products, beverages and others. In 2022, the dairy and dairy based product segment dominated the market with the largest market share of 40.21% and market revenue of USD 35.48 Billion. Fortified dairy-based products and milk help the consumer improve their bone health.
Regional Segment Analysis of the Food Fortification Market:
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The North America region occurred as the largest market for the global Food Fortification industry, with a market share of 36.55% and a market value of around USD 32.25 Billion in 2022. It is because the health consciousness among people in this region has increased. There is also a surge in disposable earnings and an increasing understanding of the advantages of nutrients in daily diet routines. The Asia Pacific region has the fastest growth rate. This growth is due to growing consumption of fortified food in countries like Japan, China and India
Key players operating in the global Food Fortification market are:
• Nestlé S.A.
• Bühler Group
• General Mills, Inc.
• BASF SE
• Cargill, Incorporated
• Corbion N.V.
• DSM Nutritional Products
• Glanbia PLC
• Lonza Group AG
• The Archer Daniels Midland Company
• SternVitamin GmbH & Co. KG
• FMC Corporation
• Tate & Lyle PLC
• Watson, Inc.
• Kellogg Company
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global Food Fortification market based on below mentioned segments:
Global Food Fortification Market by Type:
• Vitamins
• Protein and Amino Acids
• Lipids
• Carbohydrates
• Minerals
• Others
Global Food Fortification Market by Application:
• Dairy and Dairy Based Product
• Infant Formula
• Fats and Oils
• Cereals and Cereals Based Products
• Beverages
• Others
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About the report:
The global Food Fortification market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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