Global Fortified Beverages Market – Overview
Owing to growing consumer needs and their awareness about the fundamental needs for nutrition and proactive measures to prevent chronic ailments and attain well-being, demand for fortified beverages has grown in recent years. The growth has been driven by the increased acceptance of health & wellness products amongst the consumers and their motivation on improving immunity. With growing health concerns and rising per capita health care cost, there has been surge in demand of fortified beverages consumption and consumers indulging in the pursuit of healthy buying goes for fortified beverages as fortification of beverages involves the process of adding micronutrients to beverages which are generally consumed by the different age group consumers.
Fortified Beverages market holds a bright spot in the beverage space. .Fortified Beverages demand will grow at a progressive rate in the developing nations. The notion of good-for-you nutrients on the go is primarily driving the growth of the market and future growth in fortified beverage market is expected with the integration of ingredient suppliers, beverage manufacturers and consumers. Manufacturers are focusing on sourcing high-quality ingredients to meet consumer demand. With an increasing demand for new flavors, market players are constantly innovating to meet the changing tastes and demand of the consumers. With the rapidly changing tastes and preferences of consumers, the demand for new and exotic flavors is growing.
Mainstream consumers are inclined to consume fortified beverages as it helps them curb their appetite, burn fat and help reduce their body weight. Fortified Beverages has attracted the attention of consumers owing to the power of social media influencers and celebrity endorsements which primarily trigger the demand of perfumes and fragrance end-products. The growth has been driven by the increased demand by health cognizant consumers and their motivation on improving immunity. Furthermore, hectic lifestyles coupled with rising disposable incomes are the key growth factors. With changing lifestyle and altering consumer preferences, and strong performance of retail sector have significantly resulted in growing demand of Fortified Beverages. With strong economic growth, emergence of a large and prosperous middle class population, increasing consumers’ cautiousness to spend along with high rates of migration from rural to urban areas has led to the influx of international retailers to the developing regions and has encouraged the construction of large volume of new retail real estate. Rising urbanization coupled with cheap labor force, high ranking in ease of doing business index, government incentives & policy support and rising disposable income has attracted international retailers to enter and expand in Asia Pacific and Latin American region and gain strong foothold in the market.
Latest Industry Updates
March, 2021: Vega US LLC introduced Vega Protein+ Shake, a ready-to-drink plant-based protein product
November, 2021: Brengman Bros. Winery introduced Piccolo Dito, a line of fortified wines, in select markets
Global Fortified Beverages Market - Competitive Analysis
Fortified Beverages industry is highly competitive and marked by the presence of various large and small vendors competing based on price, quality, innovation, reputation, and distribution. Most of the companies operating in the market are focusing on new product development as well as expanding its their product line, augmenting its capabilities and investing in research and development to offer products with better functionality. With strategic investments, market players can focus on penetrating into the developing economies to expand their business portfolio. Consumers in developing countries are keen on exploring new product range offered to them and form a large consumer base. Establishing market in these emerging economies is profitable based on relatively low set-up costs, ease of doing business, and further lower variable cost to be incurred.
Industrial players are keen to leverage on the recent trends in the market including altering consumer spending patterns, consumer tastes, regional, national, and local economic conditions, and demographic shifts. Industrial players are also involved in the acquisition of smaller players which will further support the company to expand and reach out to consumers across the regions, the end-user industries are inclined towards product promotions through social media, magazines and other mediums in order to reach out to customers. The promotional strategy aids in retaining the existing the customers and also to regenerate new customer base. Major industrial players are innovating and introducing new and unique flavors to attract and cater to the fluctuating demand of the consumers.
The key market players profiled in Global Fortified Beverages Market report include Danone SA (France), Nestle SA (Switzerland), The Coco Cola Company (U.S.), The Boots Company PLC (U.K.), Tropicana Products Inc. (U.S.), General Mills, Inc. (U.S.), Abbott Laboratories (U.S.).
Global Fortified Beverages Market – Segments
The global Fortified Beverages market has been divided into type, source, functional groups, application, and region.
On The Basis Of Nutrients Type: Minerals, Vitamins and others
On The Basis Of Product Type: Non-Alcoholic, Alcoholic
On The Basis Of Distribution Channel: Store Based and Non-Store Based
On The Basis Of Region: North America, Europe, Asia Pacific and ROW
Global Fortified Beverages Market -
The global Fortified Beverages market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global Fortified Beverages market is highly dominated by North America region is expected to retain its dominance throughout the forecast period. Europe is also estimated to contribute to high revenue in the fortified beverages market. However, Asia pacific is projected to register maximum CAGR during the forecast period owing to increasing per capita disposable income coupled with the changing lifestyles of the consumer in the region. Countries such as China and India offer a lucrative opportunity in the Asia Pacific region for the fortified beverages manufacturers. Latin American region is also projected to show a high potential in the fortified beverages market.