ID: MRFR/F-B & N/1888-HCR | February 2021 | Region: Global | 110 pages
Food fortification can be defined as the process of integrating micronutrients such as vitamins, minerals, and proteins into food and beverage products to increase the nutritional content. The food fortification process is supported by the World Health Organization (WHO) as it has been identified as the main method of enhancing micronutrient health. Currently, a diverse range of factors leads to the growth of the food fortification market, such as the rise in the demand level of fortified food products and the increase in issues relating to micro-nutrient malnutrition. According to WHO, approximately 149 million children under the age of 5 years have stunted growth for their age. The main reason for the health issue is the lack of necessary requirements by the individuals.
The food fortification market is expected to showcase commendable performance during the forecasted period. The rise in awareness among consumers about fortified food and its health benefits is likely to serve as a catalyst. It would play an instrumental role in influencing the market revenue that is generated at the global level.
An exhaustive food fortification market analysis has been conducted to capture its potential to grow during the forecasted period. Several market variables have been identified and examined, such as opportunities, drivers, restraints, and challenges. The level of competitiveness in the market has also been investigated as it could exert a considerable level of influence on the food fortification market size.
Covid 19 Analysis
The Covid 19 pandemic has significantly impacted the demand in the food fortification market setting. The pandemic has positively impacted the market by urging consumers to consume nutritionally rich and healthy food products. In order to protect themselves from the infectious coronavirus, people have been on the lookout for healthy food items that can fulfill their nutritional needs and strengthen their immunity. The food fortification market is expected to showcase exemplary performance owing to the adoption of a healthy lifestyle by people.
Chief variables existing in the market
A wide range of drivers exists in the food fortification market setting that increases its attractiveness. Some of the key drivers include the adoption of a healthy lifestyle by people, an increase in anemia among women, and the rising prevalence of micronutrient malnutrition in different parts of the world. The rise in the awareness level among customers about fortified food and the associated health benefits could also serve as a catalyst and contribute to the market performance in the future.
Several challenges exist in the food fortification market landscape, such as the high level of complexity relating to the fortification process and increase in the reliance on technology to integrate nutrients in food and beverages. These challenges could act as the main bottlenecks in the global market setting and hamper its growth potential. The businesses that operate in the market must address these challenges in order to sustain themselves in the competitive landscape.
A large number of opportunities could positively influence the growth of the food fortification market during the forecasted period. There is an opportunity for businesses to adopt new kinds of digital technologies so that food fortification process can be optimized and automated. There is also an opportunity to identify the existing nutrition-related health issues among people so that the added nutrition in food and beverages could be aligned with the health needs of the potential market audience.
A chief restraint that exists in the food fortification market is the existence of stringent regulations and laws. It could limit the ability of businesses to operate in the dynamic market effectively. Businesses would require ample financial resources to conduct research and development activities to sustainably function in the market.
Cumulative evaluation of the market
A detailed market forecast has been conducted by focusing on diverse market variables like drivers, opportunities, and restraints. The key market trends that have been identified and examined in the report could play an influential role in molding the market performance during the forecasted period. A major market driver that has been identified in the food fortification market outlook is the rise in awareness of fortified food among global consumers.
Overview of the main market segments
On the basis of the product type, the food fortification market can be further bifurcated into dairy products, fats, and oils products, confectionery products, bakery products, beverages, infant formulas, and others. During the forecasted period, the dairy, as well as beverages segments, are expected to play a dominating role in the global market setting. Some of the key factors that are likely to influence the performance of the specific market segments include an increase in consumer awareness about the benefits of food fortification and the adoption of a healthy lifestyle.
The food fortification market can be segmented into vitamins, proteins, minerals, prebiotics and probiotics, and others. The demand for the vitamins and minerals segments is expected to surge during the forecasted period. Thus, the operational business players could capitalize on the market opportunities and integrate vitamins and minerals to boost the nutritional content in diverse food items. As many people suffer from iron deficiency due to the adoption of poor eating habits, the demand in the minerals segment could considerably rise in the future.
Based on the type, the food fortification market can be segmented into frozen, ready-to-mix, ready-to-eat, ready-to-drink, and others. One of the common characteristics that connect these segments with one another is that they all belong to the convenience food category. In the hectic times, the high level of convenience associated with the market segments could play an influential role in increasing the market revenue.
The food fortification market can be fragmented into several regions such as North America, Europe, the Asia Pacific, and the rest of the world. The performance of each of these regions could vary based on the market variables that exist within the respective geographic boundaries. North America is expected to play a leadership role in the global market landscape during the forecasted period. However, the Asia Pacific region is also likely to contribute to the expanded market size. The chief factor that would work in favor of the region is the growth in emerging economies such as India and China. According to the detailed food fortification market analysis, every regional segment would play an important role in influencing the market profitability and performance at the global level.
Competitive intensity in the industry
The market is considered to be an extremely competitive and dynamic market. The existence of a large number of companies increases the level of competitive intensity and uncertainty in the business landscape. In order to capture a major portion of the food fortification market share, businesses try to implement new strategies and approaches. Some of the major players that have been playing a major role in the market have been listed below:
Recent Market Developments
The exhaustive food fortification market outlook report captures the growth potential of the market during the forecasted period. For exploring the market in a critical way, several analytical tools have been used to uncover the existing market variable. The PESTLE analytical framework has helped to identify the market factors that exist in the political, economic, social, technological, legal, and environmental context. The level of competition has been determined with the help of Porter’s Five Force model. The market forecast has been carried out by taking into account the factors that exist at the micro and macro level. The strategies that are adopted by key business participants have also been evaluated as they could have a major implication on the market growth.
Key Industrial segments
Frequently Asked Questions (FAQ) :
Food fortification is the process of adding micronutrients such as vitamins, proteins, and minerals to food and beverage product so as to enrich it with nutrients.
Major product types in the food fortification market include fats and oil products, dairy products, confectionery products, bakery products, beverages, and infant formulas.
The growing demand for nutritious food is the major driver for the food fortification market.
North America holds the leading share in the global food fortification market.
Leading players in the food fortification market include Kellogg, Nestle, and Dean Foods, among others.