ID: MRFR/F-B & N/2174-HCR | 110 Pages | Published By Sakshi Gupta on March 2023
Fortified Beverages Market Size is expected to cross USD 247 billion by 2030 at a CAGR of 7.50% during the forecast period 2022-2030
Fortified Beverages Market Overview:
The fortified Beverages Market is predicted to grow at a CAGR of 7.50% During the Forecast Period. The fortified beverage is a type of healthy drink that offers extra micronutrients. This drink includes essential trace elements and some different vitamins. The process of adding micronutrients to beverages is the fortification of beverages. These are consumed by the different age groups. Fortified beverages provide a diverse range of products that are enriched with several nutrients.
These are available in various types such as energy drinks, fruit juices, flavored powder drinks, sports drinks, flavored milk, mineral water, and soft drinks. Fortified mineral drinks include medicinal properties that offer healing benefits along with the required nutrients to the human body. These fortified beverages can build up a resistance power that is required to the human body and fight against common diseases. Owing to the increased hectic work life, consumers are preferring convenience products to fulfill the nutrition daily required for the human body.
Covid-19 Analysis of Fortified Beverages Market
Due to the COVID-19 outbreak, various sectors are negatively impacted worldwide. To control the spread of the virus, various stringent regulations are imposed by the government like semi or full lockdown, business sectors and educational sectors off, retail shops shut down, transportation bans, etc. Due to the lockdown, manufacturing sectors are facing issues like lack of raw material, labor death, supply chain disruptions, and many more, and hence it leads to stoppage of production.
The fortified beverages market is also drastically impacted in the first two quarters of 2020 due to the supply chain disruptions, manufacturing stoppage, and retailer shops shutdowns. Thus, the demand for the fortified beverages industry decreases. But later the pandemic situation increases the awareness among the consumers regarding healthy food that includes nutrients, vitamins, minerals, and proteins. Rapidly the fortified beverages market growth increases as the fortified beverages build up a resistive power in the human body which is very essential in this pandemic situation. Due to the strong initiatives of few organizations like the World Health Organization (WHO) and Food and Agriculture Organization, the fortified beverages industry is again regaining its demand for providing healthy nutrients and minimizing malnutrition.
Growing health-conscious consumers and the enhancement of livelihood in developing economies are expected to drive the market during the assessment period. Growing per capita disposable income in developing economies along with the increasing urbanization is predicted to propel the growth of the market. These beverages are available in various packaging solutions and pouches are the most attractive packaging solution which increases the demand for the fortified beverages market. Health concerns coupled with growing disease incidences are the major driving factor of the market.
Regular up and downs in raw material prices are restraining the market growth. Taking nutrition beyond the required level leads to obesity and increased blood pressure is hampering the global market growth.
The constant growth in the agriculture industry and food processing industry may allow key players to invest in the fortified beverages market. Growing demand for innovative products such as plant-based and lactose-free beverage products may propel market growth. The inclusion of CBD-infused functional beverages is predicted to create an opportunity to increase the growth of the global market.
Nutrient’s fortifications may cause related side effects may act as a challenge to the fortified beverages market. There is a chance of eatables may deliver a toxic amount of nutrients.
The global fortified beverages market has been divided into segments based on nutrients, product type, distribution channel, and region.
Based on Product Type
By product type, the global fortified beverages market is divided into two types as alcoholic beverages and non-alcoholic beverages. Again, non-alcoholic beverages are sub-segmented into sports drinks, fruit juices, energy drinks, bottled water, flavored milk products, flavored powder drinks, soft drinks, and others.
Based on Nutrients
Based on the nutrients, the global fortified beverages market is classified into two types as mineral and vitamin. Again, the mineral segment is sub-segmented into zinc, folic acid, copper, iron, DHA, and others. Apart, the vitamin segment is sub-segmented into Vitamin A, Vitamin C, Vitamin D, and others.
Based on Distribution Channel
The global market based on distribution channel is bifurcated into supermarkets & hypermarkets, specialist retailers, convenience stores, and others.
Based on Region
Regionally, the global fortified beverages market is categorized into Europe, Asia-Pacific, North America, and the Rest of the World. Among these, North America is holding the highest share for its growing per capita income and changing lifestyles of the consumers in the U.S.
Geographically, the fortified beverages market based on regions is divided into North America, Asia-Pacific, Europe, and the Rest of the World. Out of these regions, North America is dominating the largest fortified beverages industry share due to the increasing per capita income along with changing lifestyles of the consumer in the U.S. Europe is also predicted to hold a healthy market proportion.
Emerging economies like India and China are offering a lucrative opportunity to the Asia-Pacific region and are expected to exhibit a significant CAGR for the fortified beverages market during the review period. The high incidence of cardiovascular disease, arthritis, osteoporosis, changing lifestyle among consumers, and growing demand for convenience beverages are boosting the growth of the market in this region. Moreover, with rising the prevalence of diabetes in India and China, people are having awareness regard healthy diet and active lifestyle that leads to prefer the natural sweetener like beverages.
In 2019, The International Diabetes Federation report states that India was home to 77 million diabetes patients which is the second largest in the world and it is expected that it reaches 101 million by 2030. Due to the growing disposable incomes, Latin America is expected to show high potential for the global market.
The prominent key players in the fortified beverages market outlook are the following:
Globally, the fortified beverages market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the fortified beverages industry drivers, restraints, challenges, and opportunities. The fortified beverages industry forecast segments are nutrients, product type, distribution channel, and region.
The fortified beverages market trends have been segmented globally based on the nutrients, product type, distribution channel, and region.
By Product Type
Alcoholic beverages and non-alcoholic beverages.
Mineral and vitamin.
By Distribution Channel
Specialist retailers, convenience stores, supermarkets & hypermarkets, and others are few distribution channels.
Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in the fortified beverages market.
|Market Size||USD 247 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Nutrients Type, By Product Type, By Distribution Channel, and By Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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.)|
|Key Market Opportunities||The constant growth in the agriculture industry and food processing industry|
|Key Market Drivers||Growing health-conscious consumers|
The COVID-19 impacts positively on the fortified beverages market as the fortified beverages increase the immunity power in the human body which is very essential in this pandemic situation.
The rise in health-conscious consumers in developing economies.
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.)
The fortified beverage industry is estimated to reach USD 247 billion in 2030.