Global fortified foods market has been witnessing strong growth over the past few years on account of increasing consumption of vitamin enriched foods. Growing health concerns coupled with increasing disease occurrences are the key factors driving the fortified foods market over the next seven years. Increasing consumer’s disposable income motivating them to spend more on healthy food products is further expected to complement the market growth over the forecast period. Fortified foods possess medicinal properties which provide healing benefits apart from energy and essential nutrients. Increasing demand for this category of foods is further expected to boost fortified foods demand over the forecast period. Owing to immense health benefits, core supplement users are switching to fortified foods over the past few years. This shift in demand towards fortified foods is expected to surge the market growth in near future.
Fortified foods can be segmented into vitamin D, folic acid, iron and iodine, on the basis of nutrient composition. Most of the fortified foods including ready-to-eat cereals, milk, yogurts, margarine and other functional foods contain vitamin D. Milk fortification program was implemented in many countries across the globe which is expected to drive the market growth over the next seven years. Basic fortified foods include cereals & cereal based foods, milk & milk products, fats & oils, accessory foods items, tea & other beverages and infant formula. Fortification of foods with these vitamins helps women meet nutrient requirements during pregnancy and breastfeeding. This is further expected to drive the global market over the next seven years.
Asia Pacific emerged as the leading regional market in 2013 followed by Europe. Promotion of fortified foods by China’s Ministry of Health coupled with growing health concerns related to age, myopia in adults and other diseases are expected to drive the market in this region. However, lower income and awareness levels coupled with low feasibility for profitable distribution to rural areas posed a key challenge for fortified foods market growth in India and China. Europe was the second major market owing to strong regional presence of functional food industries coupled with increasing consumption by adult and old age population in this region. North America following Europe is expected to witness strong growth over the forecast period. The factors responsible for the growth in this region include various programs relating to fortification of foods for maintaining proper diet and to counter attack health problems including malnutrition and micronutrient deficiencies. Rising awareness regarding nutrient deficiencies including iodine, vitamin A & D and myopia is expected to lead to the growth of fortified foods market in this region.
Major players in fortified foods market include Dean Foods, Kraft Foods Inc., Kellogg Company, Meiji Group, Nestlé S.A., Red Bull GmbH and Unilever Company.
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The demand for nutraceuticals & functional foods is expected to witness an upward surge owing to consumers opting for immunity boosting supplements during the COVID-19 pandemic. Furthermore, a decline in the consumption of poultry, meat and seafood products across the globe is expected to increase the demand for plant and animal-based protein supplements in the near future. The report will account for Covid19 as a key market contributor.