Global vitamin fortified & mineral enriched foods and beverages market are expected to witness a high growth on account of increasing nutritional items demand among world population. The overall industry is projected to grow at an approximate CAGR of 5% from 2016 to 2024.
The fortified food industry has been observing sturdy growth over the past few years on account of increasing vitamin-enhanced items consumption. Health concerns coupled with the rise in disease incidences are the major factors driving the global fortified food industry.
Consumers are motivated to spend more on healthy food on account of increasing consumer disposable income. This element is expected to propel the market growth over the forecast period.
Vitamin fortified and enriched mineral eatables have medicinal properties which provide healing benefits apart from daily required nutrients. They help human body in building a resistive system against common diseases.
Consumers who traditionally preferred supplements are now switching to these eatables on account of their health benefits. This purchase behavior type is expected to drive the overall industry demand in near future.
The global fortified products group was mostly headed by cereals with the higher amount of nutrition. The need for these commodities has increased in the recent past on account of growing awareness about a healthy lifestyle.
This market is mainly driven owing to rising health concern among people resulting in consumer tendency to eat these products in their busy daily schedules. A variety of foods are offered, and it varies as per geography, consumer taste, and availability.
The factors accountable for the industry growth include various programs relating to fortification for maintaining appropriate diet and counter attack health complications including micronutrient deficiencies and malnutrition.
Growing awareness related to nutrient deficiencies including vitamin A, vitamin D, iron, and iodine is expected to provide excellent opportunities for market growth. Organizations including WHO and Nestle accept that there are limitations associated with these enhancing food nutrition elements.
Nutrients fortifications have risks associated with an account of related side effects which act as a major challenge for the overall market growth. There are chances that eatables may deliver the toxic amount of nutrients.
Nutrition beyond the required level tends to result in obesity and increased blood pressure. Denmark has imposed a ban on certain products which were fortified with additional vitamins and minerals.
Such products are in high demand all age groups including youth as well as old. Malted heath drinks are highly preferred by youth population. Hectic and busy consumer lifestyle has resulted in increasing ready to eat food with high energy content demand.
Such purchase behaviour kind is expected to provide bright opportunities in near future. The global market is segmented by nutrient components which include vitamin D, folic acid, iron, and iodine.
Ready-to-eat cereals, yogurt, milk, margarine and other functional products have vitamin D. Many countries are implementing milk fortification program which is expected to drive the overall industry demand in near future.
Most of the fortified items include milk & dairy products, cereals, fats, oils, tea and infant food products. Fortification of foods with vitamins helps women during pregnancy to meet daily nutrient content.
Asia Pacific has been the leading regional market. Increasing health concerns related to age, myopia in adults and other diseases coupled with promotional activities by the China’s Ministry of Health are expected to drive the Asia Pacific market.
Low disposable income, unawareness and minimal profit margins in rural areas are expected to establish as key challenges in emerging economies including India and China. Regional demand was followed by Europe and North America respectively.
Europe is supposed to witness significant growth owing to the robust presence of efficient food industries coupled with increasing old age population consumption. North America following Europe is expected to observe a strong growth in near future on account of government initiatives to provide good quality eatables with enriched nutrients.
Key players operating in the global market are Abbott Laboratories, General Mills, The Proctor & Gamble Company, H.J Heinz, Land O’Lake, Philip Morris, Kellogg, and Hain Group. Advertisements play a vital role in reaching out to consumers and making them aware of the product content.
Most of the organizations try to differentiate similar products with enhanced taste and quality. One of the points of difference used by the manufacturers is the nutrient content in the products.
Such kind of strategies is majorly used for malted health drinks, breakfast cereal meals, and baby diet products. Therefore, manufacturers are expected to focus on marketing as well as enhanced taste & quality maintenance to differentiate from competitors and expand their presence in the global market.
Some fresh food items require the additives on a daily basis on account of regular eatery products movement. Such companies either need to stock the raw materials or procure them on a regular basis. Therefore, integrating the value chain for smooth flow has given rise to the ERP software implementation.
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