Increasing consumer awareness regarding healthy lifestyle and the strong demand for healthy food products are the major factors that are driving the growth of the market in the coming years.
Dublin, Ireland – July 14, 2020 /MarketersMedia/ —
The key factors contributing to the growth of the fortified food market include the rising disposable income and the increasing consumer awareness related to the healthy lifestyle at the global level. Additionally, the accelerating demand for healthy food products and the growing awareness regarding the essential nutrients, such as vitamins and minerals among consumers, will further enhance the demand for fortified food products. The increasing consumption of nutrition-rich food products as a result of the improved standard of living will positively influence the growth of the fortified food market size. The consumers are now becoming more aware of the exceptional benefits offered by the fortified food products. In addition to this, the growing population rate and increasing health concerns among consumers will further accelerate the demand of the market for fortified food. On the other edge, the growing supervisory problems from the food safety department and excessive addition of minerals and vitamins in the food products are certain factors that will restrain the growth of the market.
On the basis of the product type, the basic food segment is projected to witness considerable growth in the next six years. The increasing demand for dairy and dairy-based products due to its high nutritional value and changing consumption patterns of consumers are the significant factors that are surging the demand of the segment. Fortified yogurt is rich in calcium, fiber, protein, and vitamin D and helps in decreasing diseases related to nutritional deficiencies.
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Based on the micronutrients, the vitamin segment exhibits substantial growth potential and is projected to gain traction over the forecast period. This is due to the increasing number of diseases and vitamin deficiency among populations. Furthermore, the expansion in the healthcare sector, followed by the rising aging population, will further surge the demand for vitamins in the market. Vitamins are further segmented into vitamin A, vitamin B, vitamin C, vitamin D, and others. The vitamins and minerals play an important role in the development and growth of an individual.
On the basis of the technology, the drying technology segment is projected to maintain its dominance during the forecast period. The drying technology comprises of oven drying, drum drying, and spray drying. Drum drying technology is often used for the manufacturing of fortified food in powdered form, while the spray drying method is commonly used in the food industry as it is a more flexible and economical method. The extrusion technology is mostly used for the manufacturing of snacks food and ready to eat breakfast cereals. The extrusion technology provides numerous benefits as compared to the other methods of fortified food due to its versatile process that includes several operations at the same time, i.e., mixing, cooking, and forming. The combination of these factors is propelling the demand of the segment in the market.
Based on the raw material, the flours segment is poised to expand in the coming years. The flour is made up of several raw materials, such as corn flour, wheat flour, and rice flour. The cornflour is considered as an essential food ingredient used in fortified food products. Rice flour helps to cure various health issues and reduce the risk of iron deficiency in consumers. All these benefits are encouraging consumers to opt for flour.
On the basis of the distribution channel, the online segment is anticipated to experience a higher CAGR over the forecast period. The growing working population and the fundamental shift in the consumer’s preference towards buying fortified food products through online channels are the major factors that are driving the growth of the segment in the market.
On the basis of the region, the North American region is expected to dominate the fortified foods market in the next six years due to the accelerating demand for processed foods among the consumers. Moreover, the Asia-Pacific region is projected to witness a faster CAGR in the coming years. This is attributed to the increasing consumption rate of nutritional rich food products and the increasing awareness regarding nutritional deficiencies, such as iron, vitamin A, and vitamin D.
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The key players of the fortified food market include Kellogg Company, Tata Chemicals Limited, Mondelez International, Meiji Holdings Company, Ltd., Nestlé S.A., Dean Foods Company, Kraft Foods Inc., Unilever Company, BASF SE, General Mills Inc., and Cargill Incorporated, among others.
The research report on the fortified food market provides an in-depth analysis of the market revenue based on food type, micronutrient, technology, raw material, distribution channel, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights the recent developments in the market.
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