Pune, India, Nov. 16, 2022 (GLOBE NEWSWIRE) -- The global food fortifying agents market size is expected to inflate on account of the joint efforts by the government and manufacturers to maintain public health, shares Fortune Business Insights™, in its report, titled, "Food Fortifying Agents Market, 2022-2029."
The market is primarily driven by the rising health consciousness of consumers assisted by government organizations. For instance, the Food and Agricultural Organization (FAO) and the World Health Organization (WHO) have reported food fortification as one of the prominent strategies to curb widespread malnutrition, specifically in underdeveloped countries. The food fortifying agents market is estimated to propel due to the surging demand for dietary supplements, nutritional sports supplements, animal care nutrition, and personal care products. The food & beverage industry, pet food producers, pharmaceutics, and baby food formula industry, among many others, are the crucial product-users of food fortifying agents.
Key players in the market have developed food fortifying agents, such as Vitamin C in fruit-based juices, dairy-based products, and other varieties of beverages and cereals. Fortification of Vitamin B complex is utilized for leafy vegetables and high refined cereals, whereas, fortification of calcium and phosphorus is practiced in producing baby food formula. Fortification for maize and wheat flour is beneficial for eradicating iron deficiency anaemia as it is done with zinc, folic acid, iron, and various other micronutrients. This is further expected to stimulate market growth during the forecast period.
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List of Key Players Covered in the Food Fortifying Agents Market Report
- Cargill Incorporated
- Royal DSM
- Arla Foods
- Hansen Holdings A/S
- Ingredion Incorporated
- Kellogg Co.
- BASF SE
- Archer Daniels Midland Company
- Nestle SA
- Evonik Industries AG
Report Scope & Segmentation:
| Report Attribute | Details |
| Base Year | 2021 |
| Historical Year | 2018 – 2020 |
| Forecast Year | 2022 – 2029 |
| Segments Covered | By End-Use and Regional |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2029 |
| Food Fortifying Agents Market Growth Drivers | Increasing Focus on Reduction of Greenhouse Emissions to Aid Growth |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
COVID-19 Impact
The unfortunate event of the global pandemic hit the world and every industry faced some collateral damage. Due to the strict government norms imposed on the national movement of vehicles be it commercial or passenger, the demand-supply chain cycle was seen disrupted. Some factories shut down their plants, whereas some laid off employees which disturbed the monetary system all around the globe.
According to a Wikipedia result, the COVID-19 pandemic has affected the global food industry as governments of several regions have imposed lockdowns which resulted in the shutting down of restaurants and bars to curb the spread of the virus. Shutting down of restaurants affected adversely on the food and beverage industry and created a ripple effect among related industries, such as alcohol production, food, and beverage shipping, fishing, and farming.
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Market Segment
On the basis of type
- probiotic vitamins
- proteins
- amino acids
- lipids prebiotics
- carbohydrates
- minerals
By application
- infant formulas
- cereals and cereals based products
- fats and oils
- dietary supplements
- dairy and dairy based products
- bulk food items
- feed
In terms of region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Highlights of the Report
The report offers a holistic evaluation based on thorough research of the market. It further provides an in-depth analysis of the current market trends and future opportunities. It sheds light on the market drivers and restraints. Moreover, key players and their shrewd strategies to prosper in the market and dominate as prominent players are shared in the report. Detailed study of the regional dynamics and how they shape the market is observed in the report.
Market Drivers
Increasing Diet Intake Awareness Backed by Government Health Policies to Promote Growth
Various government organizations across the world have initiated health policies related to the addition of beneficial nutrients in meals, staple diet, and dairy products in their respective countries. This shall suggest manufacturers to utilize more food fortifying agents and lead to a decline in dietary deficiency cases. Additionally, a drop in the number of cases related to vitamin deficiency too shall be observed. This is expected to stimulate market growth.
On the other hand, overdosing of food fortifying agents can have adverse health impacts. For example, vitamin C or zinc overdose could cause nausea, diarrhoea, and stomach cramps. Excessive usage of selenium could result in hair loss, gastrointestinal condition, fatigue, and also mild nerve damage.
While most people consume food fortifying agents through cereal at breakfast, an energy bar between meals, enriched pasta for dinner, and through a daily supplement, this too could easily surpass the recommended daily intake of nutrients. Hence, these factors are estimated to hinder market growth.
Regional Insights
North America to Ace the Market Owing to Rising Health Consciousness
North America is expected to hold the majority of the shares in the global food fortifying agents market and maintain the top position. This is owing to the rising awareness about consuming a healthy and nutritional diet. This awareness is backed by major public welfare organizations, such as WHO and FAO. This shall further stimulate regional market growth.
Asia Pacific is anticipated to portray substantial growth and hold the second-largest share for food fortifying agents in the global market. The growth is owing to the increasing demand and consumption in the food and beverage industry due to the rising population in countries, such as China and India. Moreover, major manufacturers of food fortifying agents present in this region are estimated to further drive the market growth.
Europe is anticipated to showcase decent growth on account of huge expenditures on the food and beverage industry for gaining maximum nutrition in daily intakes of people in this region.
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Competitive Landscape
Brand Acquisitions by Key Companies Set to Foster Market Growth
Prominent players are adopting several strategies to bolster their positions in the market as leading companies. One such key strategy is periodically launching innovative products with the detailed study of the market and its target audience. Another essential strategy is acquiring companies to bolster the brand value among users.
For example, in October 2020, Nestle SA, which is a major player in the food industry, announced the acquisition of Freshly, one of the top delivery service providers of fresh-prepared meals in the U.S. This is estimated to further help Nestle SA expand its brand recognition among its users and stay on the top position in the market.
Food Fortifying Agents Market Scope
The key deliverables of this report are market statistics with detailed classifications and splits by revenue. Food Fortifying Agents Market revenues bifurcated by type, application, and region. Players, stakeholders, and other participants in the global Food Fortifying Agents Market will be able to gain a strong position as this report will surely benefit their marketing strategies. Detailed competitive landscape with identification of the key players with respect to each type of market, in-depth market share analysis with individual revenue, market shares, and company rankings.
Industry Development
May 2020: Cargill Incorporated, a key player in the market, launched PlantEver, a variety of plant-based products in China, contributing to more quality protein options in the Chinese market. This launch is expected to help boost the market position of Cargill Inc. in the upcoming years.
Essential Points to focus on:
- This report gives stick guide investigation toward changing competitive elements.
- It gives a forward-looking point of view on various variables driving or limiting business sector development.
- Includes strategies of key players along with their profiles.
- Presents recent industry patterns and advancements.
For Prepare TOC Our Analyst Deep Researched the Following Things:
Report Overview: It includes major players of the Food Fortifying Agents Market covered in the research study, research scope, market segments by type, market segments by application, years considered for the research study, and objectives of the report.
Global Growth Trends: This section focuses on industry trends where market drivers and top market trends. It also provides growth rates of key producers operating in the Food Fortifying Agents Market. Furthermore, it offers production and capacity analysis where marketing pricing trends, capacity, production, and production value of the Food Fortifying Agents Market are discussed.
Market Size by Type: This section concentrates on product type segments where production value market share, price, and production market share by product type are discussed.
Overall Market Analysis: Capacity Analysis, Sales Analysis, Sales Price Analysis.
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