Fortified foods are those foods which are more enriched of vitamins and minerals. Fortification refers to the process which intentionally increases the content of a necessary micronutrient by adding vitamins and minerals to the food. The food fortification need has been identified at various levels in the global economies starting from consumption in homes to government initiatives.
As a result, global fortified food and beverage market is anticipated to expand at a compound annual growth rate (CAGR) of 10.5% over the forecasted period i.e. 2015-2019
By Food Types
Based on food type, Global fortified food market is segment as follows:
By Basic Nutrients
Based on basic nutrients, Global fortified food market is segment as follows:
Based on region, Global fortified food market is segment as follows:
Growth Drivers and challenges
Rising health consciousness among consumers, increasing personal disposable income in emerging economies, some programs aimed at exterminating malnutrition etc. are few of the main growth drivers of the global fortified food market in the near future.
In addition, increasing awareness about a healthy lifestyle and now days people are eating ready to eat foods in daily busy schedules can also be a growth driver for the global fortified food market in the upcoming future.
The foremost factor which restraints the growth of global fortified market is the license grant, supervisory problems created by food safety department and health risk associated with addition of few minerals or vitamins in excess in the food industries worldwide.
Furthermore, high cost of fortifies foods is expected to restrain the global fortified market during the forecasted period i.e. 2015-2021.
Market Size and Forecast
In 2013, Asia-Pacific dominated the global fortified food market followed by Europe. Further, on the back of myopia in adults and other diseases, Asia-Pacific fortified food market is further projected to maintain its dominance in near future.
Further, strong reasons like government initiatives, rising awareness about fortified food and benefits brought by it etc. are projected to excel the North America fortified food market over the forecast period.
The key players of the global fortified food market are as follows:
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