Our in-depth analysis of the fortified food market includes the following segments:
By Nutrient Composition
By Distribution Channel
Regionally, the fortified food market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing demand for nutrition enriched foods and promotion of fortified products by the government of countries, namely China, Japan, South Korea and India. Along with these growing occurrence of vitamins and minerals deficiency among people is also predicted to gauge market growth in this region in the coming years. On the other hand, Europe occupies the largest revenue share in the market and is expected to offer abundant growth opportunities over the forecast period owing to the strong presence of food & beverage industries in the region and growing consumption among adult and older populations. Our analysis reveals that Europe is predicted to generate the largest food industry revenue in 2021, amounting to approximately USD 1.75 million.
The fortified food market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increasing health consciousness of people and shift in focus of food manufacturers to produce fortified products are major growth drivers of the market.
Ans: The market is anticipated to attain a significant CAGR over the forecast period, i.e., 2021 – 2029.
Ans: Lack of maintenance of hygiene standards by fortified foods manufacturers is estimated to hamper the market growth.
Ans: Europe is estimated to offer more business opportunities on the back of strong presence of leading market players.
Ans: The major players in the market are Nestle S.A., Gastaldi Hnos.S.A., Bühler AG, Dr. Paul Lohmann GmbH & Co. KGaA, Corbion NV and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by nutrient composition, product, distribution channel, and by region.
Ans: The basic foods segment is anticipated to hold largest market size and is estimated grow at a noteworthy CAGR over the forecast period and display significant growth opportunities.