Introduction to fortified rice market
The fortification of rice is the process of increasing the micronutrient content such as minerals and vitamins. The primarily focus of fortification is to increase the nutritional quality of the food which provides the health benefits to the consumer. Rice is the most preferred food items and it is cultivated in large quantities across the globe. Additionally, various types of rice fortification such as wheat and maize fortification is done by various manufacturers in order to cater to the nutrient deficient population.
The WHO has made certain recommendations regarding the fortification of rice. The WHO recommends fortification of rice with vitamin A in order to improve the vitamin A nutrients of the population.
Market Size and Forecast
Currently the global fortified rice market is observing vibrant growth on account of sustainable and cost effective measure of providing nutrition supply to the population. Additionally, the growing initiative by the manufacturers for enhancing the nutritional value of the rice is anticipated to be the other major reason for the growth of the overall market. The government across the globe is also taking initiative in order to improve the nutritional content among the population.
Fortified rice market is anticipated to record a CAGR of 6.5% over the forecast period. The fortified rice market is expected to showcase a vibrant growth by the end of the forecast period. It is expected to reach the total market size of USD 28 billion by 2027. The market is segmented on the basis of micronutrient, technology, end-user and sales channel. On the basis of micronutrient, it is sub-segmented into minerals, vitamins, other fortifying nutrients. Vitamins is anticipated to be the leading sub-segment during the forecast period. The high preference of the various governments to enhance the vitamins content in the food items is anticipated to be the major reason for the growth of the sub-segment during the forecast period. On the basis of technology, it is sub-segmented into drying, extrusion, coating technology & encapsulation and others. On the basis of end-users, it is sub-segmented into commercial and residential.
Residential sub-segment is anticipated to generate highest revenue during the forecast period. The increasing consumption of the rice by the population across the globe is anticipated to be the major factor driving the growth of the sub-segment during the forecast period. On the basis of sales channel, it is sub-segmented into convenience stores, modern trade, drug stores, departmental stores and online stores. Modern trade is anticipated to be the largest sales channel sub-segment during the forecast period.
Growing demand from the nutrient deficit population
The growing nutritional deficiencies in the population is anticipated to increase the demand for the fortified rice during the forecast period. According to UNICEF Vitamin A supplements in the countries such as Bangladesh and India has increased over the last few years.
High Consumption of Rice
The various countries across the globe are highly dependent on rice for the nutrition. The high dependence of the population over the rice is anticipated to be the major driver for the overall fortified rice market.
High Integration Cost
The high cost associated with various technologies for improving the rice is expected to hinder the overall fortified rice market during the forecast period.
Our-in depth analysis of the global fortified rice market includes the following segments:
By Sales Channel:
On the basis of regional analysis, global fortified rice market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America is anticipated to contribute to the largest market share during the forecast period. The highly developed industrial infrastructure in the region coupled with the availability of the key manufacturers is anticipated to be the major reason for the growth of the overall market in the region. Asia-Pacific is expected to fastest developing region for the fortified rice market. The large population in the region coupled with the increasing the consumption of fortified rice is expected to foster the growth of the overall fortified rice market in the region. For instance, total population of the Asia-Pacific region is 4912.3 million in 2017 whereas in 2016 it was 4741.4 million.
Global fortified rice market is further classified on the basis of region as follows:
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