NEWARK, Del, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The fortified rice market value is projected to be US$ 20.20 billion in 2023 and the market is expected to reach US$ 34.50 billion by 2033, recording a CAGR of 5.5%. High solubility and ability to form an elastic gel at high temperatures of 80°C make it ideal for high-temperature applications. Governments worldwide are increasingly taking action to improve nutritional value in food products.
Acute and chronic malnutrition, as well as vitamin and mineral deficiencies, damage the health, productivity, and development of about half of India's children. Productivity, development, and health can all be negatively impacted by micronutrient deficits.
It is feasible to solve the problem by adding vitamins and minerals to everyday foods like rice, as well as by supplementing micronutrients and changing up diets. This has led to the fortification of rice, which has emerged as a sustainable & cost-effective measure for providing nutrition to people globally. The worldwide food and beverage sector is anticipated to expand as more fortified rice with high acyl levels is used in milk products, plant-based protein drinks, fruit juices, and other beverages. High-acyl-fortified rice is also used as a suspension element for milk products, plant-based protein drinks, and fruit juices.
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“Due to the sustainable and cost-effective measures, manufacturers are taking measures to provide nutrition to the population, the global fortified rice market is witnessing vibrant growth.” – says a lead analyst at Future Market Insights.
Key Takeaways from Market Study
- The fortified rice market is expected to record a CAGR of 5.5% over the forecast period.
- According to estimates, the fortified rice market in the China and India remains strong throughout the forecast period.
- By 2033, China is expected to hold a 40% share in Asia Pacific and its market size is expected to be US$ 8.82 billion.
- Conventionally produced cereal grains are readily available, so the non-organic segment accounted for the significant share in 2023.
Competitive Landscape:
In the fortified rice market, there are numerous international and regional players competing, making it highly competitive. Several prominent companies dominate this market, including Cargill Incorporated, BASF SE, General Mills Inc, Willmar International Ltd, Aroma Fields, KRBL Ltd, Bunge Ltd, REI Agro Ltd, LT Foods, Hain Celestial (Tida Rice), and others.
To gain a dominant market share, companies are focusing on price, quality, ingredients, and promotions. This market is highly consolidated, with these players holding the majority share. To expand their presence and maintain their position in the market, these companies are investing more in research and development to develop consumer-driven fortified rice and ingredients.
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Recent Developments:
- An American food company, Cargill, submitted an offer to acquire Sanderson Farms in Mississippi. Sanderson's stockholders approved the deal. It is estimated that the acquisition is worth around US$ 4.5 billion ($203 per share).
- On January 20, 2021, that "LT Foods," an Indian rice milling company based in Gurugram, had acquired a 30% stake in Leev.nu, a Dutch packaged food company. Nature Bio Foods BV (a subsidiary of LT) was acquired as part of the transaction to strengthen Nature Bio's snacking business.
- On August 28, 2019, Ebro Foods, a food processing company based in Madrid, Spain, which produces vast amounts of rice, announced its successful purchase of Tuna Rice from Hain Celestial, a company based in New York. For the acquisition to be completed, Ebro paid $342 million (all cash).
Given Below are the Fortified Rice Market Segments
By Micronutrients:
- Vitamins
- Minerals
- Other Micronutrients
By Technology:
- Drying
- Extrusion
- Coating & Encapsulation
- Other Technologies
By Nature:
- Conventional Farming
- Organic Farming
By Distribution Channel:
- Modern Trade
- Convenience Stores
- Departmental Stores
- Drug Stores
- Online Stores
- Other Distribution Channels
By End-Use:
- Residential
- Commercial
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
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Table of Content:
1. Executive Summary | Fortified Rice Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
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Check Our Related Food and Beverage Research Reports:
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Modified Flour Market: The sales of Modified Flour Market is estimated to be valued at US$ 92,364.0 Mn in 2022. As per Future Market Insights (FMI), the overall market value is expected to reach US$ 191,326.1 Mn by 2032, rising at a CAGR of 7.6% for 2022-32.
Modified Soya Flour Market: Modified Soya Flour Market size is projected to reach USD 85,859 million by 2032, growing at a CAGR of 3.2% over 2022-2032. Soy Flour is used in variety of food items and are used in various industrial products that contains more than 50% of protein.
Feed Enzymes Market: The global feed enzymes market size is estimated to account for US$ 1.2 billion in 2023 and is projected to reach US$ 1.8 billion by 2033. The market is expected to record a CAGR of 4.4% during the forecast period. The growing popularity of enzymes as ideal feed additives for promoting animal growth, enhancing digestion, and increasing immunity is a major factor behind the expansion of the feed enzymes market.
Fortified Dairy Products Market: According to Future Market Insights (FMI), The Global Fortified Dairy Products Market size was estimated at USD 109,485 million in 2021 and expected to reach USD 223,441 million in 2032, at a CAGR of 6.7%.
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