Newark, Feb. 15, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global food fortifying agents market is expected to grow from USD 79.3 billion in 2021 to USD 202.8 billion by 2030, at a CAGR of 11% during the forecast period 2022-2030.
Food fortification is a technique used to increase a food item's nutritional value by adding micronutrients. The use of food-fortifying agents in dietary supplements is on the rise. Food fortifying agents are also used in infant formula, pet food, animal feed, animal nutrition, bulk food items, dairy and dairy products, dietary supplements, fats and oils, and sports nutrition products, in addition to nutritional supplements. Consumers' growing health consciousness mostly drives the market. The rise of the market has also been encouraged by government organisation support. For instance, food fortification has been acknowledged by the Food and Agricultural Organization (FAO) and the World Health Organization (WHO) as one of the crucial ways to eliminate pervasive malnutrition, particularly in developing nations. The market's expansion will also be aided by the regular introduction of newly created items with altered vitamin mixes, such as Alpha thought Vitamin-Infused Coffee, Snap Super Candy (vitamin-infused treats), vitamin-infused water, and milk with added vitamin D.
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Competitive Strategy
To enhance their market position in the global food fortifying agents market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In 2021, To support a revolutionary probiotic that significantly improves infant gut health in California, Evolve BioSystems announced that it has received a sizeable strategic investment from Cargill and Manna Tree.
Market Growth & Trends
The rise in consumer health consciousness is the key factor driving the industry. Governmental backing has also contributed to the market's expansion. For instance, food fortification has been acknowledged by the Food and Agricultural Organization (FAO) and the World Health Organization (WHO) as one of the crucial ways to eliminate pervasive malnutrition, particularly in developing nations. Due to the growth in disorders like osteoporosis and rickets brought on by vitamin insufficiency, the rising expense of healthcare, and the expanding elderly population, the vitamin sector accounts for a sizeable portion of the global economy. Due to their advantages in terms of health, diet supplements are anticipated to develop at the quickest rate in terms of segmentation by application throughout the forecast period.
Key Findings
● In 2021, the vitamins segment dominated the market, with a market share of around 30% and a market revenue of 23.7 billion.
The type segment is divided into proteins & amino acids, vitamins, lipids, prebiotics & probiotics, carbohydrates, minerals, and others. In 2021, the vitamins segment dominated the market, with a market share of around 30% and market revenue of 23.7 billion. The demand for fortified foods and beverages has been shown to be increasing due to rising consumer health consciousness and vitamin deficiencies, which can cause health diseases such as anaemia, scurvy, beriberi, and pellagra.
● In 2021, the cereals and cereal-based foods segment accounted for the largest share of the market, with 16% and a market revenue of 12.6 billion.
The application segment is divided into infant formula, dairy & dairy-based products, cereals & cereal-based products, fats & oils, beverages, dietary supplements, and others. In 2021, the cereals and cereal-based foods segment dominated the market, accounting for around 16% and market revenue of 12.6 billion. The rising need for nutrients at the time of pregnancy drives the growth of the food fortifying agents market in the segment.
Regional Segment Analysis of the Food Fortifying Agents Market
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, North America emerged as the largest market for the global food fortifying agents market, with a market share of around 36.7% and 29.1 billion of the market revenue in 2021. The North American region's food fortifying agents market because of increased consumption and use of food fortifying agents in various food items. In addition, the market is rapidly growing due to the population’s rising disposable income, urbanization of its population, and growth of vital corporations.
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Key players operating in the global food fortifying agents market are:
● Cargill Incorporated
● I. du Pont de Nemours and Company
● Royal DSM
● BASF SE
● Arla Foods
● Archer Daniels Midland Company
● Hansen Holdings A/S
● Nestle Sa
● Ingredion Incorporated
● Evonik Industries AG
● Kellogg Co.
● PPG Industries Inc.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global food fortifying agents market based on the below-mentioned segments:
Global Textured Vegetable Protein by Type:
● Proteins & Amino Acids
● Vitamins
● Lipids
● Prebiotics & Probiotics
● Carbohydrates
● Minerals
● Others
Global Textured Vegetable Protein by Application:
● Infant Formula
● Dairy & Dairy-based Products
● Cereals & Cereal-based Products
● Fats & oils
● Beverages
● Dietary supplements
● Others
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About the report:
The global food fortifying agents market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements, whether they are looking to expand or planning to launch a new product in the global market.
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