Food Fortifying Agents Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global food fortifying agents market is projected to register a CAGR of 7.5% during the forecast period (2022 - 2027).

The outbreak of COVID-19 has a significant impact on food fortifying agents due to the increased consciousness of consumers in selecting food. This inclination towards sustainable, regenerative, plant-based nutrition and demand for foods and beverages with immunity-boosting ingredients drives the need for these products and their constituents. Do It Yourself (DIY) trend has seen massive momentum during Corona times and is expected to continue in the next few years. Considering the rapidly changing market landscape, companies are changing their perspectives on expanding beyond traditional markets. In addition to focusing on widening applications and introducing new product portfolios, most food and beverage companies plan to capture domestic and international markets.

The market is mainly driven by the increase in the growth of the health consciousness of consumers. The support of government organizations has also fueled the market growth. For instance, the Food and Agricultural Organization (FAO) and the World Health Organization (WHO) have recognized food fortification as one of the critical strategies to reduce widespread malnutrition, particularly in underdeveloped countries.

The vitamin sector accounts for a significant share owing to the rise in diseases such as osteoporosis and rickets due to vitamin deficiency, the increasing healthcare cost, and the growing aging population. On a segmentation front by application, the diet supplements are projected to have the fastest growth during the forecast period due to their health benefits. They are mainly targeted by the increase in the aging population and interest in personal fitness.

Key Market Trends

Rising Consumption of Vitamin-infused Foods & Beverages

The demand for fortified foods and beverages market was witnessed to have an increasing trend owing to the rising health consciousness among the consumers and vitamin deficiencies which can cause health disorders such as anemia, scurvy, beriberi, and pellagra, to name a few. Also, studies have mentioned that these are not simply deficiency diseases but conditions present in a relatively well-nourished society. Therefore, food fortification with vitamins was proven effective for tackling the population's nutritional deficiencies. Still, a more reasonable approach is to use food fortification to support but not replace dietary improvement strategies (i.e., healthy education campaigns). Furthermore, frequent launches of newly formulated products with modified blends of vitamins are likely to fuel the market's growth, such as Alpha mind Vitamin-Infused Coffee, Snap Super Candy (vitamin-infused snacks), vitamin-infused water, and vitamin D fortified milk.

Asia-Pacific is the Fastest Growing Region

The Asia-Pacific region is predicted to be the fastest-growing market in the forecasted period. The growth of the market is relatively less in the African area. In South Africa, multiple fortifications of biscuits with iron, β-carotene, and iodine improved the status of all these nutrients in school children. Countries of the Asia-Pacific region, such as China and India, have the majority of the market due to their increasing disposable income, urbanized population, and expansion of critical companies like Cargill, Incorporated, and FMC Corporation in many countries. In China, studies have assessed the efficacy, effectiveness, and feasibility of fortifying soy sauce with iron content.

Competitive Landscape

The global market for food fortifying agents is highly competitive, owing to prominent regional and domestic players in different countries. Some of the major players in this market include Cargill Incorporated, Archer Daniels Midland Company, DuPont, BASF SE, and Advanced Organic Materials S.A. are emphasizing the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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