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The food fortifying agents market share is expected to increase by USD 41.47 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.64%.
This food fortifying agents market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers food fortifying agents market segmentation by application (dietary supplements, dairy and dairy products, cereals and cereal-based products, infant formula, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa). The food fortifying agents market report also offers information on several market vendors, including Arla Foods Ingredients Group PS, BASF SE, Chr. Hansen Holding AS, Evonik Industries AG, Ingredion Inc., International Flavors and Fragrances Inc., Koninklijke DSM NV, Levex, Nestle SA, Nouryon Chemicals Holding BV, Omya International AG, Prime Merchantiles International Ltd., ProXES GmbH, Spirax Sarco Engineering plc, Tata Sons Pvt. Ltd., Tate and Lyle Plc, Wenda Ingredients LLC, Kellogg Co., and PPG Industries Inc. among others.
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"The significant increase in the health consciousness of consumers and the bourgeoning support of government organizations will facilitate the fortifying agent market growth in North America over the forecast period."
The rising concerns on ever-increasing health problems is notably driving the food fortifying agents market growth, although factors such as stringent government regulations may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the food fortifying agents industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Food Fortifying Agents Market Driver
One of the key factors driving the global food fortifying agents industry growth is the rising concerns on ever-increasing health problems. Food fortifying agents help reduce the prevalence of chronic diseases, such as high blood pressure, cardiovascular diseases, and many others. For mandatory food fortifying agents, the United States Food and Drug Administration (US FDA) has established guidelines and standards. In Canada also, the addition of vitamins and minerals (micronutrients) to food is controlled under regulatory provisions first declared in 1964 (Part D Division 3 of the Food and Drug Regulations [FDRs]). These regulations list the foods to which micronutrients may be added and the levels to which they may be added (Health Canada, 2002. Food products like milk, cereals, and others contain food fortifying agents. For example, vitamin C fortifying agents are used in beverages and juices to enhance their vitamin C content. Such factors will support the market growth in the forecast period.
Key Food Fortifying Agents Market Trend
Rising consumption of vitamin-infused food and beverages is one of the key food fortifying agents market trends that is expected to impact the industry positively in the forecast period. The demand for fortified food and beverages has increased due to the rising health consciousness among consumers and the increasing prevalence of vitamin deficiencies that can cause health disorders, such as anemia, scurvy, beriberi, and pellagra, to name a few. A more reasonable approach is to use food fortification to support but not replace dietary improvement strategies (i.e., nutritional education campaigns). Furthermore, the frequent launches of newly formulated products with modified blends of vitamins, such as Alpha mind vitamin-Infused Coffee, Snap Super Candy (vitamin-infused snacks), vitamin-infused water, and vitamin D fortified milk, are projected to further boost the growth of the market in the coming years.
Key Food Fortifying Agents Market Challenge
One of the key challenges to the global food fortifying agents industry growth is the stringent government regulations of various nations, including the US, India, the UK, and other countries. This is to monitor the regulations on food fortification on a regular basis so as to keep their population safe from the harmful effects of such fortifying agents. For instance, in August 2018, the Indian government announced that all fortified food products in the market would have to carry the "+F" logo on their labels and comply with the standards set for food safety as per the new regulations, i.e., the Food Safety and Standard Regulations, 2018, notified by the Food Safety and Standards Authority of India (FSSAI). The regulations came into effect in January 2019. Such steps will enable consumers to identify the fortified food products easily and ensure the quality of such products. Such factors may limit the market growth in the forecast period.
This food fortifying agents market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global food fortifying agents market as a part of the global commodity chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the food fortifying agents market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the food fortifying agents market encompasses successful business strategies deployed by the key vendors. The food fortifying agents market is fragmented and the vendors are deploying growth strategies such as mergers and acquisitions (M&A), expansions, and partnerships, along with new product development to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The food fortifying agents market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the food fortifying agents market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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33% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for food fortifying agents in North America. Market growth in this region will be faster than the growth of the market in Europe.
The increase in health consciousness among consumers and the increasing support provided by government organizations will facilitate the food fortifying agents market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, COVID-19 spread widely across North America, especially in the US. Owing to the rising number of deaths from COVID-19, many North American countries, including the US, Canada, and Mexico, implemented a nationwide lockdown. As a result, the manufacturing units across the region except pharmaceutical were closed. However, the region is gradually propelling its economic activities and simultaneously conducting large-scale vaccination drives. This will boost the growth of the regional food activities and consequently, is expected to drive the growth of the regional market during the forecast period.
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The food fortifying agents market share growth by the dietary supplements segment will be significant during the forecast period. The significant increase in the consumption of dietary supplements will drive the demand for these food fortifying agents during the forecast years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the food fortifying agents market size and actionable market insights on post COVID-19 impact on each segment.
Food Fortifying Agents Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.64% |
Market growth 2022-2026 |
$ 41.47 billion |
Market structure |
Fragmented |
YoY growth (%) |
10.4 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 33% |
Key consumer countries |
US, Canada, China, India, and Germany |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Arla Foods Ingredients Group PS, BASF SE, Chr. Hansen Holding AS, Evonik Industries AG, Ingredion Inc., International Flavors and Fragrances Inc., Koninklijke DSM NV, Levex, Nestle SA, Nouryon Chemicals Holding BV, Omya International AG, Prime Merchantiles International Ltd., ProXES GmbH, Spirax Sarco Engineering plc, Tata Sons Pvt. Ltd., Tate and Lyle Plc, Wenda Ingredients LLC, Kellogg Co., and PPG Industries Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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