Fortified Foods Market to Hit USD 223.17 Billion by 2030 Owing to Increasing Health Awareness and Rising Government Initiatives | Research By SNS Insider
As per the SNS Insider’s research, the fortified foods market is experiencing robust growth due to a combination of health awareness, demographic shifts, innovation in product development, government support, and changing consumer preferences.
Pune, Oct. 06, 2023 (GLOBE NEWSWIRE) — The Fortified Foods Market, as per the SNS Insider report, had a valuation of USD 132.84 billion in 2022 and is projected to reach USD 223.17 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.7% during the forecast period from 2023 to 2030.
Fortified foods are products that have had essential vitamins, minerals, or other nutrients added to them to enhance their nutritional content. This process is usually done during the manufacturing stage and is aimed at improving the overall nutritional value of the food product. Fortification is a strategy employed by food manufacturers and public health authorities to address specific nutrient deficiencies in a population or to provide a convenient way for people to meet their nutritional needs. Fortification is particularly important in regions where malnutrition is a significant concern, especially among vulnerable populations like children and pregnant women. It can help address deficiencies without requiring major changes to traditional diets.
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The fortified foods market has witnessed significant growth in recent years, driven by a combination of factors that reflect evolving consumer preferences, health consciousness, and advancements in food technology. With a growing emphasis on health and well-being, consumers are becoming more conscious of their nutritional intake. This awareness has led to an increased demand for foods that provide additional health benefits beyond basic nutrition. The rise in diet-related health issues such as vitamin and mineral deficiencies, obesity, and chronic diseases has prompted consumers to seek out foods that can address these concerns. Fortified foods, enriched with essential nutrients, are seen as a convenient solution. Many governments worldwide have recognized the importance of fortifying staple foods to combat malnutrition and related health issues. These initiatives have boosted the production and consumption of fortified foods.
Fortified Foods Market Overview & Scope:
|Market Size in 2022||USD 132.84 billion|
|Market Size by 2030||USD 223.17 billion|
|CAGR||CAGR of 13.9% over 2023-2030|
|Key Segments||by Nutrient Composition (Vitamins, Carbohydrates, Proteins, Minerals, Probiotics, and Others)
by Distribution Channel (Online, and Offline)
|Key Market Players||Nestlé S.A., BASF SE, General Mills, Tata Chemicals Limited, Mondelz International, Cargill Incorporated, Danone, Bühler AG, Bunge Limited, Unilever PLC and other players|
|Pricing & Purchase Options||Avail customized purchase options to meet your exact research needs. Explore purchase options.|
Key Takeaway from Fortified Foods Market Study
- The market is undergoing a significant transformation, with the vitamins segment poised to dominate the industry. In recent years, there has been a growing awareness among consumers about the importance of maintaining good health. This awareness has led to an increasing demand for foods that offer added nutritional value. Vitamins, being essential micronutrients, are highly sought after by health-conscious individuals.
- While the online retail space has experienced substantial growth, the offline segment remains a dominant force in the fortified foods market. Consumers tend to trust established brick-and-mortar stores more than online sellers, particularly when it comes to food products. The ability to interact with knowledgeable staff and inspect the products firsthand builds confidence in the quality and safety of fortified foods.
- TechnoServe, a renowned non-profit organization dedicated to promoting economic development and reducing poverty, has recently unveiled an ambitious plan to expand the production and distribution of fortified foods in Kenya. This comprehensive approach aims to drive positive behavioral change and encourage the adoption of fortified foods as a means to combat malnutrition.
- Evolve BioSystems, a pioneering company in the field of infant gut health, has recently made headlines with a groundbreaking development in their quest to improve the well-being of newborns. This innovative company has secured a substantial strategic investment from two prominent players in the industry: Cargill and Manna Tree.
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Market Dynamics Analysis
The fortified foods market has been experiencing dynamic shifts in recent years, driven by several key factors. One of the primary drivers is the growing awareness among consumers regarding the importance of nutrition and health, prompting an increased demand for products that offer enhanced nutritional benefits. Additionally, changing lifestyles, busy schedules, and a rising number of health-conscious individuals have led to a surge in demand for convenient and nutritious food options, further boosting the market. Moreover, government initiatives and regulations promoting fortification to combat malnutrition have acted as catalysts for market growth. However, the market is not without its challenges and restraints. One significant challenge is consumer skepticism and the need for transparent labeling and clear communication regarding the benefits of fortification. Overcoming taste and sensory issues, as some fortified foods may have altered flavors or textures, is another hurdle for manufacturers. Furthermore, the market faces threats from shifting consumer preferences and trends. As consumers become more health-conscious, they may seek natural and organic alternatives over fortified options, leading to potential competition within the market.
Key Regional Developments
In North America, there is a growing awareness of the importance of a balanced diet. Consumers are actively seeking out foods fortified with vitamins, minerals, and functional ingredients. Stringent regulations and labeling requirements by the FDA in the United States are influencing product formulation and marketing strategies. Companies are focusing on meeting these regulations to gain consumer trust. Europe is witnessing a rising trend in health and wellness, with consumers increasingly looking for foods that offer both nutrition and taste. This has driven the demand for fortified foods, especially in categories like cereals, beverages, and snacks. The expanding middle-class population in Asia-Pacific countries is driving demand for premium and fortified food products. Consumers are willing to pay a premium for products that offer health benefits.
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Impact of Recession
The impact of an ongoing recession on the fortified foods market is multifaceted. While challenges related to consumer spending and cost sensitivity are prevalent, opportunities also exist for companies that can adapt to changing consumer behaviors and market conditions. By emphasizing value, health benefits, and innovation, fortified food manufacturers can position themselves to weather economic downturns and potentially emerge stronger on the other side.
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