Fortified edible oils are the oils which are enriched with additional micronutrients. Fortified edible oils contain an adequate concentration of added fat-soluble vitamins such as vitamin A, D, E, and others. Fortified edible oils are the intervention made by government regulations to cope with the complication of undernourishment. As fortified edible oils are enriched with essential micronutrients, they are used to intensify the vitamin levels in the human body. Fortified edible oils are identified as the simple and inexpensive solution to combat micronutrient deficiency.
Lucrative Growth for Rice Bran Segment of Fortified Edible Oils
Among the product type segments of fortified edible oils, the fortified rice bran oil segment is expected to register the highest growth rate of about 4.6%, owing to increased dietary awareness among consumers on lesser cholesterol levels, and increased production of rice husk during the forecast period. However, the soybean oil segment is expected to have the highest market share in the current year 2018.
Rising Concerns for Fortification as a Public Health Initiative
With the increase in nutritional deficiencies such as vitamin A deficiency (VAD), fortification programs such as fortified edible oils have taken the shape of public health initiatives. As a result, many companies have initiated fortification, which increased the propensity of fortified edible oils. Statistical studies show that, the implementation of vitamin A through fortified edible oils has significantly decreased xerophthalmia and VAD by 74-90%, worldwide.
Public-private Partnerships are Gaining Traction
Public-private partnerships have a significant role to play in addressing malnutrition, by strategizing and implementing various fortification programs, such as introducing fortified edible oils in the growing economies, and to make affordable fortified food products for the target population.
- For instance, Global Alliance for Improved Nutrition (GAIN) is working with various private stakeholders as well as NGOs to promote fortified edible oils. A successful public-private partnership has been demonstrated in Indonesia during the development of the large-scale fortification of vegetable oil with vitamin A.
Government Initiatives to Support Fortification Programs in Other Countries
The U.K. government plans to provide a start cost of £2.9 Mn for the fortified edible oils under the scheme ‘National Food Fortification Program’ in Tanzania. This project will be implemented by the non-government organization Helen Keller International. According to this initiative, it would be mandatory for private food manufacturers to fortify wheat, maize, and oil with essential vitamins and minerals, in Tanzania. This serves as an opportunity for edible oil producers to broaden their product portfolio with fortified edible oil during the forecast period.
Subsidy on the Procurement for Fortified Edible Oils
To enhance the fortification initiative, various agencies are providing a temporary subsidy on the procurement of micronutrients. The fortification initiative has been carried out on a large scale in Tanzania. Therefore, with the support of the Global Alliance for Improved Nutrition (GAIN) and the Department for International Development (DFID), a sliding subsidy for fortified edible oils is being offered for a period of one and half year on the fortification program.
Changing Dietary Habits and Living Standards
With increasing disposable income, the living standards of consumers are also changing positively, which is expected to drive the demand for fortified edible oils. Due to rapid urbanization in developing regions, people are adopting healthier lifestyles, and using low-absorb and vitamin fortified edible oils, thus resulting in the increasing demand for fortified edible oils such as fortified sunflower and rice bran oils.
- The developed countries of Europe and North America are drawn towards the use of low processed foods, and demand healthy fortified edible oils such as fortified olive oil, which has increased substantially with the widening utilization of olive oil in the preparation of food and salads, as olive oil contains higher vitamin A and other phytonutrients.
Public Orientation of Mandatory Fortification
The Burundi Bureau of Standards works in close association with DSM and BASF to establish an oil fortification program across the country. DSM and BASF donate the vitamin premixes required for fortified edible oils, whereas, the Burundi Bureau of Standards ensures compliance with national cooking oil standards, so as to speed up the mandatory fortification in the country.
This TMR report on the global fortified edible oils market analyzes the opportunities in the market and presents updates and insights relating to various segments of the global fortified edible oils market over the forecast period 2018-2026. The report on global fortified edible oils market also provides the estimated data for 2018, and forecast data up to 2026 in terms of value (US$ Mn) and volume (MT). In terms of value, the fortified edible oils market is expected to expand at a CAGR of 3.4% over the forecast period. The current study reveals the fortified edible oils market trends and market dynamics in five major regions - North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The report also comprises the study of current issues with consumers and opportunities in the fortified edible oils market.
The report explores the global fortified edible oils market for the period 2018–2026. The overriding goal of this report is to provide insights into the developments in the global fortified edible oils market that are progressively helping transform worldwide businesses that are associated with the same. It is essential to consider that, in the wavering economy, we provide the estimated (Y-o-Y) year-on-year growth rate along with the Compound Annual Growth Rate (CAGR) for the overall forecast, to understand the better analysis and evaluation of the global fortified edible oils market, and to discover the equitable opportunities.
Yet another key feature of this report is the analysis of the global fortified edible oils market. Corresponding revenue forecast is also carried out in terms of absolute dollar opportunity. This is generally neglected while forecasting the overall market. Although, absolute dollar opportunity analysis is highly essential in determining the degree of opportunity that a provider can observe to execute, as well as to distinguish the potential resources from a sales perspective in the global fortified edible oils market.
The global fortified edible oils market report begins with an executive summary and defining various segmentations involved, and their respective shares in the global fortified edible oils market. The report also includes major macroeconomic factors with an outlook of fortified edible oils in the global market. The report further highlights the market dynamics which cover the drivers, restraints, opportunities, and trends in the global fortified edible oils market. The report also embraces the study of current issues with fortification and opportunities for fortified edible oil manufacturers. It also includes value chain analysis, which provides a detailed structural view of profitability. In order to provide users a comprehensive view of the global fortified edible oils market, we have extended the competitive analysis of key market players and strategic overview. The competitive dashboard provides a detailed comparison of fortified edible oil manufacturers on parameters such as total revenue, key product offerings, key strategies, and key developments. The study of fortified edible oils emphasizes market attractiveness analysis by product type, micronutrient, distribution channel, and region.
To estimate the global fortified edible oils market size, the report considers various preliminary aspects based on secondary research. Furthermore, it highlights quantitative analysis such as region-wise market shares, and market shares by product type, micronutrient, distribution channel, and other qualitative inputs from primary respondents, which have been incorporated to arrive at accurate market estimations of fortified edible oils. The forecast presented in the report arrives at the total revenue being generated and expected revenue contribution in the future by the global fortified edible oils market.
Detailed profiles of global fortified edible oil manufacturing companies are also included in the report to evaluate their long- and short-term strategies, key product offerings, and recent developments, as these have a significant effect on the global fortified edible oils market. Major fortified edible oils market competitors covered in the report include Bunge Limited, Conagra Brands, Inc., Adani Wilmar Limited, Ruchi Soya Industries Ltd., Archer Daniels Midland Company, Cargill Incorporated, Borges International Group, Nestlé S.A., etc.
The subsequent sections analyze the global fortified edible oils market on the basis of product type, micronutrient, distribution channel, and region, and presents a forecast for the period 2018-2026. The fortified edible oils market is segmented as follows:
Fortified Edible Oils market by Product Type:
- Palm Oil
- Soybean Oil
- Sunflower Oil
- Olive Oil
- Corn Oil
- Canola Oil
- Rice Bran Oil
- Other Oils
Fortified Edible Oils Market by Micronutrient:
- Vitamin A
- Vitamin D
- Vitamin E
Fortified Edible Oils Market by Distribution Channel:
- Specialty Retail
- Other Retail Formats
Fortified Edible Oils Market by Region:
- North America
- Latin America
- Rest of LATAM
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Middle East & Africa
- Sierra Leone
- Rest of MEA