Global Fortified Food Market: Overview
Food enrichment or fortification refers to the process of making food more nutritional by adding vitamins and minerals. Various types of food fortification have been identified by governments around the world and international organizations. This method is carried out at an industrial level, community level, and at a household level to offer enhanced nutrition to people. For instance, targeted fortification programs are adopted in schools when biscuits are fortified to reduce malnutrition in school students. Likewise, market driven fortification is a part of programs adopted by commercial companies and bio-fortification is carried out to increase the nutritional benefits of fruits and vegetables. Besides these, household and other commercial food fortifications ensure appropriate nutritional composition in food for special dietary purposes.
The global market for fortified foods is expanding at a robust pace. The market is expected to continue growing at an impressive rate during next five to six years. The demand for fortified foods is exceptionally growing among health conscious people. Developed countries exhibit lucrative prospects for the enterprises operating in the fortified food market. In emerging nations, the market is gaining traction due to the increasing awareness.
The Food and Agricultural Organization (FAO) and World Health Organization (WHO) have identified food fortification as one of the strategies to reduce the prevalence of malnutrition, particularly in underdeveloped countries. Several organizations have come forward to help people living in backward areas of countries such as India and Nigeria, by bridging the gap between nutrition and agriculture. North America, Japan, and Western Europe are the markets exhibiting maximum opportunities for fortified milk and milk producing companies.
Global Fortified Food Market: Key Segments
Based on food types, the global market for fortified food is segmented into milk products, cereals and cereal based products, fats and oils, infant formulas, confectionaries, and others includes tea. In terms of basic nutrients, the market can be bifurcated into minerals and vitamins. Further the segment of mineral and vitamin is classified on the basis of ingredient of nutrition. For instance, the vitamin segment is classified into vitamin D, vitamin C, Vitamin A and others, and the minerals segment can be sub-segmented with zinc, folic acid, copper, iron, Docosahexaenoic acid (DHA), iodine, selenium, and others.
Regionally, the global fortified food market is segmented into North America, Asia Pacific excluding Japan, Latin America, Western Europe, Eastern Europe, the Middle East & Africa, and Japan.
Global Fortified Food Market: Trends and Opportunities
In developed economies the demand for fortified food is primarily driven by the rising health consciousness among consumers. Additionally, the market is also gaining from the rising willingness among consumers in emerging economies to spend on fortified foods. Favorable regulations aimed at eradicating malnutrition and the growing awareness among policy makers are the primary factors fuelling demand from the markets for fortified food in Asia pacific and the Middle East.
On the flip side, despite witnessing strong growth opportunities worldwide, the high cost incurred on the fortification of food is restraining the market. Nevertheless, strengthening economies of Asia Pacific present huge opportunities for enterprises in the market. Furthermore, the market is anticipated to continue witnessing rising demand from developed regions such as North America and.
Global Fortified Food Market: Vendor Landscape
To study the prevailing competitive landscape of the market, the report profiles companies such as Nestle SA, Kellogg Co., Unilever, Dean Foods, RFM CORPORATION and others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.