Published: Sep, 2018
According to the latest market report published by Transparency Market Research, titled ‘Fortified Edible Oils Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2026’, revenue generated from the global fortified edible oils market has been estimated to be valued around US$ 10,207.1 Mn in 2018, which is projected to increase at a CAGR of 3.4% during the forecast period (2018-2026).
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Growing Health Consciousness Amongst Consumers is Promoting the Market Growth - Global Fortified Edible Oils
Growth factors such as the prevalence of malnutrition, vitamin A deficiencies, and health consciousness contribute to the escalating growth of the fortified edible oils market. Fortified edible oils are highly consumed in the Middle East and African region, estimated to account for around 34.1% share during the forecast period. Increased market penetration in developing and developed economies makes it a highly competitive market for fortified edible oils, resulting in continuous product launches by key players of fortified edible oils. Players in the market such as Cargill Incorporated and Conagra Brands, Inc. are well known for their premium quality of fortified edible oils. These companies spend appreciably on promoting their brands of fortified edible oils by online as well as through other channels, and hence, have high visibility and premium placement on retail shelves. Thus, consumers are more inclined towards buying branded fortified edible oils as a sign of quality.
The Middle East and Africa to Witness Predominant Growth in the Fortified Edible Oils Market
Being a developing economy and holding a high prevalence ratio of malnourished population, the Middle East and Africa holds the highest market share of fortified edible oils as compared to other regions. Factors favoring the higher consumption in the Middle East and Africa include government subsidies for vitamin premixes, and supporting aid from non-profit organizations such as Global Alliance for Improved Nutrition, which is anticipated to drive the demand for fortified edible oils in the Middle East and Africa, with a CAGR of 4.5% during the forecast period.
High Propensity for Vitamin A Fortified Edible Oils
Increasing consumer health consciousness due to growing vitamin A deficiencies (VAD) and its associated health complications such as xophthalmia, night blindness, etc., has been a major contributing driver for the global fortified edible oils over the years. In the micronutrient segment, vitamin A is projected to have the highest share among other micronutrients of the fortified edible oils market. However, it is expected to have a moderate growth rate during the forecast period, due to the expansion of edible oil fortification with other micronutrients.
Developing Initiatives of Voluntary Fortification by Countries
Due to the growing demand for fortified edible oils across developing countries, manufacturers of edible oils have been initiating voluntary fortification in the recent years. This practice not only ensures the increased nourishment and quality of edible oils but also promotes the extended consumption of fortified edible oils in the coming years. For instance, countries such as Malaysia and Indonesia are involved in significant voluntary fortification programs, contributing to around 18% of the production of global fortified edible oils.
Key Manufacturers of Fortified Edible Oils
This report covers the current trends driving each segment, and offers detailed analysis and insights into the potential growth of the global fortified edible oils market. The final section of the fortified edible oils report contains a competitive landscape of dynamic players, to provide an audience with a comparative dashboard. Key players covered in the report are the current dynamic manufacturers of fortified edible oils. Detailed profiles of the manufacturers are also included in the scope of the fortified edible oils report to analyze their long-term and short-term strategies, key offerings, and recent developments in the edible oils space.
Global Fortified Edible Oils Market: Competition Dashboard
TMR has profiled some of the most prominent companies active in the global fortified edible oils market, such as 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.
Global Fortified Edible Oils Market: Key Insights
Key manufacturers and product developers of global fortified edible oils are fortifying with other vitamins such as vitamin K, H, etc., along with vitamin A, D, and E in large quantities, to increase the micronutrient level in edible oils, thereby attracting a huge customer base in the global fortified edible oils market.
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