Transparency Market Research, in its new report on the global fortified rice market, has identified key participants contributing to the market expansion, which include Wilmar International Ltd., General Mills, Inc., BASF SE, Bühler AG, Bunge Limited, and Cargill Incorporated.
According to the report, the global fortified rice market will reflect an impressive growth over the forecast period (2017-2026). Fortified rice sales across the globe are estimated to exceed US$ 25,000 Mn in revenues by 2026-end.
Growing Need to Cater Global Demand for Nutrition to Influence Adoption of Fortified Rice
Micronutrient deficiencies have threatened the productivity, development & health of millions among the global population. For example, roughly half of India’s child population suffers from vitamins & mineral deficiencies and chronic malnutrition. In addition to micronutrients supplementation & diversification in diets, enriching the food consumed regularly, such as rice, with minerals and vitamins is seen as an effective remedy for alleviating the issue. These factors have resulted into fortification of rice that is emerging as sustainable and a cost-effective measure to deliver nutrition to people globally. Since the recent past, many initiatives have been undertaken by the rice industry along with development partners to offer fortified rice via safety net programs as well as the open market. A great example for this is the government of India, which in coordination with WFP and PATH, has distributed fortified rice via several welfare schemes, particularly the Mid-Day Meal across few of its states. Similarly, the U.S. food assistance agencies are seeking diversification of their portfolio apropos to value-added nutritional foods made by commodities within the region’s origin for global nutritional & food aid. The fortified rice has prevailed as a key component of these programs carried out by the U.S. food assistance agencies.
APEJ will Remain Most Remunerative for Growth of the Market
Asia-Pacific excluding Japan (APEJ) will continue to be the most remunerative region for growth of the fortified rice market, with sales projected to hold nearly half revenue share of the market by 2026-end. Sales of fortified rice in APEJ will record the highest CAGR through 2026, followed by the market in Middle East & Africa (MEA). Between North America and Latin America, the latter is projected to register a comparatively faster expansion through 2026. However, the market in North America will continue to account for a relatively larger revenues than that in Latin America.
Vitamins and Minerals will prevail as the preferred micronutrients in the global fortified rice market. Revenues from global sales of vitamins and minerals will collectively account for over three-fourth share of the market by 2026-end. Revenues from sales of minerals will increase comparatively faster than those from vitamins through 2026.
Drying to Remain Sought-after Among Technologies for Fortified Rice
Drying is slated to remain sought-after among technologies for producing fortified rice. Revenues from this technology are estimated to surpass US$ 13,000 Mn by 2026-end. In addition, revenues from coating and encapsulation technology for production of fortified rice are poised to record a relatively faster expansion through 2026. Based on end-users, there will only be a slight difference between revenue shares of the commercial and residential segments, with the latter being comparative more lucrative during the forecast period.
Although, sales of fortified rice in modern trade will record a relatively lower CAGR, this sales channel will endure as the most remunerative in the market through 2017 to 2026. Sales of fortified rice in convenience stores and departmental stores will register an approximately similar CAGR through 2026.
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