Global Vitamin Fortified and Mineral Enriched Food & Beverage Market - Growth, Trend and Forecast (2022 - 2030)

The vitamin fortified and mineral enriched food & beverage market was estimated to be USD 250.99 billion in 2015, and is expected to register a CAGR of 7.9% during the forecast period (2018-2023). Food fortification is attractive because it does not require the target groups to change their diet but can be implemented by the food industry and because it reaches large numbers of consumers through retail. The United Nations’ Food and Agriculture Organization recommends that governments in countries with high malnutrition rates consider fortifying food with iodine, iron and vitamin A in particular and that they regulate fortification.

Market Dynamics

The growing population and change in food fashion among people are the major drivers for the market. Individuals are more concerned about health and are willing to pay extra for food that is specifically beneficial to health. Therefore this tendency and awareness among people help the vitamin fortified and mineral enriched food and beverage market to grow. The market share in developed countries is captured by health conscious people, such as pregnant women, guardians of infants and the older population, as they are mostly aware about the benefits associated with fortified food and beverages. However, in developing countries there is an increase in health concern among people as well, due to enhanced disposable income, which drives the market to grow in the forecast period.

Market Segmentation

The market is segmented based on the ingredients, applications and geography. The ingredients segment mainly consists of vitamins and minerals, which are further classified as vitamin A, D, C and iron, iodine, folic acid and zinc respectively. By application, the market for fortified food and beverages is segmented as cereals, dairy, confectionery and infant products, to name the major ones. Among them, cereals and confectionery are the major market share holders.

Regional Analysis

North America and Europe are the major markets for fortified and wellness products. However, the scope of growth is available in these regions on the basis of innovation in new products and varieties. Asia-Pacific is estimated to be the fastest growing market for the forecast period, and will show the highest CAGR for the period, 2018-2023.

MAJOR PLAYERS: ABBOTT LABORATORIES, CAMPBELL SOUP, H.J HEINZ, KELLOGG, PEPSICO, THE COCA COLA, THE PROCTOR & GAMBLE, GENERAL MILLS, INC., HAIN FOOD GROUP INC., LAND O’LAKES, NANTUCKET ALLSERVE, INC., OCEAN SPRAY CRANBERRIES, INC., PHILIP MORRIS COMPANIES, THE PROCTOR & GAMBLE COMPANY and SOUTH BEACH BEVERAGE COMPANY, amongst others.

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