Food Fortifying Agents Market worth $128.0 Billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 15, 2022 /PRNewswire/ -- According to the report "Food Fortifying Agents Market by Type (Minerals, Vitamins, Carbohydrates, Prebiotics, Probiotics), Application (Cereal & Cereal-based Products, Bulk Food Items), Process (Drum Drying, Dusting) and Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Food Fortifying Agents Market is projected to reach USD 128.0 Billion by 2027, growing at a CAGR of 10.1% from 2022 to 2027. The demand for food fortifying agents is driven by the increasing adoption of fortifying agents in various food & beverage, pharmaceuticals, dietary supplements and pet food manufacturing industries. Significant changes in the food fortifying agents industry over the last two decades have resulted in the high demand for dietary supplements, fats & oils, beverages, cereals & cereal-based products, dairy & dairy-based products and infant formula.
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Minerals segment is the fastest growing among the various types of food fortifying agents during the forecast period.
Minerals are inorganic elements derived from soil and water and absorbed by plants. Mammals absorb minerals from the plants they consume. This is further segmented into micro minerals and macro minerals. Both are equally important; however, micro minerals are required in smaller amounts than macro minerals. The segment is registering the highest growth in the food fortifying agents market owing to its use in applications such as mineral supplements, meat products, breakfast cereals, infant foods, and health drinks among others.
In the food fortifying agents market, dietary supplements application segment is registering the highest growth during the forecast period.
Growing incidences of chronic diseases, rise in the aging population, and the growing trend of health & wellness is driving the dietary supplements segment. It is projected to grow at the highest CAGR of 10.2% from 2022 to 2027. Dietary supplements are concentrated sources of nutrients or other substances with nutritional or physiological benefits, either provided alone or in combination, marketed in a pharmaceutical dose form and administered orally. Many European countries have adopted the highly restrictive CODEX standards for the supplements, which eliminate the consumer's ability to purchase dietary supplements in therapeutic dosages. Codex Alimentarius (Latin for "Food Code'') is the United Nation's proposed set of international guidelines for nutritional supplements, food handling, production, and nutrients.
Middle-class consumers in Asia are also showing an interest in nutrition and supplements due to urbanization and increasing income levels. This has led to an increase in the demand for omega-3 nutritional supplements due to the numerous health benefits they provide.
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The Asia Pacific region is witnessing the highest growth rate in the food fortifying agents market.
Food fortifying agents market in the Asia Pacific region is driven by busy lifestyles and increasing disposable incomes of the consumers. The application of these agents is expected to increase at a fast pace due to the increasing demand from consumers. Across Asia Pacific, proteins & amino acids are one of the rapidly growing segments. Key markets in the region include China, India, Japan, and Australia & New Zealand. These countries have vast areas under agriculture and production of high-fiber content plants & oilseeds, primary raw materials for fiber & specialty carbohydrate ingredients.
Processed food industry in the Asia Pacific region is experiencing growth with the changing lifestyles of customers. The food & beverage industry is currently undergoing a dramatic transformation in response to rapid urbanization, diet diversification, and liberalization of foreign direct investment in the food sector. Rising incomes, purchasing power, and consumer demand for nutritional & healthy products also provide promising prospects for growth and diversification in the region's food sector further proliferating the demand for food fortifying agents market.
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Key Players:
The key players in the food fortifying agents market include Cargill (US), DSM (Netherlands), CHR. Hansen Holdings A/S (Denmark), DuPont (US), BASF SE (Germany), Arla Foods Amba (Denmark), Tate & Lyle (UK), Ingredion (US), Archer Daniels Midland Company (US), and Nestle SA (Switzerland).
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