Fortified Foods market value stood over USD 105 billion in 2018. The industry will register significant growth to create lucrative revenue opportunity for companies. As per the estimates, fortified foods is set to register increase in its revenue by 1.8X during the forecast period.
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Human lifestyle is changing at a very high pace. Sedentary lifestyle has impacted the human health. At times, few circumstances arises in life where proper nutrition is missed out due to hectic lifestyle. This has severely led to micronutrient deficiency among major class of human population especially among teens and middle aged group. It is because of the need for nutritious foods that fortification is gaining higher traction. Fortification of foods helps in bridging the gap and provide quality nutrients. Fortified foods were introduced in early 1940s in U.S. Since then, it has grown mainifold. Fortified foods are foods added with additional nutrients. According to the research, nearly 2 billion population is suffering from micronutrient deficiency. This equates to whooping 40% of human population. Many healthcare personnel recommend patients/consumers to consume fortified foods in order to meet daily nutrition requirements. Moreover, changing lifestyle and working culture has created favorable ecosystem for vendors and suppliers worldwide. Nowadays, consumers are inclined towards healthy diets. As per the recent survey, nearly half of 18–40 age group population has changed their eating habits in last decade. Also, there has been substantial improvement in macroeconomic scenario. The trend is particularly strong in developed regions, wherein the level of fortified foods penetration is higher compared to developing regions.
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Asia Pacific Fortified Foods Market Size to Dominate the Global Share
In 2018, Asia Pacific accounted for 36% of global fortified foods market share. Large population base and high per capita spending power has created favorable ecosystem for players. China and Japan are key regions for industry players. Together, they accounted for over 61% of regional share. Yakult Honsha accounted for 19% of total fortified foods sales in Japan. Meiji with 17.5% market share stands next to Yakult.
India is the third most prospective region for players in Asia Pacific. Government has initiated various measures and promotions to alleviate micronutrients deficiency. Edible oils and dairy products dominated the net fortified foods sales in the country. Fortified milk market is gaining impressive growth in India.
North America fortified foods market stands next Asia Pacific. There are many leading players competing in the region. While Asia Pacific dominates the global revenue, per capita fortified foods consumption is nearly 2.7X higher compared to developing regions. The region will create 1.4X higher revenue opportunity by 2028 end than that in 2017.
Fortified Foods Competition Analysis:
Some key fortified foods and beverages market players are:
- Meiji Holdings
- Friesland Campina
- RFM Corp
- Yakult Honsha Co., Ltd.
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