The global fortified foods market is forecast to exhibit growth at a robust pace, gaining from the increasing awareness about maintaining a disease free and healthy lifestyle. As per Transparency Market Research (TMR) the global fortified foods market will continue registering positive trajectory between 2015 and 2023 bolstered by various factors. The report presents a detailed analysis of the growth drivers supporting the market’s expansion and lists the restraints that could inhibit its trajectory during the aforementioned forecast period.
The global fortified foods marketis segmented based on various parameters and the report studies the growth its exhibits across these segments in detail. It also gauges the effect of Porter’s five forces on the overall market operations. The analysis is intended to help readers gauge the bargaining power of buyers and suppliers, the degree of competition prevailing in the market, and threat from substitutes and new entrants. Information thus sourced is compiled is presented in a chapter-wise format and interspersed with associated graphs, statistics, and infographs.
Earlier, vitamins and minerals were enriched and fortified to be consumed by the means of pills. However in the coming years, vitamin fortified food market is projected to witness strong growth. The rising health consciousness among people has encouraged them to focus more on health benefits of enriched food supplements and products promising wellness. Spurred by these factors, the global fortified foods market is expected to showcase strong growth during the forecast period.
Moreover, the market will significantly gain from the development of new varieties of fortified food products by the leading market players. The persistently rising demand from health conscious consumers is expected to keep the demand for fortified foods high through the forecast period. Product differentiation strategies adopted by leading players to gain competitive strength are also expected to aid the market’s expansion.
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Regionally, North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa constitute the key segments in the global fortified foods market. Among these regions, the market has been witnessing highly lucrative opportunities in Asia Pacific. The encouragement received by the fortified foods market by policymakers in China, coupled with the growing health consciousness among consumers is aiding the market’s expansion in the region. Besides this, the rising incidence of myopia in adults is expected to drive the Asia Pacific fortified foods market. The companies can also find attractive opportunities in India.
In North America and Europe, the market players are gaining from high level of awareness and the increasing health awareness.
The Proctor & Gamble Company, Abbott Laboratories, Land O’Lake, H.J Heinz Company, Kellogg Company, General Mills, Inc., Philip Morris Companies, and Hain Food Group Inc. are some of the leading players operating in the global fortified foods market. The report profiles of some of the leading market players, covering their financial overview, recent mergers and acquisitions, marketing strategies, and development over the last few years.
It also conducts SWOT analysis on the companies profiled to study their strengths and weaknesses. The analysis is also intended to help companies identify the threats and opportunities that they could face over the course of the report’s forecast period. As the companies are currently focusing on product diversification to gain dominance, product development has emerged as a chief factor driving the global fortified foods market.