Food Fortifying Agents Market to Rear Excessive Growth During 2024
Foods are often fortified with micro-nutrients in order to make it more nutritious. These micro-nutrients can be vitamins or minerals and can be added by commercial food companies to add more value to its products and drive more demand for people who prefer healthy food. Moreover, many government agencies across the globe also initiate health policies regarding addition of beneficiary nutrients in meals or staple products, particularly cereals and dairy products to reduce the dietary deficiency cases in their countries. Furthermore, the global food fortifying agent industry is a forte of extensive R&D and potential health advantages of micro-nutrients to enhance body growth, together have led to wide-scale adoption of food fortifying agents. The global food fortifying agent market is expected to expand with an impressive CAGR over the forecast period.
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The prime factor driving the demand for food fortifying agents are rising consumer awareness coupled with the increasing cases of chronic diseases such as cardiovascular diseases, Alzheimer disease, high blood pressure, and many others. Moreover, there has been a record increase in cases of vitamin deficiency which has been another prime factor fuelling revenues in the global food fortifying agents market.
Furthermore, globally many food producers have started recognizing the benefits of food fortification in gaining competitive advantage, thus driving more demand for food fortifying agents. Rapid innovations in the food fortifying industry has also contributed significantly to the increasing demand for food fortifying agents, as they immensely improve the ease of increasing the nutrient value of the diet. Apart from this, due to increasing awareness regarding consumption of high quality healthy foods coupled with alteration in health trends are elevating the global food fortifying agents market. High cost of food fortifying agents can be considered as the prime factor restraining the growth in the global food fortifying agents market.
The global food fortifying agents market is divided into seven regions, namely North America, Latin America, Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Japan and Middle East and Africa (MEA). Historically, North America has been the global leaders in demand for food fortifying agents, amid increasing prevalence of diseases and rising obesity cases in the region. This coupled with significant awareness about food fortifying agents and government increasing preference towards its usage have together contributed towards the dominance of North America in the global food fortifying agents market. Asia Pacific Exc. Japan (APEJ) is another prominent region which is contributing significantly to the rapid growth in the global food fortifying agents market. Rapidly increasing prevalence of chronic diseases in China and India is prominently fuelling revenues in the APEJ’s food fortifying agents market.
Western Europe is also a prominent region in terms of consumption for food fortifying agents, but due to rising awareness about healthy food, the region is anticipated to execute a sluggish growth over the forecast period. Governments of MEA and Latin America have been sluggish in adopting food fortifying agents and defining laws regarding the same, thus the regions are expected to account for a niche market share in the overall global food fortifying agents market. Japan struggling with its aging population presents a lucrative demand for fortifying agents aimed towards the nutrient supply for the higher age groups.
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Some of the key players identified in the global Food Fortifying Agents Market includes:
Cargill Incorporated,I. du Pont de Nemours and Company,Royal DSM,
BASF SE,Arla Foods,Archer Daniels Midland Company,Hansen Holdings A/S,
Nestle Sa,Ingredion Incorporated,Evonik Industries AG,Kellogg Co.,PPG Industries Inc.,