Food Fortifying Agents Market : Key Factors behind Market’s Rapid Growth
The food fortifying agents market size is expected to generate a revenue of USD 128.0 billion by 2027, at a CAGR of 10.1%. The global industry was estimated to be valued at USD 79.3 billion in 2022. The market has been growing in accordance with the health consciousness among the consumers. The rise in aging populations and the growing health concerns have led to large-scale adoption of food fortifying agents for various applications.
Asia Pacific region is witnessing the highest growth rate in the market.
Food fortifying agents market in Asia Pacific region is driven by busy lifestyle 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 market.
The key players in this 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).
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.
