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Food Fortifying Agents Market Analysis 2024-2033 : Forecast Market Size, Top Segments And Largest Region
Food Fortifying Agents Global Market Report 2024
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According to The Business Research Company's, The food fortifying agents market size has grown rapidly in recent years. It will grow from $96.19 billion in 2023 to $109.24 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth in the historic period can be attributed to nutritional deficiency awareness, government mandates and regulations, health and wellness trends, increased consumer awareness, global malnutrition concerns.
The food fortifying agents market size is expected to see rapid growth in the next few years. It will grow to $185.12 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The growth in the forecast period can be attributed to economic development goals, sustainable fortification practices, customization and personalization, global food supply chain integration, nutritional deficiency awareness. Major trends in the forecast period include advanced fortification technologies, fortification of convenience foods, global nutrition initiatives, sports nutrition and performance enhancement.
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Market Drivers and Trends:
The increasing sports activities are expected to propel the growth of the food fortifying agents market going forward. Sports activities refer to physical activities or games that require physical effort and skill, often competitive and organized, that aim to use, maintain, or improve physical ability and skills while providing enjoyment to participants. Food-fortifying agents play a crucial role in supporting sports activities and athletic performance. The incorporation of essential nutrients, vitamins, minerals, and amino acids into food products is aimed at enhancing the nutritional value of the diet, which is particularly important for athletes and individuals engaged in sports activities. For instance, in January 2023, according to the Department of Health and Aged Care, a department of the Australian Government, over 90% of adults enjoyed participating in sports. Three million youngsters and almost 13 million adults participate in athletics annually. Each year, 3.1 million Australians volunteer in sports and active leisure. Therefore, the increasing sports activities are driving the growth of the food fortifying agents market.
Product innovation is a key trend in the food fortifying agents market. Major players in the market are focusing on launching innovative products to increase their product portfolio and consumer base. For instance, in September 2022, Nestlé Health Science, a Switzerland-based leader in the field of nutritional science launched two new probiotics in the form of solid beverages in China to support growth and address allergies in kids. The probiotic strains added include Lacticaseibacillus rhamnosus GG, Bifidobacterium animalis BB-12, Lacticaseibacillus rhamnosus HN001, and Bifidobacterium lactis HN019. These contain prebiotics, the higher number of live bacteria at 20bn Colony Forming Units (CFU), vitamin C, and zinc. These probiotics do not contain common allergens such as dairy, fragrances, lactose, and preservatives.
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Major Key Players of the Market:
Koninklijke DSM N.V., Chr. Hansen A/S, BASF SE, DuPont de Nemours Inc., Tate & Lyle Plc., Ingredion Incorporated, Archer Daniels Midland Company, Nestle SA, The Kellogg Company, Advanced Organic Materials, A&B Ingredients Inc., Royal Cosun, Stratum Nutrition, Wenda Ingredients LLC, ABF Ingredients, Biothera Pharmaceuticals Inc., Cargill Incorporated, FMC Corporation., Glanbia plc., Zhejiang Garden Biochemical High-tech Co. Ltd, Kerry Group plc., Koninklijke DSM N.V., Lonza Group AG, Nutralliance Inc., Nutrifusion LLC, Prinova Group LLC, Sensus B.V., SternVitamin GmbH & Co. KG, Roquette Frères, The Wright Group
Food Fortifying Agents Market 2024 Key Insights:
• The food fortifying agents market size is expected to see rapid growth in the next few years. It will grow to $185.12 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%.
• Surge In Chronic Diseases Drives Growth In The Food Fortifying Agents Market
• Nestlé Health Science Introduces Innovative Probiotics In Solid Beverage Form To Support Child Growth
• North America was the largest region in the food fortifying agents market in 2023
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