The fortification as a way of value-addition has been gaining traction quite recently lowing to the collective efforts from both governmental and non-governmental agencies in the backdrop of rising health consciousness and enhanced awareness among the general masses regarding the link between functional foods and the overall health and well-being. Minerals and vitamins in particular as a type of micronutrients are known to prevent diseases, strengthen immune systems, and improve productivity and cognitive development.
Mineral fortification market is expected to attain a CAGR of 4.4% during the forecast period (2018-2023) owing to the rise in incidence of mineral-deficiency diseases and increased consumer spending on functional foods and dietary supplements.
The mineral fortification market is preliminarily driven by the need to supplement monotonous staple cereal diet which are poor sources of key mineral nutrients. This concern regarding the nutrition profiles of various staple foods has led to a wide array of mineral-fortified products in both the food/drink and supplement sectors. Minerals are well-known for their healing properties, they help human body in building a resistive system against common diseases.
The rising prevalence of diseases like osteoporosis and anemia have made people aware about key micronutrients and their significance in their diet leading to overall push in the mineral fortification market.
The regulatory complexities in terms of mandatory and voluntary fortifications as well as the label-claims stringency that has been imposed by food regulatory authorities like FDA, EFSA etc. are acting as a hurdle restraining the market growth.
The mineral fortification market is segmented based on type of minerals that is being incorporated in different types of food products and the application areas of mineral additions. The growing popularity for functional foods have made it a popular application areas where minerals are being increasingly incorporated. Consumers traditionally are preferring supplements are now switching to these functional foods on account of their health benefits and wholesomeness, providing further fillip to the mineral fortification market.
Fortified food products and dietary supplements are products are in high demand across people all age groups. Hectic and busy consumer lifestyle has resulted in increasing ready to eat food with high energy content demand. These trend furthers the growth of mineral fortification market.
Asia-Pacific has been the leading regional market followed by Europe and North America. The mineral fortification, particularly in the soft drink sector in all the developed markets is growing exponentially. Europe is supposed to witness significant growth owing to the robust presence of efficient food industries coupled with increasing old age population consumption.
The emerging markets like that of China, Brazil, Africa, Saudi Arabia, Pakistan, Bangladesh is progressing at an ever-expanding rates owing to the relentless search for bioavailable and organoleptically acceptable ways to fortify a variety of staple foods with myriad of minerals. Many countries are implementing milk fortification program which is expected to drive the overall market demand in near future.
MAJOR PLAYERS: ABBOTT LABORATORIES, DSM NUTRITIONAL PRODUCTS, GENERAL MILLS, THE PROCTOR & GAMBLE COMPANY, SPECIALTY MINERALS INC., HEINZ, KELLOGG'S., ALBION MINERALS., WRIGHT GROUP, and FORTITECH INC., amongst others.
Recent Industry Insights:
Cargill, General Mills and Unilever have recently agreed upon to fortify flagship wheat flour brands with vitamins and minerals in India.
Researchers from Ohio State University has recently found out that mineral supplements are linked with increased aerobic exercise performance.
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1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definitions
2. Research Approach and Methodology
2.2 Research Design
2.3 Study Timelines
2.4 Study Phases
2.4.1 Secondary Researc
2.4.2 Discussion Guide
2.4.3 Market Engineering & Econometric Modelling
2.4.4 Expert Validation
3. Market Overview
3.1.1 Rise in mineral defeciency disease incidences
3.1.2 Staple foods lack key minerals
3.2.1 Concerns regarding bioavailability, dosage, and interaction with other food components
3.2.2 Regulatory complexities
3.3.1 Preventive approach to osteoporosis and anaemia
3.3.2 Minerals fortified functional foods
3.4 Porter's Five Forces Analysis
3.4.1 Bargaining Power of Suppliers
3.4.2 Bargaining Power of Buyers
3.4.3 Threat of New Entrants
3.4.4 Threat of Substitute Products and Services
3.4.5 Degree of Competition
4. Market Segmentation
4.1 By Mineral Type
4.2 By Application
4.2.1 Dietary supplements
4.2.2 Functional food & beverages
4.3 By Geography
4.3.1 North America
18.104.22.168 United States
4.3.4 South America
22.214.171.124 South Africa
4.4 Competitive Landscape
4.4.1 Strategy adopted by Key players
4.4.2 Most Active Companies
4.4.3 Market Share Analysis
4.5 Company Profiles
4.5.1 Abbott Laboratories
4.5.2 DSM Nutritional Products
4.5.3 General Mills
4.5.4 The Proctor & Gamble Company
4.5.5 Specialty Minerals Inc.
4.5.8 ALBION MINERALS.
4.5.9 Wright Group
4.5.10 Fortitech Inc.