The Asia-Pacific vitamin fortified and mineral enriched food & beverage market was estimated to be around USD 77 billion in 2018. With exponential growth in the last few years, the market is expected to witness a CAGR of 7.8% during the forecast period of 2018-2023. Fortification is the process of adding a nutrient or ingredient that is not found naturally in a product.
In Asia-Pacific, millennial or young working adults are the major target audience for the fortified food industry. They are young and much more open to changes in conventional products. Additionally, this group of consumers is more educated to recognize the added ingredients and are willing to pay more for these products with higher health benefits. They are more likely to buy it for themselves as well as for their children, as compared to the older population. Therefore, with the increase in population, changes in buying patterns and growing health concerns, the market share of vitamin fortified and mineral enriched food in the Asia-Pacific region is set to increase.
The Asia-Pacific fortified food industry is segmented based on the ingredients, applications, and geography. The ingredients segment mainly consists of vitamins and minerals, which are further classified as vitamin A, D, C, and iron, iodine, folic acid, and zinc, respectively. By application, the market for fortified food & beverage is majorly segmented into cereals, dairy, confectionery, and infant products. Dairy has been especially successful in the region. Products such as drinking milk and yogurt are popular. Bakery is another upcoming segment which has fewer shares in the current scenario but is expected to grow in the forecast period.
Innovation is the major strategy in the region for the success of fortified food products, especially the dairy segment. In markets such as Japan and Thailand, manufacturers are becoming more creative with dairy packaging, ingredients, and flavors, hence, introducing fortified variants easily.
- October 2017 - PepsiCo India Holdings Pvt Ltd, the local arm of American food & beverage company PepsiCo Inc., launched energy drink Sting, one of its global brands, across organized retail outlets in India.
- February 2017 - Coca-Cola launched a beverage drink with dietary fiber in Japan.
Reasons to Purchase this Report
- Analyzing outlook of the market with the recent trends and Porters five forces analysis
- Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
- Market segmentation analysis, including qualitative & quantitative research incorporating the impact of economic & non-economic aspects
- Regional and Country level analysis integrating the demand and supply forces that are influencing the growth of the market
- Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- 3-month analyst support, along with the Market Estimate sheet (in excel)
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1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
2. Research Approach and Methodology
2.2 Research Designs
2.3 Study Timelines
2.4 Study Phases
2.4.1 Secondary Research
2.4.2 Discussion Guide
2.4.3 Market Engineering and Econometric Modelling
2.4.4 Expert Validation
3. Study Overview
4. Market Dynamics
4.1.1 Changes in Food Trends and Habits
4.1.2 Growing Health Awareness and Concerns
4.1.3 Increased Per Capita Income in Developing Countries
4.2.1 Food Regulatory Issues
4.2.2 High Price of the Products
4.3.1 Innovation to Develop New Variety Range
4.3.2 Rising Disease Occurrences Pattern
4.4 Porters Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. Market Segmentation
5.1 By Application
5.1.1 Cereals and Cereal Based Products
5.1.2 Milk and Dairy Products
5.1.3 Fats and Oils
5.1.5 Infant Formulas
5.1.6 Others (Flour, Rice,Tea)
5.2 By Ingredients
188.8.131.52 Vitamin A
184.108.40.206 Vitamin C
220.127.116.11 Vitamin D
18.104.22.168 Folic Acid
22.214.171.124 Docosahexaenoic Acid (DHA)
5.3 By Geography
126.96.36.199 Rest of Asia-Pacific
5.4 Competitive Landscape
5.4.1 Mergers & Acquisitions
5.4.2 Joint Ventures
5.4.3 New Product Launches
5.4.4 Most Active Companies in the Past Five Years
5.4.5 Market Share Analysis
6. Company Profiles
6.1 Abbott Laboratories
6.2 Campbell Soup
6.3 General Mills Inc.
6.4 H.J Heinz
6.5 Hain Food Group Inc.
6.7 Land O Lakes
6.9 Philip Morris Companies
6.10 The Coca Cola
6.11 The Proctor & Gamble