Asia-Pacific vitamin fortified and mineral enriched food & beverage market is projected to grow at a CAGR of 7.8% during the forecast period of 2020-2025.
- 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.
- Moreover, consumers 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.
Key Market Trends
Growing Demand for Functional Ingredient fortified Food
The growing population and change in food fashion among the younger generation are the major drivers for the market. Individuals are more concerned about health and are willing to pay extra for food that is specifically beneficial to health. Therefore this tendency and awareness among people help the vitamin fortified and mineral enriched food and beverage market to grow. The market share in developed countries is captured by health-conscious people, such as pregnant women, guardians of infants and the older population, as they are mostly aware of the benefits associated with functional ingredient fortified food and beverages. However, in developing countries, there is an increase in health concern among people as well, due to enhanced disposable income, which drives the market to grow in the forecast period.
China holds a Prominent Share in the Market Studied
The market for vitamin fortified and mineral enriched food & beverage in China is likely to showcase favorable growth prospects in the future, on account of growing awareness about health and wellness among the urban population, together with the growing disposable income of the Chinese population. Chinese are using up a high composition of natural plant extracts with proven effectiveness, which are safe to be used. Vitamin-based food mainly dominates the market. More than 200 producers of these products are involved in manufacturing functional beverages. Food consumption patterns in China have changed significantly, with consumers increasingly preferring protein bars.
Asia-Pacific Vitamin Fortified and Mineral Enriched Food & Beverage Market is fragmented and competitive in nature having a large number of domestic and multinational players competing for market share. Companies focusing on new product launches with healthier ingredients/organic claims along with acquisition, merger, partnership, and expansions as their key marketing strategy. Some of the major players in the market studied are Abbott, KELLOGG Company, Nestle, Amway, among others.
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