Asia-Pacific Vitamin Fortified and Mineral Enriched Food & Beverage Market - Growth, Trends, and Forecast (2018 - 2023)
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.
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