(MENAFN- America News Hour) Increased problems with vitamin A deficiency,
changing consumer dietary pattern, increasing consciousness about healthy diet
are the main growth factors for the global fortified edible oils Industry . The global fortified
edible oils market was valued at USD 12.2 billion in 2018 and is expected
to reach USD 16.4 billion in 2026, growing at a CAGR of 3.8% during the
forecast period.
The fortified edible oils are used to
maintain the vitamin levels in the human body as they are enriched with
micronutrients. Fortified edible oils are considered as a simple and
inexpensive solution for micronutrient deficiency. Increasing vitamin deficiency
problems such as vitamin A deficiency (VAD) owing to busy lifestyles drives the
demand for fortified edible oils Market.
Top Key Players
Bunge Limited (US), Ruchi Soya Industries (India), Conagra Brands (US), Archer Daniels
Midland (US), Adani Wilmar (Singapore), Nestle (Switzerland), Allanasons Private
(India), are the major players operating in the global fortified edible oils
market.
Key Findings:
- Based on the product type, the
rice bran segment expected to grow at the fastest rate of 4.4% CAGR during the
forecast period
- Based on micronutrient segment,
the vitamin A segment is expected to hold 37% Fortified Edible Oils Market share in 2018
- Based on distribution channel,
the e-commerce segment is expected to dominate the market during the forecast
period
- Asia Pacific is expected to hold
41% market share in 2018 and further anticipated to dominate the fortified
edible oils market throughout the forecast period
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As a result, most companies have
started fortifications, which have increased the demand for fortified edible
oils in the global market. As per statistical research, the fortified edible
oils which are enriched with vitamin A have effectively decreased xerophthalmia
and VAD by 74-90% globally. In the developed countries of Europe and North
America, the use of low-processed foods and the market for safe fortified
edible oils, such as fortified olive oil, has increased significantly with the
increased use of olive oil in the preparation of meat and salads, as olive oil
contains higher vitamin A and other phytonutrients.
The changing living standard and
increasing disposable income also drive to the growth of the global fortified
edible oils market. Due to rapid urbanization, people are adopting a healthier
lifestyle and consuming vitamin-fortified edible oil which is helping to grow
the demand for fortified edible oils in the global market. Moreover, the
increasing number of partnerships between public and private companies to
tackle malnutrition by launching different fortified oils is also boosting the
demand for fortified edible oils Market.
Advancement of technologies and new
product development strategies are expected to create new opportunities for
fortified edible oils in the global market. With the growth in the online
market, retailers are moving towards the adoption of innovative technologies,
including big data analytics, cloud computing, digital stores, and social media
networks, in order to effectively connect with consumers and expand their
customer base.
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However, the high price of fortified
edible oils and less awareness about the benefits of fortified edible oils
among the consumers may hamper the growth of the global fortified edible oils
market.
Recent News:
- In August 2019, Louis Dreyfus
Company India launched a new product Vibhor edible oil, which is fortified with
Vitamin A and D, which are associated with a number of health benefits,
including strengthening bones and immunity against disease.
- In January 2017, Ruchi Soya
Industries has expanded its edible oil fortification initiative and played a
role in curbing malnutrition in India.
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