Asia-Pacific Food Fortifying Agents Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.80 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Asia-Pacific Food Fortifying Agents Market Analysis
The Asia-Pacific food fortifying agents market is growing at a CAGR of 5.8% during the forecast period 2020 - 2025.
- The market is mainly driven by the increasing health-consciousness among the consumers and the multi-benefits of food fortifying agents. In addition, the rise in aging populations and the growing health concerns have led to large-scale adoption of food fortifying agents for various applications.
- Furthermore, the support of government organizations has also fueled market growth. For instance, the Food and Agricultural Organization (FAO) and the World Health Organization (WHO) has also recognized food fortification as one of the key strategies to reduce the widespread malnutrition, particularly in underdeveloped countries.
- However, increasing raw material cost and competition among raw material suppliers along with regulations regulating the production of use of food fortifying agents are one of the factor that is restraining the growth of the market.
Asia-Pacific Food Fortifying Agents Market Trends
This section covers the major market trends shaping the APAC Food Fortifying Agent Market according to our research experts:
Acquisitive Demand of Protein for Food Fortification
The protein-fortified foods market is driven by factors such as the increasing demand for protein functionalities, awareness about healthy diet & nutritional food, and new technological development in the protein ingredients industry, which are in turn supported by the economic growth, and consumer preference for functional and fortified products. The plant source of the protein ingredients market is projected to be the fastest-growing segment, in terms of value, due to changing consumer preferences from meat to plant-based protein, its high nutritional profile, low carbon footprint, and low price of plant-sourced protein.
Also, the country witnesses a huge lactose intolerant population that drives demand for dairy substitutes, such as soy protein. In the animal protein segment, the whey protein market has the highest opportunities, with the increasing prescription of supplements by doctors and higher scope for application in functional food and beverages among the health-conscious population. Other protein agents used for food fortification include rice protein and wheat protein which are considered to grow, but at a slower pace
China to have the Fastest Growing Market
The China food fortifying agent market is expected to grow at a faster pace due to the frequent launch of new functional food and beverage products by the domestic and international companies, in order to occupy more market share in a fiercely disputed market. For instance, Danone launched a new vitamin beverage called Mi-PRD to traders in China, which is made up of taurine plant-extracted ingredients. Similarly, in 2018, Hangzhou Wahaha Group launched three new probiotic-based products that are targeted at women, children, and elderly consumers.
However, technological innovation and up-gradation is another key driving factor for market growth in the rest of the Asia Pacific region. For instance, Danone-Strauss launched a new dairy-based meal replacement for breakfast in Israel supported by Biodar's proprietary technology for fortification solutions. Biodar developed a custom-made vitamin and mineral premix, including novel mineral formulations for the fortification of fluid-milk and drinkable yogurt.
Asia-Pacific Food Fortifying Agents Industry Overview
The Asia-Pacific food fortifying agent market is competitive in nature having a large number of domestic and multinational players competing for market share. Emphasis is given on the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Key players dominating the regional market include Cargill, Incorporated, Archer Daniels Midland Company, BASF SE, Kerry Group plc., Tate & Lyle PLC, Glanbia PLC, Ingredion Incorporated, and Chr. Hansen Holding AS, among others.
Asia-Pacific Food Fortifying Agents Market Leaders
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Cargill, Incorporated
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Archer Daniels Midland Company
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BASF SE
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Tate & Lyle PLC
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Glanbia PLC
*Disclaimer: Major Players sorted in no particular order
Asia-Pacific Food Fortifying Agents Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Deliverables & Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Porter's Five Forces Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 By Type
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5.1.1 Proteins & Amino Acids
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5.1.2 Vitamins & Minerals
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5.1.3 Lipids
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5.1.4 Prebiotics & Probiotics
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5.1.5 Others
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5.2 By Application
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5.2.1 Infant Formula
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5.2.2 Dairy & Dairy-Based Products
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5.2.3 Cereals & Cereal-based Products
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5.2.4 Fats & Oils
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5.2.5 Beverages
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5.2.6 Dietary Supplements
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5.2.7 Others
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5.3 By Geography
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5.3.1 China
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5.3.2 Japan
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5.3.3 India
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5.3.4 Australia
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5.3.5 Rest of Asia Pacific
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6. COMPETITIVE LANDSCAPE
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6.1 Most Adopted Strategies
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6.2 Market Position Analysis
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6.3 Company Profiles
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6.3.1 Cargill, Incorporated
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6.3.2 Archer Daniels Midland Company
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6.3.3 BASF SE
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6.3.4 Kerry Group plc.
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6.3.5 Tate & Lyle PLC
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6.3.6 Glanbia PLC
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6.3.7 Ingredion Incorporated
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6.3.8 Chr. Hansen Holding AS
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Asia-Pacific Food Fortifying Agents Industry Segmentation
The Asia-Pacific food fortifying agent market is segmented by type and application. By type, the market is segmented into proteins & amino acids, vitamins & minerals, lipids, prebiotics & probiotics, and others, and by application into infant formula, dairy & dairy-based products, cereals & cereal-based products, fats & oils, beverages, dietary supplements, and others. Also, the study provides an analysis of the food fortifying agent market in the emerging and established markets across Asia-Pacific, including China, Japan, Australia, India, and the Rest of Asia-Pacific.
| By Type | |
| Proteins & Amino Acids | |
| Vitamins & Minerals | |
| Lipids | |
| Prebiotics & Probiotics | |
| Others |
| By Application | |
| Infant Formula | |
| Dairy & Dairy-Based Products | |
| Cereals & Cereal-based Products | |
| Fats & Oils | |
| Beverages | |
| Dietary Supplements | |
| Others |
| By Geography | |
| China | |
| Japan | |
| India | |
| Australia | |
| Rest of Asia Pacific |
Asia-Pacific Food Fortifying Agents Market Research FAQs
What is the current Asia-Pacific Food Fortifying Agent Market size?
The Asia-Pacific Food Fortifying Agent Market is projected to register a CAGR of 5.80% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Food Fortifying Agent Market?
Cargill, Incorporated, Archer Daniels Midland Company, BASF SE, Tate & Lyle PLC and Glanbia PLC are the major companies operating in the Asia-Pacific Food Fortifying Agent Market.
What years does this Asia-Pacific Food Fortifying Agent Market cover?
The report covers the Asia-Pacific Food Fortifying Agent Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Food Fortifying Agent Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
APAC Food Fortifying Agents Industry Report
Statistics for the 2024 APAC Food Fortifying Agents market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. APAC Food Fortifying Agents analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
