North America food fortifying agent market is anticipated to witness a CAGR of 3.85% during the forecast period (2020 - 2025).
- The market is mainly driven by the increase in the growth of the health consciousness of consumers in the region. The support of government organizations has also fueled market growth to an extent.
- The vitamin segment holds a prominent share owing to the rise in the number of diseases such as osteoporosis and rickets due to vitamin deficiency, the increasing healthcare cost, and the aging population.
- The dietary supplements are projected to show rapid growth due to the associated health benefits, mainly targeted by the increase in the aging population and growing interest in personal fitness among young adults.
Key Market Trends
Probiotics Segment is Increasing Rapidly in North America
The probiotic market is driven by the robust demand for health-based products, among consumers, especially by the younger generations. Probiotics are a part of functional foods and beverages and are known for improving gut functionality, along with other benefits, including immunity boost and so on. However, since there is no clear demarcation for probiotics-based pharmaceuticals and food products, with variations across different countries, the complexity in the regulatory, legislative, and technological aspects is serving as a major hurdle for market growth in the smaller countries of the region.
United States Dominates the Regional Market
North American food companies are skillful in developing new products. The new products fad today is leaning towards healthy foods involving functional products such as prepared foods which are fortified using various fortifying agents. The United States is one of the largest markets for food ingredients that include fortifying agents as well. Ready-to-eat meals are very popular, the concept of which originated in the United States itself. The new products being developed represent a progressively growing market segment, increasing because of high demand on the part of working women who need to save time. The fortification with fibers, minerals, and vitamins is common in the Ready-to-eat meals in the country.
The North America market for food fortifying agents is fragmented, owing to the presence of large regional and domestic players in different countries. 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.
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