South America food fortifying agent market is anticipated to witness a CAGR of 2.84% 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 lipids segment holds a prominent share owing to the large number of manufacturers indulged in the manufacture and refining of palm oil in the region. Also, the growing industrialization in the region is a promoting factor for the market, as a whole.
- The vitamin segment is projected to show rapid growth due to the associated health benefits, mainly targeted by the increase in the population that requires essential vitamins to maintain regular metabolic activities.
Key Market Trends
Rising Consumption of Vitamin-infused Foods & Beverages
The demand for fortified foods and beverages market was witnessed to have an increasing trend owing to the rising health consciousness among the consumers and vitamin deficiencies can lead to many ailments such as anemia, scurvy, beriberi, and pellagra. Moreover, these conditions are even present in a relatively well-nourished society due to the lack of vitamins in regular diets. Therefore, food fortification with vitamins was proven as an effective tool for tackling nutritional deficiencies among the population. Frequent launches of newly formulated products with modified blends of vitamins is likely to fuel the growth of the market, such as Vitamin-Infused Coffee, Snap Super Candy (vitamin-infused snacks), vitamin-infused water and vitamin D fortified milk.
Brazil is the largest Market for Fortifying Agents
Brazil is South America’s largest economy and has the highest population, maximum GDP, and the greatest number of trades in South America. Hence, it provides a good opportunity for the ingredient manufacturers to offer their products to the freshly blooming local industries and establish a strong consumer base in the Brazilian market. Additionally, the extensive number of domestic manufacturers of palm oil further pump the market growth.
The speeding meat-alternative industry in the country is also a major segment of potential, along with the well-established processed meat sector in the country. Thus, to evaluate the overall industrial scenario in the country to cater to the demands of both the local population and the trade requirements, the food fortifying agent market is likely to witness significant growth over the forecast period.
The South America food fortifying agent market is fragmented, owing to the presence of large regional and domestic players in the different countries of the region. 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.
The global giants are expanding their businesses by setting up new plants or by increasing the capacity of the existing ones to cater to the inflated demand in the region for various food additives, including fortifying agents. Moreover, Argentina and Colombia pose a major opportunity for the industry with the evolving societies in the countries. Few of the major players in this market include Cargill Incorporated, Archer Daniels Midland Company, DuPont, BASF SE, and Advanced Organic Materials S.A.
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