The procedure of increasing the nutritional value of edible oil by adding special micronutrients to it is known as oil fortification. As per the Food Safety and Standards Authority of India (FSSAI), March 2017, a majority of all edible oil processing and manufacturing industries should fortify edible oil with Vitamin A and D within June 2017 including industry partners such as Patanjali. Such efforts taken by governments are likely to help increase the global edible oil market size. A recent report published by Fortune Business Insights™ titled, “Fortified Edible Oil Market Size, Share and Industry Analysis, By Product (Soy Oil, Palm Oil, Rice Bran Oil, Sunflower Oil, Canola Oil, Olive Oil, Others), By Micronutrient (Vitamin A, Vitamin D, Vitamin E, Others) and Regional Forecast, 2019-2026” studies the market and its growth trajectories in details.
Highlights of the Report
The report provides an in-depth analysis of the market and studies factors that promote, restrict, challenge, and provide opportunities to the market during the forecast period, 2019 to 2026. It also offers information on the market figures, including the base and forecast figure and CAGR, coupled with the detailed segmentation of the market and names of leading segments. Besides this, the report offers interesting insights, key industry developments, and other fortified edible oil market trends prevalent during the forecast duration. The report is based on a thorough survey on the market by analysts at Fortune Business Insights™ and is available for sale on the company website.
Rise in Cases of Malnutrition to Propel Market Growth
The increasing prevalence of malnutrition among people is a major cause of promoting fortified food products, especially edible oil all over the world. Nutrient Deficiency among individuals is considered an important factor boosting the fortified edible oil market growth. Further attributed to the fact stated above, there is a high demand for a nutrient-rich diet. This will also help to increase the overall fortified edible oil market size in the forecast period.
On the contrary, factors such as the high price of these products may pose a challenge to the market and negatively impact the fortified edible oil market revenue in the forecast duration. Nevertheless, the increasing number of health-conscious people and their preference for fortified food products is likely to create lucrative fortified edible oil market growth opportunities in the foreseeable future.
Decline in Consumption of Processed Food and Increasing Preference for healthy Food to Help Europe and North America Earn Significant Shares
From a geographical viewpoint, Asia Pacific is holding a dominant fortified edible oil market share on account of countries such as China, Indonesia, Malaysia, and India. A variety of oilseeds are grown and processed in these nations. The high prevalence of malnutrition in countries such as India has propelled the government to mandate fortification of food and edible oils in the nation. This, is further expected to help augment the global fortified edible oil market revenue in the foreseeable future. On the other side, Europe and North America market are anticipated to witness significant fortified edible oil market growth on account of the decline in the consumption of processed food and promotion of healthy lifestyle and eating habits in the respective regions.
Launch of Innovative Products is Key Strategy Adopted by Players to Compete in Market
Significant fortified edible oil market manufacturers are emphasizing on launching innovative products for application in multiple industries for maintaining their eminence in the market. Currently, companies such as Bunge Limited (U.S.), Archer Daniels Midland Company (U.S.), BASF SE (Germany), and Cargill Incorporated (U.S.) are holding prominent fortified edible oil market share.
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Key industry developments of the fortified edible oil market include:
2017A U.S-based provider for nutritional supplements, namely Carlson Labs, introduced an omega-3 fortified oil called “Olive Your Heart.” This product was launched and is available in four variant flavors namely basic. Garlic, natural, and lemon.
Significant players of the fortified edible oil market include:
- Lam Soon Group
- Bunge Limited (U.S.)
- Archer Daniels Midland Company (U.S.)
- Borges International Group
- Ruchi Soya Industries Limited (India)
- BASF SE (Germany)
- Adani Wilmar
- Liberty Oil Mills (India)
- Cargill Incorporated (U.S.)
- Nestle S.A.
- Conagra Brands, Inc. (U.S.)
- Other players
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