Fortified Edible Oil Market

Fortified Edible Oil Market Size Growth Rata Analysis:

Fortified Edible Oil Market is estimated at USD 11.1 billion in 2022 and is expected to expand at CAGR 3.5% to USD 11.1 Billion by 2026

Edible oils are improved by added micronutrients and are known as fortified edible oils. Such oils contain an adequate concentration of vitamins such as vitamin A, vitamin D and vitamin E, among others. Most of these oils are produced and consumed to address the problem of under-nutrition. As a result, these have become increasingly important throughout the world over the last few years.

Recent Developments in Fortified Edible Oil Market:

In 2018, India took a significant step of mandatory staple food fortification. FSSAI (Food Safety and Standards Authority of India) continues to push for the compulsory fortification of Edible oils as the health benefits of the fortified oil was huge. Although, there has been an initial backlash from the small companies on this fortification as it keeps these companies on the barrel, as the time passed many states in India have accepted and adopted to use fortified oil. 

Fortified Edible Oil Market Drivers and Restraints:

As nutritional deficiencies like vitamin A deficiency (VAD) increase, fortification programs such as fortified edible oils have shaped public health initiatives. As a result, several businesses have started fortifications, which have increased the demand for fortified edible oils.

Statistical studies indicate that the introduction of vitamin A through fortified edible oils significantly decreased xerophthalmia and VAD by 74-90 % worldwide. This is one factor that's driving the Fortified Edible oil market. With the increasing disposable incomes, consumers' living standards are also improving significantly, which is expected to drive demand for the fortified edible oil market. Due to rapid urbanization in developing regions, people are opting for healthier lifestyles and using low-absorption, and vitamin-fortified edible oils, resulting in increasing demand for the fortified edible oil market. In the developed economies like North America, the use of low-processed foods and the market for healthy fortified edible oils, such as enriched olive oil, has increased significantly with the increased use of olive oil in the preparation of food and salads, as it contains vitamin A and other phytonutrients.Fortified Edible Oil Market is densely crowded with competitors ranging from MCN's to regional competitors, and this can act as a restraint to the market. The market is heavily fluctuated and highly dependent on government policies; this can be a further restraint.

REPORT COVERAGE:

Fortified Edible Oil Market  Segmentation:

By Micronutrient:

• Vitamin A

• Vitamin D

• Vitamin E

• Others

Out of these, Vitamin A segment dominates the market, as it is more deficient among the general masses. This segment is also expected to dominate the market in the future. This demand can be attributed to growing diseases caused by a lack of vitamin A, such as xerophthalmia. Vitamin D and E are expected to show significant growth in the coming years.

By Distribution Channel:

• Supermarket

• Hypermarket

• B2B

• E-Commerce

• Others

Hypermarkets/supermarkets dominate the market because they are at the top in terms of consumer preference for their tangibility. Online sales in the e-commerce market have shown strong growth in recent years due to their convenience.

Fortified Edible Oil Market Region-wise analysis:

1. North America

   1. U.S

   2. Canada

2. Europe

   1. Norway

   2. Germany

   3. Sweden

3. Asia Pacific

   1. China

   2. India

   3. Japan

4. Latin America and Middle East Africa

   1. Brazil

   2. Saudi Arabia

During the forecast period, North America is expected to show significant growth in the global market for fortified edible oils due to a growing awareness among the local population of the various health benefits of these oils. The United States is the largest regional member, with more than half of its adults suffering from high cholesterol, which can be substantially controlled by the use of fortified edible oils.

The Asia-Pacific area is expected to see maximum growth in the years ahead, due to various new trends in the food and beverage industries in India and China, and their growing demand for fortified edible oils. According to the study, about 40 per cent of children under the age of five in India show sluggish growth. As a result, the use of fortified edible oils in their daily diets is likely to help reduce this issue and boost the regional market for fortified edible oils.

Fortified Edible Oil Market key players:

1. Bunge Limited

2. Ruchi Soya Industries

3. Archer Daniels Midland

4. Conagra Brands

5. Adani Wilmar