Fortification of edible oils includes the process of increasing the essential micronutrients in order to enhance the public health benefit by augmenting the overall nutritional quality.
The rise in vitamin deficiency across the world is estimated to be the critical driving factor for the growth of the global fortified edible oils market. In particular, vitamin A deficiency is one of the leading causes of preventable childhood blindness. A lot of Americans are exceeding the general caloric needs, but not meeting the vitamin and nutritionally essential mineral requirements. The World Health Organization (WHO) has classified vitamin A deficiency as a public health problem in major regions across the world. The WHO also estimated that more than two billion people suffer from micronutrient deficiency internationally. The widespread use of cooking oil, coupled with the mandatory fortification requirement imposed by several food authorities in developed, as well as developing and underdeveloped countries, are factors that significantly fuel the global fortified edible oils market.
Moreover, the increased awareness of the end users and consumers related to the essentiality of following recommended dietary intake of proper amounts of vitamins in the human body has changed the dietary patterns of consumers and increased the consciousness among users. Such factors fuel the fortified edible oils market growth across the globe. On the other hand, the high cost of these products in comparison to their counterparts remains a restraint to the market growth. Many underdeveloped countries’ consumers might not have attained the affordability factor that might hamper the market growth to a certain extent in the near future.
The global fortified edible oils market is segmented on the basis of type, micronutrient, distribution channel, and region. The market, based on type, is divided into soy oil, palm oil, rice bran oil, sunflower oil, canola oil, olive oil, and others. The fortified edible oils market, based on micronutrient, is fragmented into vitamin A, vitamin D, vitamin E, and others. The market, on the basis of distribution channel, is segmented into supermarkets & hypermarkets, grocery stores, e-commerce, and others.
Geographically, Asia Pacific region is likely to dominate the global fortified edible oils market and is projected to continue its dominance during the forecast period. Reasons such as the rising health concerns among consumers, increasing fortified edible oil awareness among consumers, and willingness to spend on these products are driving the growth of the market in this region. France and Germany are the prime countries for the market growth in the European region. The American region is projected to hold a substantial position in the market owing to the rising demand and the awareness campaigns created by the key players in the market. On the other hand, the rising vitamin deficiencies in the Middle East & Africa are expected to fuel the market growth.
The global fortified edible oils industry is highly competitive and is characterized by the presence of a many leading participants. Some of the key players include Ruchi Soya Industries, Bunge Limited, Conagra Brands, Adani Wilmar, Archer Daniels Midland, Nestle, Allanasons, Lam Soon, Liberty Oil Mills, and King Rice Oil. In February 2020, Adani Wilmar launched a new logo for its ‘Fortune’ brand of edible oils. The new logo signifies modern-day aesthetics while preserving the Fortune brand’s core philosophy. Such a strategy aims to lure a high target audience.
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