The global food fortifying agent market size is expected to increase by USD 41.47 billion between 2021 and 2026, expanding at a CAGR of 10.64% during the forecast period.
According to sources, The global food fortifying agent market is fragmented because of the presence of a large number of regional and domestic players in different countries. Vendors are focusing on mergers and acquisitions, expansions, and partnerships, along with new product development to expand their presence. Technavio identifies Arla Foods Ingredients Group PS, BASF SE, Chr. Hansen Holding AS, Evonik Industries AG, Ingredion Inc., International Flavors and Fragrances Inc., Koninklijke DSM NV, Levex, Nestle SA, Nouryon Chemicals Holding BV, Omya International AG, Prime Merchantiles International Ltd., ProXES GmbH, Spirax Sarco Engineering plc, Tata Sons Pvt. Ltd., Tate and Lyle Plc, Wenda Ingredients LLC, Kellogg Co., and PPG Industries Inc. as dominant players in the market.
Although the rising concerns on ever-increasing health problems, growing aging population, and rising incidence of diseases due to vitamin and calcium deficiency will offer immense growth opportunities, stringent government regulations, the high cost related to food fortifying agents and multi-page labeling on the rise will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.