Fortified Sugars Market a steady growth at 5.1% CAGR over the forecast period, 2017-2026
Advancements in food technology led to the emergence of fortification techniques in the mid-70s. Governments from several parts of the global started enacting legislations on fortification of food nutrients, particularly sugars. Collaborative efforts of governments, food regulatory bodies and companies instrumented the consolidation of global value chain for fortified sugars. With promotional campaigns, aggressive marketing and awareness programs, the uptake of fortified sugar increased among consumers. In the near future, the demand for fortified sugars will continue to gain traction with growing incidence of nutritional deficiency recorded across several parts of the world. With every passing year, the World Health Organization registers high deficiency rate for essential nutrients such as minerals and vitamins. Sugar manufacturing companies are capitalizing on this trend by fortifying their sugars with vitamins.
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However, key players in the global fortified sugar market are yet to assess cost-effective production techniques that can increase profit margins and concurrently offer fortified sugars at affordable prices. According to a recent forecast study by Persistence Market Research, the global market for fortified sugars is poised to witness a steady growth at 5.1% CAGR over the forecast period, 2017-2026. The global demand for fortified sugars is expected to bring in more than US$ 9.6 Bn by the end of 2026. A majority of sales in the global fortified sugar market will be accounted by fortification of sugars with vitamins.
Vitamins to Represent Key Micronutrient for Fortification of Sugars through 2026
Consumption of sugars fortified with vitamins can significantly decrease the low plasma retinol levels of consumers. Proper concentrations of vitamin A in fortified sugar has improved the liver functions of consumers. Moreover, vitamin A deficient individuals observe consumption of such fortified sugars as a quick fix to their undernourishment. The report has estimated that in 2017, more than US$ 2.7 Bn worth of sugars fortified with vitamins were sold across the globe. While vitamins will remain predominant micronutrients used in sugar fortifications, the report projects that minerals will register a relatively high value CAGR of 5.6% during the forecast period.
Adopting cost-effective fortification technology will also play a key role in defining the growth of fortified sugar sales in the future. Through 2026, drying is poised to represent predominant fortification technology in the global fortified sugar market, and will register a steady revenue growth at a CAGR of 5.4%. During the forecast period, the commercial end-use of fortified sugars will remain higher than their domestic or residential end-use. By 2026-end, the commercial end-use of fortified sugars is likely to bring in more than US$ 5.2 Bn from across the globe. With respect to global sales of fortified sugars, modern trade outlets are pegged to remain at the forefront. By the end of forecast period, a little over US$ 2.9 Bn worth of fortified sugars will be sold globally through modern trade outlets. The report has further assessed that convenience stores, online stores and departmental stores will register rampant sales of fortified sugars, reflecting more than 6% CAGRs in terms of value.
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APEJ’s Fortified Sugar Market to Touch US$ 3.3 Bn Valuation by 2026-end
Majority of fortified sugar manufacturers in the global market are eyeing to expand their presence in the Asia-Pacific excluding Japan (APEJ) region. Cargill Incorporated, Bunge Limited, Bühler AG, BASF SE, General Mills, Inc., Wilmar International Ltd., DSM, Sudzucker AG, Tereos, Cosan, Associated British Foods, Mitr Phol Sugar Corporation. Ltd., and Nordzucker AG are observed as the leading producers of fortified sugars in the global market. Lucrative industrial regulations, high sugar production, cost-effective raw material procurement and vast consumer base will continue to attract these players towards the APEJ fortified sugar market in the foreseeable future