Fortified Edible Oils Market - (By Nature – Organic & Conventional), By Product Type (Palm Oil, Soybean Oil, Sunflower Oil, Olive Oil, Corn Oil, Canola Oil, Rice Bran Oil, & Other Oils), By Micronutrients (Vitamin A, Vitamin D, Vitamin E, & Others), By End Users (Industrial, Foodservice, Retail, & Others), By Distribution Channel (Hypermarkets/Supermarkets, Conventional stores, Grocery Retail, Online Sales Channels, & Others) - Global Opportunity Analysis & Industry Forecast, 2024 - 2030

Fortified Edible Oils Market Overview

The Fortified Edible Oils Market size is estimated to reach $14.5 billion by 2027. Furthermore, it is poised to grow at a CAGR of 3.3% over the forecast period of 2022-2027. Edible oils that have been fortified with extra micronutrients are known as fortified edible oils. Additions of fat-soluble vitamins such as vitamin A, D, E, and others are found in fortified food oils. Edible oil fortification is intentionally raising the number of essential micronutrients to increase the oil's nutritional quality and provide a health benefit with little risk. Minerals and vitamins are added to accomplish this. Cottonseed, fortified soybean, palm, mustard, groundnut, and other food oils can all be used. According to the FSSAI, enriched edible oil can help a person fulfill 25-30% of the recommended dietary intake for vitamins A and D on an individual level. Fortified edible oils are categorized as Soy Oil, Palm Oil, Rice Bran Oil, Sunflower Oil, Canola Oil, Olive Oil, and Other depending on the product. Vitamin A, Vitamin D, Vitamin E, and Others are among the micronutrients found in edible oils. The intervention made by government rules to deal with the difficulty of undernourishment is fortified edible oils. Fortified edible oils boost vitamin levels in the human body since they are packed with critical micronutrients. Fortified edible oils have been discovered as a simple and economical option to counteract vitamin insufficiency. Individual health awareness is predicted to be a prominent element driving worldwide market growth. In the near future, a surge in fortified edible oils such as cooking oil is expected to attain maximum penetration. The edible oil sector is dedicated to fortification, and leading brands are leading the way. 

In collaboration with the government and the FSSAI, players are fostering innovation to create a new market. Bolivia, Morocco, Mozambique, Nigeria, India, and Tanzania are where the FSSAI has made fortification of edible oils a mandatory requirement. This is expected to improve growth throughout the projection period. Furthermore, rising vitamin deficiency issues, such as vitamin A deficiency (VAD), are likely to boost the worldwide fortified edible oils market due to people's busy lives. However, the high cost of fortified edible oils compared to regular edible oils might significantly restrain the worldwide fortified edible oils market.

Fortified Edible Oils Market Report Coverage

The report: “Fortified Edible Oils Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Fortified Edibles Industry.

By Nature – Organic and Conventional.
By Product Type – Palm Oil, Soybean Oil, Sunflower Oil, Olive Oil, Corn Oil, Canola Oil, Rice Bran Oil, and Other Oils.
By Micronutrients - Vitamin A, Vitamin D, Vitamin E, and Others.
By End Users – Industrial, Foodservice, Retail, and Others.
By Distribution Channel - Hypermarkets/Supermarkets, Conventional stores, Grocery Retail, Online Sales Channels, and Others.
By Geography- North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia, and the Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), and Rest of the World (the Middle East, and Africa).

Key Takeaways

• Geographically, the Asia Pacific segment will dominate the market on the rising consumption of organic, calorie-free, and safe food products that increase the preference for fortified edible oils. Moreover, rising import volumes of edible nuts further drive the growth of the Fortified Edible Oils Market.
• During the forecast period 2022-2027, rising awareness regarding health among consumers and rising consumption of snacks are enhancing the growth of the fortified edible oil market.
• The Fortified Edible Oils Market Report will provide a detailed analysis of strengths, weaknesses, opportunities, and threats.

 Fortified Edible Oils Market - Geography (%) for 2021

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Fortified Edible Oils Market Segmentation Analysis- By Micronutrients

The Fortified Edible Oils market based on micronutrients can be further segmented into Vitamin A, Vitamin D, Vitamin E, and Others. And for its widespread applicability, the vitamin A category held the most significant market share in 2021. Since vitamin A is more commonly deficient in the general population, leading the global market for fortified edible oils. This category is projected to continue to dominate the worldwide fortified edible oils market in the forecast years. This need can be ascribed to the rising number of diseases induced by vitamin A deficiency, such as xerophthalmia. In addition, the sector is anticipated to be the fastest-growing segment, with a GAGR of 3.8%. During the projection period, owing to the rising vitamin A deficits and increased knowledge about the different ailments linked with it, the micronutrient vitamin A is expected to grow at the fastest rate throughout the anticipated period. Fortification programs such as enriched edible oils have become public health efforts as dietary deficiencies such as vitamin A deficiency (VAD) have become more common. As a result, several firms have begun to fortify their edible oils, which has raised the need for fortified edible oils. Statistical studies suggest that implementing vitamin A through enriched edible oils has reduced xerophthalmia and VAD by 74-90 percent worldwide.

Fortified Edible Oils Market Segmentation Analysis - By Distribution Channel

Based on the form, the Fortified Edible Oils market can be further segmented into Hypermarkets/Supermarkets, Conventional stores, Grocery Retail, Online Sales Channels, and Others. In 2021, the hypermarket or supermarkets category will have the most market share. Supermarkets and hypermarkets are big retail shops that typically provide a variety of retail product categories under one roof. In order to be accessible to clients, supermarkets are frequently placed near a residential neighborhoods. However, leading to a shortage of property near residential areas, most supermarkets and hypermarket companies are expanding outside the city. Walmart, Tesco, Aldi, Kroger, Carrefour, Whole Foods Market, and other major retailers have a substantial presence in distributing fortified edible oils. Furthermore, shifting consumer tastes for low-calorie and gluten-free products has prompted many businesses to keep a surplus of these items on hand. This assures a steady supply of goods to customers, allowing the company to expand.

However, during the forecast period 2022-2027, the online sales channels segment of the market is anticipated to account for the fastest CAGR of 3.5%. Owing to its ease, the online sales channel segment is expected to lead the market with the fastest growth rate over the projected period. During the projection period, the e-commerce industry would rise due to busy lifestyles and customer preferences for online purchasing. Consumers choose these distribution channels owing to the low availability of fortified edible oils brands in supermarkets, which is projected to impede the growth of the category during the projection period.

Fortified Edible Oils Market Segmentation Analysis- By Geography

The Fortified Edible Oils market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. In 2021, Asia-Pacific generated the most revenue, accounting for more than 36% of total revenue, and is anticipated to continue throughout the projection period. Since nations like China, Indonesia, Malaysia, and India, Asia Pacific has a significant fortified edible oil market share. These countries cultivate and process a wide range of oilseeds. Because of the high prevalence of malnutrition in nations like India, the government has mandated the fortification of food and edible oils. This is also predicted to boost revenue in the worldwide fortified edible oil market in the near future. Aside from that, the Asia Pacific market fortified edible oil growth is projected to develop significantly due to a decrease in processed foods and the promotion of healthy lifestyles and eating habits in the various areas. Consumers' living standards improve as their disposable income increases, which is projected to fuel demand for fortified edible oils. People are adopting healthier lifestyles and consuming low-absorb and vitamin-fortified edible oils as a result of rapid urbanization in emerging countries, leading to an increase in demand for fortified edible oils such as fortified sunflower and rice bran oils.

Fortified Edible Oils Market Drivers

Technological Innovations Aiming to Incorporate Health Benefits into Edible Oils are aiding market growth

Edible oils are considered premium-grade items; hence their production requires high precision processing. Major participants in the oil industry are focusing on implementing modern technologies such as cold-pressing and refining technologies for oil production to meet the growing demand for high-quality edible oils. This enables businesses to efficiently and effectively generate high-quality edible oils. These technical advancements assist edible oil makers in establishing their products in the highest division. Under the 'National Food Fortification Program' in Tanzania, the UK government 2019 aims to give a start-up cost of £2.9 million for fortified edible oils. Helen Keller International, a non-profit organization, will carry out this initiative. In Tanzania, private food makers will be required to fortify wheat, maize, and oil with critical vitamins and minerals under this program. This presents an opportunity for edible oil manufacturers to diversify their product range by offering fortified edible oil during the projection period.

Market growth is to be boosted by growing awareness of the benefits of food cooked in edible oil.

Several factors may be used to examine the global economy and its influence on various nations and businesses. Globally, the demand for industrialization has encouraged urbanization. Consumer spending behavior is affected by shifting lifestyles in quickly changing economies. Consumers are worried about keeping their social standing. Consumers want healthier meals due to their hurried lifestyles. Obesity and cardiovascular illness are becoming more common, prompting people worldwide to seek more nutritious options. However, as people become more health-conscious, their tastes shift toward high-quality, healthful processed edible oils. According to the Department of Food and Public Distribution., the share of raw oil, refined oil, and vanaspati in the total edible oil market is estimated roughly at 35%, 60%, and 5% respectively. About 56 % of domestic demand for edible oils is met through imports out of which palm oil/palm olein constitutes about 54%. Food makers have turned their attention to creating edibles enhanced with omega 3, vitamins, natural antioxidants, and other health-promoting substances as a result of this trend. Cardiovascular diseases (CVDs) are one of the leading causes of death and morbidity worldwide. Multiple gene interactions and environmental variables such as food choices and sedentary lifestyles cause these disorders. The pathophysiology of CVDs is thought to be inextricably linked to the quality of dietary oils. One of the most important nutritional components of a balanced diet is edible oil. Continuous heating, on the other hand, can degrade edible oils by causing lipid oxidation.

Fortified Edible Oils Market Challenges

The high cost of items and little customer awareness is stifling the market's expansion.

The high price of these goods may offer a challenge to the market and negatively influence the revenue generated by fortified edible oils in the projected period. Shortly, however, the growing number of health-conscious consumers and their desire for fortified foods is projected to provide profitable fortified edible oil market development prospects. Over the forecast period of 2021 to 2027, the total demand for fortified edible oils is predicted to rise due to rising health consciousness and increased incidences of nutritional deficiencies, obesity, skin disorders, and cardiovascular illnesses. According to WHO, cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year. This enables businesses to efficiently and effectively generate high-quality edible oils. These technical advancements assist edible oil makers in establishing their products in the highest division.

Fortified Edible Oils Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Fortified Edible Oils Market. The top 10 Fortified Edible Oils Market companies are:

1. Adani Wilmar
2. Archer Daniels Midland Company
3. Bunge Limited
4. Conagra Brands, Inc.
5. BASF SE
6. Cargill Incorporated
7. Nestle S.A.
8. Ruchi Soya Industries Limited
9. Liberty Oil Mills
10. Lam Soon Group

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