Increased problems with vitamin A deficiency, changing consumer dietary pattern, increasing consciousness about healthy diet are the main growth factors for the global fortified edible oils market.The global fortified edible oils market was valued at USD 12.2 billion in 2018 and is expected to reach USD 16.4 billion in 2026, growing at a CAGR of 3.8% during the forecast period.
The fortified edible oils are used to maintain the vitamin levels in the human body as they are enriched with micronutrients. Fortified edible oils are considered as a simple and inexpensive solution for micronutrient deficiency. Increasing vitamin deficiency problems such as vitamin A deficiency (VAD) owing to busy lifestyles drives the demand for fortified edible oils. As a result, most companies have started fortifications, which have increased the demand for fortified edible oils in the global market. As per statistical research, the fortified edible oils which are enriched with vitamin A have effectively decreased xerophthalmia and VAD by 74-90% globally. In the developed countries of Europe and North America, the use of low-processed foods and the market for safe fortified edible oils, such as fortified olive oil, has increased significantly with the increased use of olive oil in the preparation of meat and salads, as olive oil contains higher vitamin A and other phytonutrients.
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The changing living standard and increasing disposable income also drive to the growth of the global fortified edible oils market. Due to rapid urbanization, people are adopting a healthier lifestyle and consuming vitamin-fortified edible oil which is helping to grow the demand for fortified edible oils in the global market. Moreover, the increasing number of partnerships between public and private companies to tackle malnutrition by launching different fortified oils is also boosting the demand for fortified edible oils. Advancement of technologies and new product development strategies are expected to create new opportunities for fortified edible oils in the global market. With the growth in the online market, retailers are moving towards the adoption of innovative technologies, including big data analytics, cloud computing, digital stores, and social media networks, in order to effectively connect with consumers and expand their customer base.
However, the high price of fortified edible oils and less awareness about the benefits of fortified edible oils among the consumers may hamper the growth of the global fortified edible oils market.