Fortified Edible Oil Market Size, Share & Industry Analysis, By Product (Soy Oil, Palm Oil, Rice Bran Oil, Sunflower Oil, Canola Oil, Olive Oil, Others), By Micronutrient (Vitamin A, Vitamin D, Vitamin E, Others) and Regional Forecast, 2024-2032

The global fortified edible oil market is projected to witness significant growth during the forecast years, owing to the increasing awareness regarding the health benefits associated with the product. Growing demand for premium edible products and ingredients, coupled with increasing government support to functional and fortified food products is expected to aid the growth of global fortified edible oil market during the forecast period.

Key companies operating in the global fortified edible oil market are focusing on the launch of innovative products for multiple industrial applications to maintain their market prominence. Archer Daniels Midland Company (U.S.), Cargill Incorporated (U.S.), BASF SE (Germany), and Bunge Limited (U.S.) are some of the key companies performing in the global fortified edible oil market.

Oil fortification is similar to any other food fortification in which micronutrients are added to improve its quality and make it more nutritious. The main ingredients used to fortify edible oils are various types of vitamins such as vitamins A, D, and E. Fortified oil has potentials to aid an individual’s health by offering the required amount of micronutrients required to stay healthy and prevent diseases.

Key Market Driver -

Key Market Driver – Growing demand for nutrient-rich diet due to increasing prevalence of malnutrition among individuals is expected to propel the market growth

Key Market Restraint -

Key Market Restraint – High price of the product is expected to hinder the market growth

Rising prevalence of nutrition deficiency among individuals, which results in various types of diseases is expected to propel the growth of fortified edible oil during the forecast period. Increased focus of key players on launching innovative and affordable fortified edible oil is anticipated to aid the market growth during the forecast years. Furthermore, rapid urbanization and an increasing number of health-conscious population is further expected to fuel the growth of fortified edible oil market in the upcoming years.

The high price of fortified edible oil is a major restraining factor for the growth of the market. Furthermore, complicacy associated with the fortification of edible oil is another prominent factor that is expected to hinder the growth of global fortified edible oil market.

Key Players Covered:

Some of the major companies that are present in the global fortified edible oil market are Adani Wilmar, Archer Daniels Midland Company (U.S.), Bunge Limited (U.S.), Conagra Brands, Inc. (U.S.), BASF SE (Germany), Cargill Incorporated (U.S.), Nestle S.A., Ruchi Soya Industries Limited (India), Liberty Oil Mills (India), Lam Soon Group, and Borges International Group among the other players operating in the global fortified edible oil market.

On the basis of product, the global fortified edible market has been segmented into soy oil, palm oil, rice bran oil, sunflower oil, canola oil, Olive oil, and others. Among these, the demand for fortified rice bran oil is projected to grow at a significant pace due to low cholesterol level of the oil type, coupled with numerous health benefits offered by the product. The demand for fortified olive oil is projected to grow especially across developed economies due to the increasing demand for the product for applications in households as well as food service industry. Numerous health benefits associated with olive oil, coupled with high production of olive oil across prominent European economies such as Spain, Greece, and Italy is further expected to escalate the growth of European fortified edible oil market.

Among micronutrients, vitamin A is projected to dominate the market during the forecast years due to the rising prevalence of vitamin A deficiency in people, especially across developing economies. Rising consumer awareness about the health benefits of fortified oil rich in vitamin A is further anticipated to boost the segment’s growth. Vitamin A plays a crucial role in improving the heart, kidney, and eye health, along with improving immunity.

Regional Analysis:

Asia Pacific is projected to dominate the global fortified edible oil market during the forecast years, due to the presence of countries such as India, Malaysia, Indonesia, and China where a number of oilseeds are grown and processed. Asia accounts for a dominant share in the global vegetable oil production. Increased focus on fortification of edible oils in emerging economies of Asia, coupled with edible oil fortification mandate in countries like India due to the high prevalence of malnutrition within the countries is projected to further boost the growth of Asian edible oil market during the forthcoming years.

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The demand for fortified edible oils is projected to grow in North America and Europe during the foreseeable years, due to an anticipated decrease in consumption of processed food across the region, which in turn will contribute to the growth of healthy and fortified edible oils (the consumption of which is higher across households).

Segmentation

Key Industry Developments

• In 2018, Food Safety and Standards Authority of India (FSSAI), made fortification of edible oils mandatory across the country.


• In 2017, Carlson Labs, an US-based nutritional supplements provider, introduced “Olive Your Heart”, an omega 3 fortified olive oil. The product was launched in four different flavors, that included lemon, natural, basic, and garlic.