Fortified Beverages Market is growing rapidly, witnessing enormous demand. People are increasingly becoming choosy and want to try different tastes. And if a drink can offer health benefits also, then nothing like it. Consumers inclination to variety is a crucial factor driving the market growth predominantly. Growing health consciousness among the rapidly increasing population is another trend fostering the growth of the market.
According to a renowned research firm – Market Research Future (MRFR), the global fortified beverages market is expected garner gains by 2023. In its recently published analysis, MRFR also asserts that the market would register a remarkable CAGR throughout the forecast period (2018-2023). Changing consumer preferences and increasing popularity of fortified drinks is propelling the growth of the market.
Additionally, Substantial investments made in R&D activities to develop a new beverage of improving the quality of the existing ones are impacting the market growth significantly, increasing the popularity, demand, and sales in the market. Moreover, growing industrialization & urbanization, alongside, the improving economic conditions worldwide, contribute to market growth. Also, distribution channels play an essential role in the development of this market.
The proliferation of large retail format retail, including supermarkets, hypermarkets, and online shopping has been increasing continuously. Online channels provide convenience to price-sensitive consumers. Rising disposable income of consumers has been encouraging them for bulk purchase of these beverages.
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Highly competitive, the fortified beverages market appears to be well-established with the presence of many noteworthy players. Owing to the low product differentiation and availability of a wide range of similar products; players focus on reducing the brand recall of their products among consumers through effective marketing communications. By demonstrating high growth potential, the market is expected to attract several new entrants during the anticipated period. Resultantly, intensifying the competition further.
Players leading the global fortified beverages market include Nestle SA (Switzerland), Danone SA (France), The Coco-Cola Company (US), Tropicana Products Inc. (US), The Boots Company PLC (UK), Abbott Laboratories (US), and General Mills, Inc. (the US), among others.
September 10, 2019 – Infusion Biosciences Inc. (Canada), a biotechnology company and BNO Holdings Inc. announced the development of APP Technology that can detect, identify, and measure cannabinoid molecules in water-soluble and oil preparations. The technology is in a patent-pending process that uses proprietary reagents to recover naturally occurring water-soluble cannabinoids as well as the cannabis oils.
With the increasing food-safety standards that need to be met for cannabis beverage and edible products, the completion of research and the developed analytics are significant milestones in the commercialization of APP Technology. The cannabis industry has been facing challenges in testing & measuring cannabinoid content in water formulations fortified with marijuana ingredients. This invention is another step forward towards reliable and accurate testing for ingestible cannabis products.
August 22, 2019 – AXA Millésimes (France), the Institute of Masters of Wine announced the acquisition of its second property in the Douro Valley. The estate has 36 hectares of vineyard in the Pinhão and Roncão valleys, the same locations AXA’s Quinta do Noval has “significant” holdings. AXA Millésimes also announced that it intends to maintain the Passadouro brand and its range of red & white table wines & fortified wines.
The report is segmented into four market dynamics to widen the scope of understanding,
By Nutrients Type: Minerals and Vitamins, among others.
By Product Type: Non-Alcoholic and Alcoholic.
By Distribution Channel: Store-based and Non-Store-based.
By Regions: Europe, North America, APAC, and the Rest-of-the-World (RoW).
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North America dominates the global fortified beverages market with the largest market share. High per capita income and the presence of large innovative players are the two major driving forces for the market growth. Also, developments in technology and advanced fortification techniques foster regional market growth. The region witnesses rising prevalence of micronutrient deficiencies and various vitamin deficiencies such as Vitamin D deficiency is widespread in North America. Moreover, spreading consumer awareness and the increasing health eccentric populaces provide impetus to the growth of the regional market.
Europe takes the second-leading position in the global fortified beverages market attributing to the growing markets in the region. Besides factors such as rising disposable income and increasing health-conscious populace drive the regional market growth.
The fortified beverages market in the Asia Pacific region is emerging as a promising market globally. Rapid advancements in fortification technologies drive regional market growth. Moreover, growing markets in some of the emerging economies such as China, India, Japan, and Australia, hugely contribute to the regional market, offering ample opportunities to international players for expansion.
High consumption of convenience and processed food products alongside the growing demand for fortified beverages products is a crucial factor fostering the regional market growth. Moreover, food safety standards enforced by the governments to regulate the provisions regarding fortified foods are some of the significant factors propelling market growth in the region.
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