Fortified Edible Oils Market Growth by 2026
Albany, NY -- (SBWIRE) -- 11/09/2018 -- Fortified edible oils are the oils which are enriched with additional micronutrients. Fortified edible oils contain an adequate concentration of added fat-soluble vitamins such as vitamin A, D, E, and others. Fortified edible oils are the intervention made by government regulations to cope with the complication of undernourishment. As fortified edible oils are enriched with essential micronutrients, they are used to intensify the vitamin levels in the human body. Fortified edible oils are identified as the simple and inexpensive solution to combat micronutrient deficiency.
Changing Dietary Habits and Living Standards
With increasing disposable income, the living standards of consumers are also changing positively, which is expected to drive the demand for fortified edible oils. Due to rapid urbanization in developing regions, people are adopting healthier lifestyles, and using low-absorb and vitamin fortified edible oils, thus resulting in the increasing demand for fortified edible oils such as fortified sunflower and rice bran oils.
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The developed countries of Europe and North America are drawn towards the use of low processed foods, and demand healthy fortified edible oils such as fortified olive oil, which has increased substantially with the widening utilization of olive oil in the preparation of food and salads, as olive oil contains higher vitamin A and other phytonutrients.
Government Initiatives to Support Fortification Programs in Other Countries
The U.K. government plans to provide a start cost of £2.9 Mn for the fortified edible oils under the scheme 'National Food Fortification Program' in Tanzania. This project will be implemented by the non-government organization Helen Keller International. According to this initiative, it would be mandatory for private food manufacturers to fortify wheat, maize, and oil with essential vitamins and minerals, in Tanzania. This serves as an opportunity for edible oil producers to broaden their product portfolio with fortified edible oil during the forecast period.
Subsidy on the Procurement for Fortified Edible Oils
To enhance the fortification initiative, various agencies are providing a temporary subsidy on the procurement of micronutrients. The fortification initiative has been carried out on a large scale in Tanzania. Therefore, with the support of the Global Alliance for Improved Nutrition (GAIN) and the Department for International Development (DFID), a sliding subsidy for fortified edible oils is being offered for a period of one and half year on the fortification program.
Lucrative Growth for Rice Bran Segment of Fortified Edible Oils
Among the product type segments of fortified edible oils, the fortified rice bran oil segment is expected to register the highest growth rate of about 4.6%, owing to increased dietary awareness among consumers on lesser cholesterol levels, and increased production of rice husk during the forecast period. However, the soybean oil segment is expected to have the highest market share in the current year 2018.
Rising Concerns for Fortification as a Public Health Initiative
With the increase in nutritional deficiencies such as vitamin A deficiency (VAD), fortification programs such as fortified edible oils have taken the shape of public health initiatives. As a result, many companies have initiated fortification, which increased the propensity of fortified edible oils. Statistical studies show that, the implementation of vitamin A through fortified edible oils has significantly decreased xerophthalmia and VAD by 74-90%, worldwide.
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Public-private Partnerships are Gaining Traction
Public-private partnerships have a significant role to play in addressing malnutrition, by strategizing and implementing various fortification programs, such as introducing fortified edible oils in the growing economies, and to make affordable fortified food products for the target population.