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Report
North America Fortified Bakery Products Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 110 Pages I Mordor Intelligence
The North American fortified bakery products market is projected to grow at a CAGR of 4.6% during the forecast period.
The busy and on-the-go lifestyles of the rising young population often dictate a need for a quick meal. Consumers are opting for fast food options that are low in calories and high in health benefits and taste. According to the Koninklijke DSM NV consumer survey, in 2020, 60% of consumers sought fortified food products, while 68% were open to trying products that help improve their nutrient intake. The rising health consciousness among consumers and the increasing prevalence of vitamin deficiencies that can cause health disorders, such as anemia, scurvy, beriberi, and pellagra, are some of the key market drivers increasing the demand for fortified bakery products.
Moreover, the laws and regulations to promote the consumption of fortified food are accelerating the demand for fortified bakery products in the region. For instance, the flour fortification of wheat flour is mandatory by law in Canada. It is governed by the Food and Drug Regulations through the Food and Drug Act. Bakery products using 100 grams of flour should contain 0.64 milligrams of thiamine, 0.40 milligrams of riboflavin, 5.30 milligrams of niacin or niacinamide, 0.15 milligrams of folic acid, and 4.4 milligrams of iron.
North America Fortified Bakery Products Market Trends
Emergence of Fortified Bakery Ingredients
Consumers are looking for high-nutrient processed foods that are rich in protein, fiber, vitamins, and essential minerals. This, in turn, drives the demand for fortified bakery products. Bakery products are also one of the popular convenient foods preferred by all consumers of all age groups across North America. Thus, increased demand for fortified bakery products has led ingredient manufacturers to produce nutrient-rich ingredients. Major bakery ingredient suppliers, such as Kerry Group, Ingredion, and DSM, are launching novel ingredients to match the changing industry requirements. For instance, in November 2021, Kerry, a taste and nutrition company, launched Emulgold, a naturally sourced soluble dietary fiber ingredient for the white bread manufacturing market. Further, the company claims that bread fortified with this ingredient can provide up to a 300% increase in fiber per serving, approximating the fiber content of whole wheat while maintaining the taste and consistency of white bread. Thus the availability of improved ingredients has led bakery product manufacturers to invest in product innovations to target potential consumers.
United States Holds the Prominent Share
The United States holds the largest market share owing to high consumer affinity toward fortified food supported by the government dietary guidelines. For instance, the "2015-2020 Dietary Guidelines for Americans" issued by the USDA (U.S. Department of Agriculture) suggest the consumption of nutrient-dense foods, including fortified dairy, bakery, and beverages. Along with the aspect of fortification, consumers are looking for clean-label and organic bakery products in the United States. The increase in the number of working women, long working hours, hectic lifestyles, and lack of time to cook healthy food on a regular basis are factors influencing consumers to opt for fortified bakery products.
Further, food companies are also inclined toward the fortification of bakery products. They are marketing bread, biscuits, and cookies with functional claims to increase their market share in the region as consumers have a preconceived notion that bakery products are unhealthy and rich in sugar and calories. Moreover, the increase in the penetration of social media advertisements and enhanced distribution channels is further adding to the growth of the market studied.
North America Fortified Bakery Products Market Competitor Analysis
The market is highly fragmented, with many regional and international players competing to increase their market share in the region. The major players in the region include Grupo Bimbo SAB de CV, Flowers Foods Inc., General Mills Inc., Mars Incorporated, and H&S Bakery Inc., among others. The major players are investing in research and development to launch new products, enhancing distribution channels, and spending on marketing to increase the sales of their products. Product innovation and packaging modifications are key factors in retaining competitiveness in the North American fortified bakery products market.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Product Type
5.1.1 Cake
5.1.2 Biscuits
5.1.3 Bread
5.1.4 Morning Goods
5.1.5 Other Product Types
5.2 Distribution Channel
5.2.1 Supermarkets/Hypermarkets
5.2.2 Convenience Stores
5.2.3 Online Retail Stores
5.2.4 Other Distribution Channels
5.3 Geography
5.3.1 United States
5.3.2 Canada
5.3.3 Mexico
5.3.4 Rest of North America
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Grupo Bimbo SAB de CV
6.3.2 Flowers Foods Inc.
6.3.3 General Mills Inc
6.3.4 Mars Incorporated
6.3.5 H&S Bakery Inc.
6.3.6 Modern Food Enterprises Pvt. Ltd
6.3.7 Super Bakery Inc.
6.3.8 The Hershey Company
6.3.9 FYXX Health
6.3.10 Silver Hills Bakery
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
9 DISCLAIMER
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