(I-BusinessNews.Com, May 10, 2021 ) Global Food Premix Market size is $1.6 Billion in 2019, growing at a CAGR of 6.2% during the forecast period 2020-2025. Food premix are mixtures of various essential nutrients such as vitamins, minerals, nutraceuticals, amino-acids and nucleotides which enhance the overall nutritional value of the products such as bakery and confectionery, baby food, snack bars, energy drinks and others. Taking into account the desired requirements for health and wellness, optimum food premixes are scientifically created. The lack of the right amount of micronutrients in the diet can cause malnutrition and serious health problems. The global food premix market growth over the forecast period is expected to be driven by growing health concerns among parents regarding baby food products. Most parents choose to provide their babies with high nutritional content and balanced food, which has contributed to a rise in global demand for food premixes.
Global Food Premix Market Segment Analysis – By Ingredient
In 2019, Bakery and Confectionery segment dominated the Global Food Premix Market in terms of revenue is estimated to grow at a CAGR of 6.8%, as the baked goods manufacturers are promoting their products with the tags referring to nutritional food on the labels of the products Sugar-free candies and sweet products that provide unique nutritional value and health benefits are intended to improve the market growth of bakery and confectionary nutritional premixes. For their kids, consumers are opting for candies with a healthier profile. Such a shift in consumer preferences affects the demand for nutritional goods, thus driving growth. A highly cost-effective way to increase micronutrient intake across a wide section of the population is to fortify basic foodstuffs with micronutrients that add key vitamins and minerals to flour when refined. In a powdery blend which is added to make fortified bakery and confectionery goods, the vitamins and minerals used in fortification are mixed thus abetting towards the growth of the market.
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Global Food Premix Market Segment Analysis – Geography
In 2019, the North America region dominated Global Food Premix Market in terms of revenue with a market share of 34% owing towards rising public & private funding for R&D in this region. Other important factors that can drive demand in this market are rapid growth in the food and beverage industry and growing concerns related to healthier lifestyles. The growing disposable income is expected to drive the demand for food premixes. In addition, the growing demand for fortified food products in this area may benefit the market for food premixes. In addition, Mexico is one of the countries with the highest incidence of obesity in children and adults, thus, further fueling the market growth. The increasing health issues are therefore primarily due to obesity and excess weight, and these problems have also led to the development of intestinal infections such as amoebic dysentery, which is the common cause of death. The market growth has been instrumental in consumer inclination towards preventive healthcare and robust government initiatives to manage micronutrient deficiencies through food fortification in this region. Asia Pacific is expected to record the fastest growth rate during the forecast period 2020-2025.
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Global Food Premix Market Drivers
Rapid Growth Of Fortified Food Products
Introduction of advanced premix products for the food processing companies engaged in the manufacture of modified mixtures of minerals and vitamin premixes used in a wide range of applications such as dietary supplements, clinical nutrition and infant nutrition products. Fortified foods are mainly used for nutrient loss balance and nutritional gaps filling. In addition, manufacturers have their own fortified premixes with extra nutrient characteristics drives the growth of the market.
Global Food Premix Market Challenges
Lack Of Awareness To Restrict Product Penetration In Low-Income Countries
Despite the highest requirements for nutritional supplements in low- and mid-income countries, a lack of knowledge of the benefits of food premixes is expected to pose a key challenge to market development. Regulatory concerns regarding usage of Global Food Premix and growing stringent government policy and regulation is restraining growth of the market. Lack of sufficient storage facilities, vulnerability to leaching and transportation with inaccurate labeling of food products is hindering the market’s growth.
Global Food Premix Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in the Global Food Premix Industry. Global Food Premix top 10 companies include BASF SE, Glanbia plc, Koninklijke DSM N.V., Archer Watson Inc., Prinova Group LLC, Daniels Midland Company, Jubilant Life Sciences, Fenchem Biotek Ltd., Barentz International B.V. and SternVitamin GmbH & Co. KG.
Acquisitions/Product Launches
In March 2020, The Ziegler Group, a leading European supplier of natural citrus flavour ingredients, was acquired by Daniels Midland Company. It will accelerate growth opportunities while creating benefits for the customers.
In October 2020, Barentz International B.V. acquired Maroon Group, a North American specialty distributor. This acquisition provided opportunity to leverage the industry-leading capabilities and R&D expertise to accelerate innovation and address emerging consumer needs.
Key Takeaways
Growing demand in different regions for fortified custom premixes has fuelled the demand over the forecast years 2020-2025.
The growing tendency of parents to nutritionally fortify infant formula and baby food products is likely to be the major driving factor for the market’s growth.
Asia-Pacific region is projected to record the fastest growth rate during the forecast period 2020-2025.
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