(I-BusinessNews.Com, April 23, 2021 ) The report “Vitamin & Mineral Premixes Market by Type (Vitamins, Minerals, Vitamin & Mineral Combinations), Application (Food & Beverages, Feed, Healthcare, and Personal Care), Form (Powder and Liquid), and Region – Global Forecast to 2022″, The market for vitamin & mineral premixes, in terms of value, is estimated at USD 6.93 Billion in 2017 and is projected to reach USD 8.93 Billion by 2022, at a CAGR of 5.2%.
The increasing demand for fortified & functional food products, growing need for food enrichment due to high processing levels of food products, and growth in compound feed consumption have led to an increased demand for vitamin & mineral premixes. Also, with the growing level of consumer understanding of nutrition intake and health issues due to deficiencies, consumers are now focusing on comparing different brands by reading through product labels for information on the nutritional content. Such consumers’ inclination provides an opportunity for the growth of the vitamin & mineral premixes market.
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On the basis of type, the vitamin & mineral combinations segment dominated the global market in 2016, globally, followed by vitamin premixes. The food and feed manufacturers’ inclination toward premixes which are inclusive of all the essential vitamins and minerals, as opposed to opting for various vitamin & mineral premix products, drive the market for vitamin & mineral combinations. The segment is also projected to be the fastest-growing during the forecast period.
The feed segment is estimated to dominate the vitamin & mineral premixes market on the basis of application through the forecast period. Nutritional benefits provided by vitamin and mineral premixes for the maintenance of animal well-being and increase in consumer awareness regarding required pet nutrition globally has resulted in the significant market share of feed applications in the market.
On the basis of form, the powder segment accounted for the largest share of this market in 2016. Convenience in the packaging of powdered premixes and their comparatively stable nature to liquid form are some of the main factors responsible for the growth of the powder segment in the market.
The Asia Pacific region dominated the vitamin & mineral premixes market and is projected to grow at a significant rate from 2017 to 2022, in terms of both value and volume. China is projected to be the fastest-growing market in the region. China is one of the largest producers and consumers of feed in the world, thus increasing the demand for different fortified feed additives and ingredients, which, in turn, drives the market.
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The vitamin & mineral premixes market is highly fragmented, with leading companies accounting for only 15%–20% of the market growth. The report provides qualitative analysis of the prominent market players and their preferred development strategies. Key players such DSM (Netherlands), Corbion (Netherlands), Glanbia (Ireland), Vitablend Nederland (Netherlands), Watson (US), SternVitamin (Germany), The Wright Group (US), Zagro Asia (Singapore), Nutreco (Netherlands), Farbest-Tallman Foods Corporation (US), Burkmann Industries (US), and Bar-Magen (Israel) have been profiled in the report.
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