The vitamin and mineral premixes market size is estimated to be valued at USD 7.2 billion in 2022. It is projected to reach USD 9.8 billion by 2027, at a CAGR of 6.4%, in terms of value, between 2022 and 2027. Vitamin & mineral premixes have become crucial ingredients in pet food. They are used to enhance pet food's nutritional content and meet its nutritional requirements. In addition, with the advent of the pandemic, consumers across the globe have become more conscious about their health and have started taking several nutritional supplements. These trends are anticipated to boost the demand for vitamin & mineral premixes over the forecast period.
Vitamin & Mineral Premixes Market Drivers: Growth in compound feed consumption
According to the FAO Food Outlook, global meat production was estimated to be 311.8 million tonnes in 2014, with a year-on-year growth of 1.1%, due to increased meat consumption. To meet the increasing demand for meat products and as a control measure to reduce transportation and management costs, farmers opted to utilize complete feeds to prepare animal feeds. The rise in the prices of feed ingredients, such as wheat, corn, and soybean, has increased the operational costs of farm activities for livestock farmers. Also, the increased consumption of compound feeds for farm animals' growth and development has enabled feed premixes' growth. On-farm feeds using vitamin and mineral premixes are prepared by farmers to provide balanced feed to animals. The usage of feed premixes has also been prompted by the widening quality norms for exported livestock products and increasing awareness among consumers of healthy foods.
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By type, vitamin & mineral combination segment expected to achieve fastest growth during forecast period.
The popularity of vitamin & mineral premixes, compared to individually manufactured vitamin premixes and mineral premixes, can be attributed to the increased consumer preference for blends of different functional ingredients to attain optimum health. Also, one of the factors fueling the growth of this market is the occurrences/prevalence of vitamin & mineral deficiencies and anemia in developing countries. Leading manufacturers are tapping this opportunity and addressing malnutrition by introducing vitamin and mineral premixes blends for various applications.
By form, dry form expected to account for largest share during forecast period.
Vitamin & mineral premixes are widely used in the powdered form, as they are more stable than the liquid form. The convenient packaging of powdered premixes reduces complexities in supply chain processes, resulting in the increased popularity of this form. Powdered premixes are used across an extensive range of feed and food applications, such as low-fat milk powders, bakery products, health drink powders, soup mixes, and dessert mixes. Vitamin & mineral premixes are used by pharmaceutical and personal care companies in their powder form to manufacture tablets, capsules, toothpaste, face powders, lipsticks, and creams.
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North America expected to be largest market for vitamin & mineral premixes market during forecast period
Based on region, North America is expected to be the largest market for vitamin & mineral premixes during the forecast period. The North American market is largely driven by the increase in demand for healthy foods and functional foods & beverages, owing to the low level of exposure to essential nutrients caused by high consumption of processed & convenience foods due to their busy lifestyles. The rise in the incidences of obesity, heart diseases, and other health issues has led to the demand for high-nutrition dietary products. Vitamin & mineral premixes have been finding their way into new product applications, such as cereal-based products, dairy products, nutritional foods, beverages, infant formulas, and dietary supplements.
Vitamin & Mineral Premixes Market Share:
Key players in this market include DSM (Netherlands), Corbion (Netherlands), Glanbia plc (Ireland), Vitablend Nederland BV (Netherlands), SternVitamin GmbH & Co. KG (Germany), Wright Enrichment Inc. (US), Zagro (Singapore), Nutreco (Netherlands), Farbest-Tallman Foods Corporation (US), Burkmann Industries, Inc. (US), Bar – Magen LTD (Israel), BASF SE (Germany), ADM (US), Innov Ad NV/SA (Belgium), Jubilant Ingrevia Limited (India), IDENA (France), Spansules Pharmatech Pvt. Ltd. (India), Amesi Group (South Africa), SA Premix (South Africa), YesSinergy (Brazil), Phibro Animal Health Corporation (US), DLG (Denmark), Gk Biochemical Corporation (India), Advanced Animal Nutrition Pty Ltd. (Australia), and Credence Remedies Pvt. Ltd. (India).
