Redding, California, Nov. 17, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Vitamin and Mineral Premixes Market by Type (Vitamin, Mineral), Form (Liquid), Application (Nutritional & Health Supplements {Clinical Nutrition}, Food & Beverages {Beverages, Dairy Products}, Pharmaceuticals) and Geography - Forecast to 2029’, the vitamin & mineral premixes market is projected to reach $12.13 billion by 2029, at a CAGR of 4.8% from 2022 to 2029.
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Food enrichment or fortification refers to the process of making food more nutritional by adding vitamins and minerals. This comprises several initiatives, where foods must meet not only consumer needs and preferences but also comply with nutritional, regulatory, food safety, and technical constraints. Various types of food fortification have been identified by governments of several countries and international organizations. The Codex Alimentarius of the Food and Agriculture Organization (FAO) and the World Health Organization (WHO) have established general principles for adding vitamins and minerals to foods.
Food fortification is one of the strategies identified by FAO and WHO to reduce malnutrition in underdeveloped countries. Several organizations have come forward to help people living in low & middle-income countries such as India and Nigeria bridge the gap between nutrition and agriculture. North America, Japan, and Western Europe are the markets exhibiting maximum opportunities for fortified milk and milk-producing companies.
Food fortification is also one of the safest and most cost-effective measures to improve the nutritional value of food. It has been applied to improve the nutritional status of target populations in various countries by adding value to simple, affordable staple foods. The demand for fortified foods is exceptionally growing among health-conscious people. In the last decade, consumer demands in food production have changed considerably. Consumers more and more believe that foods contribute directly to their health. Foods are not only intended to satisfy hunger and provide necessary nutrients for humans but also to prevent nutrition-related diseases and improve consumers' physical and mental well-being. Hence, the increasing demand for fortified food is expected to boost the demand for vitamin and mineral premixes.
The Impact of COVID-19 on the Vitamin & Mineral Premixes Market
The COVID-19 pandemic adversely hit many economies. Complete lockdown and movement restrictions impacted many industries, including animal feed, nutrition & health supplements, and food & beverage. Due to disruptions in logistics and transportation, sales of vitamin and mineral premixes slowed in the first quarter of 2020. From raw materials to manufacturing, packaging, and distribution, supply chain interruptions also affected the vitamin & mineral premixes market
Due to the lack of proper guidance for essential commodities, the animal feed industry faced a shortage in supply in 2020. Lockdowns restricted the transportation of livestock, feed, and feed ingredients. Additionally, farmers were concerned about the decreased supply of animal feed, which led livestock farms to store supplies of feed in bulk when normally they only keep enough for one or two days.
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Due to the limited supply, the demand for animal feed increased, benefiting many market players. Furthermore, online sales played a crucial role in maintaining the present market demand. For example, Cargill's (U.S.) global feed sales volume grew by over 10% in March 2020. Thus, the increasing animal feed demand during 2020 increased the demand for vitamin and mineral premixes. However, a shortage of supplies in every region created some barriers in the market.
However, food & beverage companies globally continue to feel the impact of COVID-19. Social distancing, self-isolation, and city-wide lockdowns have forced many establishments to close in several countries. Supermarket chains in the U.K., Australia, and the U.S. have implemented new rules to curb panic buying during the pandemic, and suppliers and factory workers have taken additional measures to ensure consumer safety. Further, food and beverage manufacturers are experiencing significant reductions in consumption and disruptions in supply chains. The food & beverage industry has witnessed a slight downfall due to the lockdowns imposed across various countries. All these factors restricted the market's demand for vitamin and mineral premixes.
Key Findings in the Global Vitamin & Mineral Premixes Market Study
Based on type, the vitamin & mineral blend segment is projected to register the highest CAGR during the forecast period. The fast growth of this segment is mainly attributed to the growing demand for multivitamin and minerals supplements due to their several benefits, including heightened energy levels, improved muscle strength, reduced anxiety levels and stress, and improved brain function. Furthermore, consumer preferences for blends of different functional ingredients and multiple nutritional benefits to humans and animals are expected to spur the demand for vitamin and mineral blends in the market.
Based on form, in 2022, the dry form is expected to account for the largest share of the vitamin & mineral premixes market. The large market share of this segment is attributed to factors such as ease in packing dry premixes, which are relatively stable when compared with liquid premixes. Furthermore, the increasing demand for supplements in the U.S. is expected to boost the demand for the dry form of premixes in the market. However, the liquid form is projected to register the highest CAGR in the global vitamin & mineral premixes market during the forecast period. The growth of this segment is attributed to the increasing application of several final products, including sports drinks and functional beverages, due to their easy absorption as a final product. Additionally, liquid products are easily digestible and can be absorbed by the bloodstream immediately, which is why geriatric populations worldwide prefer them.
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Based on the application, the vitamin & mineral premixes market is segmented into animal feed, nutritional & health supplements, food & beverages, pharmaceuticals, and other applications. The animal feed segment is projected to register the highest CAGR during the forecast period. Demand for vitamin and mineral premixes in the animal feed industry is expected to rise due to their nutritional benefits, such as maintaining animal well-being. Additionally, increased consumer awareness regarding pet nutrition is expected to contribute to the growth of this market.
Based on geography, in 2022, Asia-Pacific is expected to account for the largest share of the vitamin & mineral premixes market. China produces and consumes a large amount of feed, and the growing demand for fortified feed additives and ingredients drives the market. Furthermore, the growing compound animal feed industry, growing economy, increasing demand for fortified food products in emerging and developing countries, including India, Indonesia, and Thailand, and rising investments from major players in the region are expected to boost the demand for vitamin and mineral premixes in the region.
Some of the key players operating in the global vitamin & mineral premixes market are Koninklijke DSM N.V. (Netherlands), Glanbia, Plc (Ireland), Corbion N.V. (Netherlands), Wright Enrichment Inc. (U.S.), Vitablend Nederland B.V. (Netherlands), Nutreco N.V. (Netherlands), SternVitamin GmbH & Co. KG (Germany), Watson Inc. (U.S.), Cargill Incorporated (U.S.), Archer-Daniels-Midland Company (U.S.), and Jubilant Life Sciences Limited (India).
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Scope of the Report:
Vitamin & Mineral Premixes Market, by Type
- Vitamin
- Mineral
- Vitamin & Mineral Blend
Vitamin & Mineral Premixes Market, by Form
- Liquid
- Dry
Vitamin & Mineral Premixes Market, by Application
- Animal Feed
- Poultry Feed
- Ruminant Feed
- Swine Feed
- Aqua Feed
- Other Animal Feed
- Nutritional Supplements
- Dietary Supplements
- Infant Nutrition
- Sport Nutrition
- Clinical Nutrition
- Food & Beverages
- Beverages
- Dairy Products
- Bakery & Confectionery
- Cereals & Snacks
- Other Food & Beverages
- Pharmaceuticals
- Other Applications
Vitamin & Mineral Premixes Market, by Geography
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- Italy
- Spain
- U.K.
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- Australia
- India
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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