NEWARK, Del, Feb. 21, 2024 (GLOBE NEWSWIRE) -- The global food premix market value in 2019 was US$ 38.5 billion and it increased to US$ 45.76 billion in 2023. The global market for food premix witnessed a year-on-year growth rate of 5.1% per year between 2019 and 2023.
As per the new market estimates report, the global demand for food premixes is likely to rise at a rate of 7.4% over the next ten years. By following this higher growth rate, the net revenue generated from the global market is expected to reach US$ 102.7 billion by 2034.
Traditionally, food premixes were in demand to satisfy the needs of consumers seeking easy and quick meal solutions. Contrarily, consumers are currently looking more for food premixes that provide extra nutritional benefits, like vitamins and minerals keeping in line with the growing popularity of health and wellness trends.
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The demand for various micronutrient enrichment premixes has increased in the animal husbandry sector due to the expanding international trade of animal-based food items. So industries worldwide utilizing high-protein ingredients for preparing animal feed are expected to boost the food premix productivity in the coming days.
“Market players in developed economies enjoy a well-established sales channel and are expanding their hold over the global market with the proliferation of online retail channels. Government programs for micronutrient enhancement in emerging countries of Africa and Asia are likely to encourage the emergence of new market players from these regions. ,” says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Food Premix Market Study Report:
- The global market is expected to witness an absolute dollar growth of around US$ 50 billion over the next ten years.
- The United States is the leading consumer of food premixes and the regional market is projected to grow at a rate of 6% per year till 2034.
- In Europe, Germany is currently the leading producer of food premix and its ingredients which is poised to expand further with a 5.1% CAGR through 2034.
- The United Kingdom currently presents the most lucrative opportunity for food premix sellers as it is expected to follow a CAGR of 9.9% from 2024 to 2034.
- Food premix industries in France and Italy are also expected to follow lucrative CAGRs of 8.3% and 6.5% respectively through the projected years,
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Competitive Landscape for the Food Premix Market Participants:
The competition among the food premix manufacturers intensified after the pandemic years as many governments started encouraging industries to provide preventive healthcare solutions. However, the leading market players still control a significant share of the global market owing to wider brand recognition and extensive supply chains.
Top Key Companies Profiled
- Glanbia
- Archer Daniels Midland
- Koninklijke DSM
- B&H Biotechnology
- Jubilant Life Sciences
- Farbest Brands
- Fenchem
- Prinova Group
- Watson Inc.
- Barentz
- Lycored
- SternVitamin
- Hexagon Nutrition
Recent Developments by the Food Premix Industry Players:
In September 2023, Fermenta Biotech Company announced the opening of its new premix manufacturing plant in India. The aims to provide customized premixes for diverse industries, including beverages, health food drinks, bakery, and confectionery, ready-to-use therapeutic food (RUTF), ready-to-use supplemental food (RUSF), nutritional supplements, and staple food fortification.
In May 2023, DSM, a well-known health and nutrition corporation, proposed to develop its next-generation nutritional premix factory in Kansas. Construction on the facility started in July 2023 and is scheduled to be completed by early 2025. High-quality nutritious premixes for making premium pet food products will be supplied to the pet food industry globally from this new site.
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Key Segments Covered by Food Premix Industry Survey Report:
By Product Type:
- Premix Blends or Direct-to-Consumer Solutions
- Drum to Hopper Formulations
By Form Type:
- Powder
- Liquid
By Ingredient Type:
- Vitamins
- Minerals
- Amino Acids
- Nucleotides
- Other Ingredients (botanicals)
By Application Type:
- Food & Beverages
- Early Life Nutrition or Baby Food
- Medical Nutrition
- Sports Nutrition
- Energy Drinks
- Milk and Milk Products
- Fortified Dairy & Beverages
- Bakery and Confectionary Products
- Cereals and Snacks
- Plant Based Alternatives
- Staple Foods (Flour, Salt, and Rice)
- Other Food and Beverage Items
- Pharma OTC Drugs
- Dietary Supplements
- Nutritional Improvement Program
- Other Applications
By Function Type:
- Bone Health
- Immunity
- Digestion
- Vision Health
- Energy
- Weight Management
- Heart Health
- Brain Health & Memory
- Other Functions
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions, and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
Explore FMI’s related ongoing Coverage in the Food and Beverage Market Domain:
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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