By Type – Segment Analysis
Based on the types, the Vitamin & Mineral Premixes Market is segmented into Vitamins, Minerals and the combination of both Vitamins and Minerals. In 2019, Vitamins & Mineral combinations type held the largest share in terms of both value and volume for the global Vitamin & Mineral Premixes Market and is estimated to dominate the forecast period in 2020-2025. The large market share of vitamin & mineral combinations in various food & feed applications is attributed to these products for being a cost-effective solution to customers and supplying multiple nutrients to humans and animals.
By Application – Segment Analysis
Based on the applications, Vitamin & Mineral Premixes Market is segmented into Food and Beverages, Feed industry, Health care, and Personal Care. Feed premixes segment lead the application segment and tend to grow during the forecast period 2020-2025 with CAGR of 4.4%. Feed premixes Segment includes major applications in Animal feed such as poultry, goat feed, Ruminants, Aquatic Animals, Equine and Pets. Humongous demand for animal-based food products is pushing the output of the animal farming sector, eventually nominating the application of vitamin and mineral premixes.
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By Geography – Segment Analysis
Based on the geography the Vitamin & Mineral Premixes Market is covered globally viz North America, South America, Europe, Asia Pacific (APAC) and Rest of World (ROW). Market in North America accounts for major share of 40% in terms of revenue in 2019 and is projected to maintain its position over the forecast period 2020-2025. The demand for healthy foods and functional foods & beverages has increased, owing to the low level of exposure to essential nutrients caused by the high consumption of processed & convenience foods with reason being consumers’ busy lifestyles. Asia Pacific market is estimated to register highest CAGR in terms of revenue over the forecast period 2020-2025, owing to the changing lifestyles of customers, a growing population in countries such as China, India, and Japan, and rising disposable income level, are some major contributing factors of increasing demand for vitamin and mineral premixes in the Asia Pacific region.
Market Drivers – Vitamin & Mineral Premixes Market
- Increasing demand for Dairy Products
Globally, there are around 150 million small-scale dairy households and tracing the demand for dairy products, and the figure is sure to escalate creating humongous demand for premixes. Apart from applications in feed for better productivity, finished dairy products also utilize vitamins and mineral premixes to the enhanced nutrient quotient of end-user products. Increasing demand for dairy products is driven by the growing population, higher income levels, and rising health consciousness which in turn drive the Market for Vitamin and Mineral Premixes.
- Growth in Global Cattle Feed Market
The use of Vitamin in cattle feed ensures normal growth, reproduction. Vitamin also promotes the normal functioning of the neurological system. Rising demand for meat and dairy products which also acts as a source of Vitamins and Minerals is increasing the demand for global cattle feed. The growth in the global cattle feed market size that was evaluated to be $17 – $19 billion in 2019 is one of the drivers for increase in Vitamin and Mineral Premixes Market.
- Challenges – Vitamin & Mineral Premixes Market
The lack of widespread awareness related to the benefits of vitamin and mineral premixes in the food and supplement industry even with the rising awareness for premixes poses a challenge for the market. The awareness is growing mostly in the developed countries, while in the rural areas of the developing countries where there is highest requirement of nutritional supplements are unaware of the benefits and availability of vitamin and mineral premixes.
- Vitamin & Mineral Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Vitamin & Mineral Premixes Market. In 2019, Vitamin & Mineral Premixes Market share is consolidated by the top ten players present in the market. Vitamin & Mineral Premixes Market Top 10 companies include Koninklijke DSM NV, Corbion NV, Glanbia PLC, Wright Enrichment Inc., Vitablend Nederland BV, Nutreco NV, SternVitamin GmbH & Co. KG, Watson Inc., Chemische Fabrik Budenheim KG, and Farbest Brands among others.
- In February 2020, DSM has acquired a Denmark based Biotechnology company named Glycom for about $ 836 Million. The motive of this acquisitions was to add Human Milk Oligosaccharides (HMO) to its portfolio of nutritional lipids, vitamins and nutrient premixes for early life nutrition industry.
- In February 2019, Glanbia a custom nutrition premix industry has agreed to acquired Watson Inc for $ 89 Million to provide a highly complementary addition to Nutritional Solutions Business and will help broaden capabilities in the ingredients sector.