Vitamin and mineral premixes are additives used to enhance the nutritional content of foods. The use of these blends in pharmaceuticals, health supplements, feed additives, and food products can create a high demand among consumers. The global vitamin and mineral premixes market is projected to showcase a strong CAGR from 2018 to 2023 (forecast period), as per the latest report by Market Research Future (MRFR).
The global vitamin and mineral premixes market is likely to enjoy a stable growth till 2023 due to the trend of fortified foods. Need for dietary supplements by consumers and animals are likely to bolster market demand. Growing awareness among consumers and rising wave of health consciousness are factors which can spur the market growth.
Acquisitions are a common trend witnessed in the global market as major companies are looking to extend their product portfolio. In 2014, Glanbia acquired Isopure in 2014 to increase its offerings in sports nutrition, dairy ingredients, specialty non-dairy ingredients, and vitamin and mineral premixes.
Animal nutrition has a wide scope for expansion due to need for protein. Companies are investing in research and development to improve the nutritional content of feeds to improve the meat quality. Rebranding of products to attract farmers is likely to result in high earnings. This is exemplified by the strategy adopted by Neovia to rebrand its entire animal feed line to expand into unknown territories of Africa and Asia which can widen its global footprint.
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Prominent names include Chemische Fabrik Budenheim KG, Glanbia PLC, Nutreco NV, Vitablend Nederland BV, SternVitamin GmbH & Co. KG, Koninklijke DSM NV, Watson Inc., Farbest Brands, Wright Enrichment Inc., Corbion NV, and others. Investments, partnerships, agreements, and collaborations are strategies used by these players to gain a permanent foothold in the market.
The global vitamin and mineral premixes market is segmented by type, form, and application.
By type, it is segmented into mineral, vitamin, and vitamin & mineral blends. The vitamin & mineral blends segment is touted to dominate till 2023 due to heavy demand for these blends among consumers and animal lovers. Differentiation in prices and nutritional content can drive the sales in the segment.
By form, it is segmented into powder and liquid. The powder segment can enjoy a steady growth till 2023 due to convenience of packaging enjoyed by manufacturers. In addition their steady nature as compared to liquid form is expected to bring in a huge windfall.
By application, it is segmented into healthcare, personal products, animal feed, and food & beverage. The healthcare segment is expected to be the biggest application of the vitamin and mineral premixes market due to the need for supplements by patients to amp up their immunity systems and animals for protection against chronic diseases. Animal feed, on the flip side, can enjoy a impressive growth due to nutritional benefits of these supplements. Awareness regarding pet nutrition and farm animal nutrition can be substantial for the segment’s growth till 2023.
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Geographically, the global vitamin and mineral premixes market is segmented into Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW).
The North America region can be lucrative for the vitamin and mineral premixes market due to high consumption rate of fortified foods in the U.S. and Canada. On the other hand, the APAC region can net in significant revenues due to launch of new products for animals. Dependence on agriculture and high demand for quality meat is expected to drive the sales of mineral and vitamin blends. China is one of the biggest revenue generators in the region due to being a mass producer of these foods and catering to a large demographic.
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