The global vitamin and mineral premixes market is expected to post a CAGR close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the increasing use of vitamin and mineral premixes in different sectors. The use of vitamin and mineral premixes in many sectors such as animal feed, healthcare, personal care, and food and beverages is the major driver for the market. Due to growing health-consciousness and expanding the middle-class working population, the demand for fortified food and beverages has increased. This is because consumers seek healthy and convenient vitamin and mineral premixes-based fortified products, which are low in calories and cholesterol. To capitalize on this demand, manufacturers use vitamin and mineral premixes in the fortification of confectionery products, snacks, fruit drinks, energy drinks, sports nutrition drinks, infant nutrition, dairy products, and others.
As per Technavio, the growing demand for compound feed will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global vitamin and mineral premixes market 2019-2023 research report also analyze other important trends and market drivers that will affect market growth over 2019-2023.
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Global vitamin and mineral premixes market: Growing demand for compound feed
Compound feed is a blend or a mix of various raw materials. It is produced by combining ingredients of soybean meal, meat and bone meal, grains, poultry meal, corn, and rice, and is often fortified with premixes. This helps to enhance its nutritional benefits. With the increasing consumption of compound feed, the use of vitamin and mineral premixes to fortify compound feed has also risen. Many vendors have been offering compound feed products enriched with vitamin and mineral premixes for customers. The consumption and demand for compound feed are increasing in many countries, which is an encouraging sign for the vendors operating in the global vitamin and mineral premixes market.
Consumer preferences have shifted over the years from the use of available premixes to formulated and customized premixes. Many vendors offer customized premix solutions where the parties, manufacturers, and customers engage in formulating the optimal blend. Customized premixes are widely used in powdered form and are used in a variety of food applications such as health drink powders, soup mixes, dessert mixes, and low-fat milk powders, says a senior analyst at Technavio.
Global vitamin and mineral premixes market: Segmentation analysis
This market research report segments the global vitamin and mineral premixes market by end-user (animal and human) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share close to 44%, followed by APAC and EMEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth, followed by the EMEA region.
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Five Forces Analysis
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- Vendors covered
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- Market positioning of vendors
- Competitive scenario
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