CHICAGO, Jan. 17, 2023 /PRNewswire/ -- The Vitamin & Mineral Premixes Market is estimated to be valued at USD 7.2 billion in 2022. It is projected to reach USD 9.8 billion by 2027, at a CAGR of 6.4%, in terms of value, between 2022 and 2027 according to a new report by MarketsandMarkets. With the growing demand for nutritious pet food packed with all the micro-nutrients, the demand for vitamin & mineral premixes is witnessing significant growth. Furthermore, it has also been seen that the ownership of pets across the globe is significantly increasing, which is promoting the demand for healthy and nutritional pets, which, in turn, is fueling the demand for vitamin & mineral premixes across the globe.
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Vitamins segment to account for largest market share in vitamin & mineral premixes market
The vitamins segment accounts for a significant market share in the vitamin & mineral premixes market. Awareness, wide acceptance, and easy availability of different types of vitamins have accelerated the growth of the vitamin premixes market. The most commonly available and preferred vitamin premix blends include vitamins A, C, and E. They have a wide range of applications in the food industry. Also, multivitamin premixes support the growth of the vitamins segment, as consumers prefer a single source for multiple essential nutrients, as against too many individual sources.
Liquid segment projected to grow at a higher CAGR during the forecasted period
Liquid vitamin & mineral premixes are widely used in beverages, healthcare products, and personal care products. These premixes, in water-miscible form, include vitamin A, vitamin AD2, and vitamin AD3. They are used to fortify food products, such as skimmed liquid milk, diet dairy products with low fat content, flavored milk, ice creams, juices, custards, jams, and soft drinks. Oil-soluble liquid premixes are usually preferred for vitamins A, D3, E, and K1.
Feed segment is expected to account for largest market share in vitamin & mineral premixes market
Based on application, the feed segment is likely to dominate the market during the forecast period. Animal feed manufacturers are inclined to attain more animal output because various nutritious ingredients are used in animal feed, including vitamin & mineral premixes. An increase in consumer awareness regarding required pet nutrition has led to the demand for specialty nutrition and condition-specific pet health formulas, such as vitamin & minerals premixes for feed applications. Vitamin & mineral premixes help regulate the biological process of growth and reproduction in the animal body and help in bodybuilding.
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North America expected to be largest market for vitamin & mineral premixes market during forecast period
Based on region, North America is expected to be the largest market for vitamin & mineral premixes during the forecast period. The North American market is largely driven by the increase in demand for healthy foods and functional foods & beverages, owing to the low level of exposure to essential nutrients caused by high consumption of processed & convenience foods due to their busy lifestyles. The rise in the incidences of obesity, heart diseases, and other health issues has led to the demand for high-nutrition dietary products. Vitamin & mineral premixes have been finding their way into new product applications, such as cereal-based products, dairy products, nutritional foods, beverages, infant formulas, and dietary supplements.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as DSM (Netherlands), Corbion (Netherlands), Glanbia plc (Ireland), Vitablend Nederland BV (Netherlands), SternVitamin GmbH & Co. KG (Germany), Wright Enrichment Inc. (US), Zagro (Singapore), Nutreco (Netherlands), Farbest-Tallman Foods Corporation (US), Burkmann Industries, Inc. (US), Bar - Magen LTD (Israel), BASF SE (Germany), ADM (US), Innov Ad NV/SA (Belgium), Jubilant Ingrevia Limited (India), and IDENA (France).
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