Vitamin & Mineral Premixes Market Projected to Record a CAGR of 4.8% through 2026
Transparency Market Research (TMR) states that the global vitamin & mineral premixes market is expected to record a steady CAGR during the forecast period. Vitamin & mineral premixes worth more than US$ 1,000 Mn is expected to be sold by the end of 2026. Shift in preferences of health-conscious customers towards nutrition-dense food products has led to a surge in demand for vitamin and mineral premixes globally. While the outlook on vitamin and mineral premixes looks positive, growing concerns regarding side-effects such as allergic reactions can stymie market growth over the forecast period.
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Demand for Vitamin & Mineral Premixes to Remain Concentrated in Food Industry
Bound to fast-paced lifestyle, consumers end up spending on food products that contain high level of calories. Due to increasing consumption of high cholesterol food products, consumers are prone to various diseases such as cardiac issues, diabetes, and obesity. Banking on the growing health requirements of individuals, leading manufacturers are focusing on developing innovative and healthy snacks. To supplement the health requirements of the customers, manufacturers are utilizing an appropriate amount of vitamin and mineral premixes in the food products.
Demand for the vitamin and mineral premixes is also likely to remain high in the animal feed industry. With the increasing adoption of pets among individuals, demand for animal feed products such as composite feed will continue to remain high globally. Surge in production of composite feed for pets, farm animals, and marine animals has led manufacturers to utilize nutritional premixes as an important ingredient. On the account of these factors, growth of the global market is likely to remain positive.
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Pharmaceutical Industry to Underscore Lucrative Growth Opportunities
Besides food industry, leading manufacturers in the pharmaceutical industry are increasingly utilizing vitamin and mineral premixes. Pharmaceutical manufacturers are increasingly utilizing vitamin and mineral premixes in a range of medications. As vitamin and mineral premixes help in repairing cellular damages, heal wounds, and boost immune system, pharmaceutical manufacturers are utilizing these nutritional premixes in production of medications for organ transplant, heart diseases, birth control pills, and depression.
Also, increasing production of veterinary drugs in the pharmaceutical industry has fuelled demand for nutritional premixes. Veterinary medicines manufacturers are utilizing vitamin and mineral premixes for developing products such as CRD treatment medicines, disinfectants, anti-biotic feed supplements and liver tonic. Also, demand for vitamin and mineral premixes is likely to increase in the production of performance microbials to improve the efficiency of livestock.
Strategic Acquisition and Partnerships to Remain Major Strategies Among Key Players
Major market players are focusing on investing in market strategies such as product launches, collaborations, and strategic acquisitions. Leading firms such as Cargill has recently announced acquisition of Integral Animal Nutrition, which is a feed additive company. In addition, major chemical companies such as BASF SE has partnered with Vital Therapeutics Pvt. Ltd. to develop a new product for feed industry. Other key companies operating in the global vitamin & mineral premixes market include Archer Daniels Mildland Company, Koninklijke DSM N.V., Glanbia Plc, Jubilant Life Sciences, and Hexagon Nutrition Pvt. Ltd.
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