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Vitamin And Mineral Premixes Market Size, Share And Outlook To 2024-2033
Vitamin And Mineral Premixes Market Size
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According to The Business Research Company's, The vitamin and mineral premixes market size has grown strongly in recent years. It will grow from $8.36 billion in 2023 to $8.92 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to nutritional deficiency awareness, rise in functional foods, global population growth, expansion of the food and beverage industry, government initiatives for fortification.
The vitamin and mineral premixes market size is expected to see strong growth in the next few years. It will grow to $11.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to rising demand for personalized nutrition, elderly population growth, expansion of the nutraceutical industry, increased fortification of plant-based products, focus on immune health. Major trends in the forecast period include advancements in food processing technologies, clean label and natural ingredients, innovation in delivery formats, collaborations and partnerships, technology integration in manufacturing, focus on mental health ingredients .
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Market Drivers and Trends:
Increasing health awareness will propel the growth of the vitamin and mineral premixes market going forward. Health awareness refers to an individual's knowledge, understanding, and consciousness regarding health-related topics, issues, and practices. Vitamin and mineral premixes are used to provide highly personalized products efficiently and cost-effectively. Vitamin premixes can contribute to raising health awareness by addressing nutrient gaps and providing targeted nutrient support. For instance, in August 2022, according to the DSM, a Netherlands-based multinational corporation, globally 60% of consumers claimed that the pandemic had increased their awareness of the importance of maintaining a healthy lifestyle to prevent health issues. Consumers continued to express interest in making significant dietary changes, with 73% of respondents in both surveys stating they intend to eat and drink more healthfully, even though COVID-19 concerns decreased from 76% in April 2020 to 44% in April 2022. Therefore, increasing health awareness is driving the growth of the vitamin and mineral premixes market.
Product innovation is a key trend gaining popularity in the vitamin and mineral premixes market. Companies operating in the vitamin and mineral premixes market are working on new product innovations to sustain their position in the market. For instance, in March 2022, SternVitamin, a Germany-based developer of vitamin and mineral premixes introduced the SternFocus micronutrient premix. It is uniquely designed to support mental and cognitive performance with the help of selected micronutrients, including L-tyrosine and Bacopa monnieri. It helps to strengthen stress resistance and support the nervous system with the help of B vitamins and the adaptogen Rhodiola rosea.
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Major Key Players of the Market:
Cargill Incorporated, The Archer-Daniels-Midland Company, BASF SE, Koninklijke DSM NV, Glanbia plc, Alltech Inc, Nutreco NV, Barentz International BV, Corbion NV, Kemin Industries Inc., Innovd SA, Hexagon Nutrition Limited, Jubilant Ingrevia Limited, Wright Enrichment Inc., NutraBlend Foods LLC, Pharmline Inc, Burkmann Industries Inc., Promois International, Pristine Organics Private Limited, Bar - Magen Ltd., Nutrilo GmbH, Idena, Simfa Labs Private Limited, Vitablend Nederland BV, SternVitamin GmbH & Co KG, Prinova Group LLC, Zagro Asia Ltd., Farbest-Tallman Foods Corporation, Nutrasun Lifecare, Preconex N.V.
Vitamin And Mineral Premixes Market 2024 Key Insights:
• The vitamin and mineral premixes market size is expected to see strong growth in the next few years. It will grow to $11.7 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Increasing Health Awareness Propels Growth Of The Vitamin And Mineral Premixes Market
• Product Innovation Drives Growth In The Vitamin And Mineral Premixes Market
• North America was the largest region in the vitamin and mineral premixes market in 2023
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