The "Global Vitamin and Mineral Premixes Market" is predicted to reach a high CAGR during the forecast period (2022-2029).
Vitamin and mineral premixes are intended to provide essential nutritional needs which contain a mix of vitamins, trace elements, minerals, and other nutritional additives. The demand for fortified food and beverages is increasing from the middle-class working population because of the growing health consciousness. This has encouraged manufacturers to increasingly use vitamin and mineral premixes to make healthy and fortified products that are low in calories and cholesterol. Increasing demand for fortified & functional food products, growing need for food enrichment due to high processing levels of food products, and growth in compound feed consumption have led to an increased demand for vitamin & mineral premixes.
Source: DataM Intelligence Analysis (2021)
Rising demand from poultry farming as a feed additive
Balance of minerals and vitamins in poultry intakes is frequently grown to optimize diet compositions and satisfy the needs of modern poultry production. While vitamin and mineral nutrition plays a small part incomplete nutrition, they are vital in poultry well-being and support essential body functions such as fertility, performance, growth and immunity. The continual increase in production and performance levels, husbandry challenges, environmental requirements, feedstuffs, and animal welfare means that vitamin and mineral nutrition is adequate and needs a regular and accurate assessment in all animal production systems. Vitamins are active, organic compounds crucial for body functions and significantly impact only small amounts in the feed to maintain physiological functions. Poultry premixes may give more than nutrition through the inclusion of feed premixes. Feed premixes are added on top of a finished feed diet or provided within the mineral feed or premix. In modern poultry husbandry, difficulties usually occur; by feeding vitamin and mineral premixes, farmers can protect, support and rehabilitate their poultry flocks. The use of vitamin in cattle feed ensures normal growth, reproduction. Vitamin also promotes the normal functioning of the neurological system. Rising demand for meat and dairy products which also acts as a source of vitamins and minerals is increasing the demand for global cattle feed. The growth in the global cattle feed market size that was evaluated to be $17 - $19 billion in 2019 is one of the drivers for increase in vitamin and mineral premixes market.
Globally, there are around 150 million small-scale dairy households and tracing the demand for dairy products, and the figure is sure to escalate creating humongous demand for premixes. Apart from applications in feed for better productivity, finished dairy products also utilize vitamins and mineral premixes to the enhanced nutrient quotient of end-user products. Increasing demand for dairy products is driven by the growing population, higher income levels, and rising health consciousness which in turn drive the market for vitamin and mineral premixes.
However, the lack of widespread awareness related to the benefits of vitamin and mineral premixes in the food and supplement industry even with the rising awareness for premixes poses a challenge for the market. The awareness is growing mostly in the developed countries, while in the rural areas of the developing countries where there is highest requirement of nutritional supplements are unaware of the benefits and availability of vitamin and mineral premixes.
Strengthening of the immune system to boost vitamin premix demand
Vitamins premixes are the most significant in the global vitamin and mineral premix market, accounting for XX% of the total market value. Vitamins are added to feed for providing proper nutrition to animals. Vitamin premix is a widely used premix type and accounts for the most prominent global vitamin and mineral premix market. Major vitamin premix added to the feed to improve and maintain human and animal health is vitamin A, D, E, K, nicotinic acid, calcium pantothenate, folic acid and biotin. Global demand for vitamin premixes is expected to show a healthy growth rate, majorly due to the aim of the livestock farmers and meat industry to produce high-quality meat and boost productivity. Vitamin E is an essential micronutrient needed for optimal immune function and prevents muscular weakness in humans and animals. Other major vitamins consumed as feed additives include vitamin B and vitamin C. The vitamins are in different mixtures and formulated with other additives such as minerals, probiotics and enzymes. Vitamins are mainly practiced in minuscule quantities and also act as antioxidants and preservatives for feed.
Asia Pacific is expected to grow with the highest CAGR in the global vitamin & mineral premixes market during the forecast period
Asia-Pacific is expected to dominate the market for vitamin and mineral premixes and is expected to be the fastest-growing regional market during the forecast period. Vitamin and mineral premixes are broadly used in the animal feed industry, which is a significant factor pushing the market's growth in Asia-Pacific. China is the largest market for animal feed globally, which is expected to grow the regional vitamin and mineral premixes market. Further, increasing health awareness amongst populations is expected to grow in Asia-Pacific during the forecast period.
Growing demand for healthy foods and beverages is increased, owing to the low level of exposure to primary nutrients caused by the high consumption of prepared & convenience foods, with reason being consumers' busy lifestyles. Asia Pacific market is expected to register highest CAGR in terms of revenue over the forecast period 2021-2028, owing to the changing lifestyles of customers, growing population in countries such as India and Japan, and rising income level
Source: DataM Intelligence Analysis (2021)
The global vitamin & mineral premixes market is fragmented. Some of the key players contributing to the market's growth include DSM, Glanbia plc, Vitablend, SternVitamin GmbH & Co, Watson Inc., Wright Enrichment Inc., Zagro, Trouw Nutrition, Burkmann Industries, Inc., Bar - Magen LTD companies, among others. The significant players embrace various growth strategies such as acquisitions, product launches, collaborations and contributing to the growth of the vitamin and mineral premixes market globally. In February 2020, DSM has acquired a Denmark based Biotechnology company named Glycom for about $ 836 Million. The motive of this acquisitions was to add Human Milk Oligosaccharides (HMO) to its portfolio of nutritional lipids, vitamins and nutrient premixes for early life nutrition industry. In February 2019, Glanbia a custom nutrition premix industry has agreed to acquire Watson Inc for $ 89 Million to provide a highly complementary addition to Nutritional Solutions Business and will help broaden capabilities in the ingredients sector.
Positive impact on the vitamin & mineral premixes market
Demand for vitamin and mineral premixes increased during the pandemic. Corona virus directly attack the immune system of people, by which people have started taking care of their diet and vitamin intake. Not all food and beverage products fulfil the requirement of vitamins and minerals, owing to which the demand of vitamin and minerals premixes has increased. In post Covid-19 pandemic scenario, the demand of vitamin and minerals premixes is expected to further increase as it helps in improving the immune system.
*The global vitamin and mineral premixes market report would provide an access to approximately 45 market data tables, 40 figures and 180 pages
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