Global Vitamin and Mineral Premixes Market Size Expanding at Steady CAGR to Touch USD 11.8 Billion by 2029

Published | 19 May 2023

Global vitamin and mineral premixes market is flourishing because of growing demand for functional and fortified food items and beverages, increasing prevalence of malnutrition and micronutrient deficiencies in developing countries, and expansion of the food and beverages industry in emerging markets.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global vitamin and mineral premixes market size at USD 7.5 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global vitamin and mineral premixes market size to grow at a significant CAGR of 6.6% reaching a value of USD 11.77 billion by 2029. Major growth factors of global vitamin and mineral premixes market include an increasing focus on healthy eating and the growing popularity of functional foods and beverages. The rising demand for fortified foods and beverages among the aging population is further driving the growth of the market. Also, there is an increasing need for compound animal feed, growing demand for the enrichment or fortification of various products, including food and beverages, animal feed, healthcare, and personal care products with vitamins and minerals and rising acceptance of dietary supplements are expected to boost the expansion of global vitamin and mineral premixes market during the forecast period. However, stringent regulatory frameworks and labeling requirements for vitamin and mineral premixes and excessive costs associated with research and development, as well as sourcing high-quality ingredients are anticipated to restrain the growth of the market.

Global Vitamin and Mineral Premixes Market – Overview

The use of vitamin and mineral premixes has become increasingly popular in a variety of industries, such as personal care, food and beverages, animal food, healthcare, and cosmetics. These premixes are utilized to enhance the nutritional value of food, feed additives, health supplements, and medical products. In the pet food industry, vitamin and mineral premixes are essential ingredients for improving nutritional content and meeting the nutritional requirements of animals. With the outbreak of the pandemic, consumers worldwide have become more health conscious and are increasingly taking nutritional supplements. This trend is expected to continue, driving demand for vitamin and mineral premixes. Advancements in technology have made it easier to formulate and manufacture the premixes, resulting in a variety of innovative products that cater to the changing nutritional needs of both consumers and animals. However, the production of high quality vitamin and mineral premixes requires modern techniques and high quality ingredients, leading to high production costs that may limit their use among small and medium-sized businesses. Despite this, the increasing demand for these premixes is expected to result in further innovations in the industry.

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Impact of COVID-19 on Global Vitamin and Mineral Premixes Market

COVID-19 had a detrimental impact on the global economy, affecting industries such as animal feed, nutrition and health supplements, and food and beverages. The lockdowns and restrictions on movement caused disruptions in logistics and transportation, leading to a slowdown in the sales of vitamin and mineral premixes in the first quarter of 2020. The animal feed industry also faced supply shortages due to restrictions on transportation and concerns over reduced feed supplies, resulting in bulk storage of feed by livestock farms. Despite these challenges, the increased demand for animal feed in 2020 led to an increase in demand for vitamin and mineral premixes. However, supply shortages created barriers to the market's growth. Meanwhile, the food and beverages industry globally continued to feel the impact of the pandemic due to social distancing, self-isolation, and nationwide lockdowns, leading to closures of many establishments. These factors, along with reduced consumption and supply chain disruptions, resulted in a slight decline in the market demand for vitamin and mineral premixes. Nonetheless, online sales played a critical role in sustaining the current market demand.

Global Vitamin and Mineral Premixes Market – By Type

By type, the global vitamin and mineral premixes market is divided into Vitamin Premixes, Mineral Premixes, Vitamin & Mineral Premixes, Amino Acid Premixes, and Nutraceutical Premixes segments. The vitamin and mineral premixes type segment holds the highest share in the global vitamin and mineral premixes market, as premixes are custom blends of a wide range of vitamins, minerals, or combinations thereof, used to enrich or fortify food and beverages, animal feed, personal care, and healthcare products. This customized nature and specificity to individual customer needs have resulted in an increased demand for vitamin and mineral premixes, particularly in the food and beverages industry. The growing consumer awareness about the importance of proper nutrition in maintaining good health and the increasing prevalence of malnutrition and micronutrient deficiencies in developing countries are driving the demand for fortified food and beverage products, which in turn is fueling the growth of the vitamin and mineral premixes market.

Competitive Landscape

Major players operating in global vitamin and mineral premixes market include DSM Nutritional Products, Glanbia plc, Corbion N.V., Archer Daniels Midland Company, SternVitamin GmbH & Co. KG, Watson Inc., Vitablend Netherlands B.V., B&H Biotechnology Co., Ltd., Jubilant Life Sciences Limited, Hexagon Nutrition Pvt. Ltd., The Wright Group, Farbest-Tallman Foods Corporation, Prinova Group LLC, Nutreco N.V., and Preblend Ingredients Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Vitamin and Mineral Premixes Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Vitamin and Mineral Premixes Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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