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FOUR trends are driving the current vitamin and mineral premixes market: a strong demand for fortified food and beverage, the rise in consumption of compound feed, the growing need for food enrichment due to high processing levels of food products, and customized nature and specificity to individual customer requirements. All these are contributing to a CAGR of 5.2 from USD6.93 billion in 2017 to USD8.93 billion by 2022, says Research and Markets.
In 2016, the vitamin & mineral combinations segment led the global market, followed by vitamin premixes. Manufacturers of food and feed are preferring premixes (with all the essential vitamins and minerals), over various vitamin & mineral premix products.
The Asia Pacific region dominated the vitamin & mineral premixes market in 2016 and will grow at a significant rate during the forecast period, in terms of both value and volume. China is projected to be the fastest-growing market in the region. China is one of the largest producers and consumers of feed in the world, thus increasing the demand for different fortified feed additives and ingredients, which, in turn, drives the vitamin & mineral premixes market.
The US and Canada consumed the most fortified food products in 2016, accounting for the largest share in the vitamin & mineral combination premixes market in 2016.
From 2017 to 2022, the feed segment will lead the vitamin & mineral premixes market on the basis of application. The growth is sustained by the need for maintaining animal well-being as well as growing consumer awareness of required pet nutrition.
On the basis of form, the powder segment accounted for the largest share of this market in 2016. Convenience in the packaging of powdered premixes and their comparatively stable nature to liquid form are some of the main factors responsible for the growth of the powder segment in the vitamin & mineral premixes market.
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