The growth of this market is attributed to the growing demand for fortified food & beverage products, the rise in consumption of compound feed, the growing need for food enrichment due to high processing levels of food products, and customized nature & specificity to individual customer requirements.
The vitamin & mineral premixes market is estimated at USD 6.93 billion in 2017 and is projected to reach USD 8.93 billion by 2022, at a CAGR of 5.2% from 2017, in terms of value. The growth of this market is attributed to the growing demand for fortified food & beverage products, the rise in consumption of compound feed, the growing need for food enrichment due to high processing levels of food products, and customized nature & specificity to individual customer requirements.
High costs of fortified and enriched products, strict regulatory policies for feed fortification, and involvement of high costs for R&D activities are some of the restraining factors affecting the growth of this market.
In 2017, the feed segment accounted for the largest share of the vitamin & mineral premixes market, in terms of value. Insufficient nutrition is a major cause of low live-weight gains, infertility, low milk yields, and other health issues in animals.
Premixing ensures the right blend of all micro-ingredients—in the right proportion, purity, form, distribution, and potency—required in the complete animal feed. Increase in consumer awareness regarding required pet nutrition has led to the demand for specialty nutrition and condition-specific pet health formulas such as vitamin & minerals premixes for feed applications.
The vitamin & mineral combinations segment is estimated to dominate and grow at the highest rate in the vitamin & mineral premixes market in 2017. The large market share of vitamin & mineral combinations in various food & feed applications can be attributed to these products being a cost-effective solution to customers and availability of multiple nutrients to humans and animals.
The market for vitamin & mineral combinations segment is estimated to grow at a significant rate due to the prevalence of vitamin and mineral deficiencies, anemia in developing countries and increased consumer preferences for blends of different functional ingredients. Leading manufacturers are tapping this opportunity and addressing the malnutrition by introducing blends of vitamin & mineral premixes for a wide range of applications.
