Food Premix Market: Global Industry Analysis (2012 - 2016) & Opportunity Assessment (2017 - 2027)
Soaring demand for food fortification coupled with increasing popularity of fortified custom premixes are expected to propel the sales of food premixes worldwide. According to Future Market Insights’ recently published report, the global food premixes market is likely to expand at a CAGR of 5.4% over the forecast period 2017-2027. In terms of revenue, the market is expected to be valued at US$ 2,156.0 Mn by the end of 2027. Adoption of various customised premixes is increasing currently, primarily in developed countries, due to the unique formulation of premixes and growing consumer awareness regarding the benefits of consuming fortified food products.
Customised vitamin and amino acid premixes are mostly used in various applications such as dietary supplements, bakery products, sports nutrition, infant formula, and clinical nutrition. Changing consumer behaviour along with increasing awareness of fortification of foods, especially with regard to vegetable oils, are the key factors driving the demand for fortified foods, globally. Due to possible adverse impact of vitamin A and D deficiency on health, the demand for fortified vegetable oils has been increasing rapidly in developing countries in the recent past.
Nutrient Deficiency Prevalence & Need for Fortification of Baby Food to Drive Market
The increasing demand for food fortification backed by growing demand for fortified custom premixes across various regions across the globe is expected to be the key factor driving market growth in near future. The demand for food fortification has increased significantly in the recent past due to the high rate of micronutrient deficiency disorders among the global population, and the lack of micronutrients in food could lead to severe forms of malnutrition. Foods such as wheat, maize, flour, sugar, and vegetable oils are often fortified with vitamins and minerals to ensure better health, which will be among the primary factors sustaining the market performance in coming years.
Consumption of nutrient premixes by infant nutrition manufacturers is also constantly on the rise, which is another strong driver to market growth. Rising consumer preference for nutritional fortification of infant formula and baby food products will continue to boost the market throughout the forecast period. Infant formulas are mainly blended with iron and vitamin D for babies that are not being breastfed. Moreover, ingredients such as DHA (docosahexaenoic acid) and ARA (arachidonic acid) are also added with iron and vitamins, which generates considerable demand for premixes in the global market.
Market Taxonomy: Overview
On the basis of form, the global food premixes market is segmented into powder and liquid. Powdered premixes are expected to gain higher traction over the forecast period as a result of which, this segment will possibly witness a CAGR of 5.6% over the forecast period. By ingredient type, the market for food premixes is classified as vitamins, minerals, amino acids, nucleotides, and others (botanicals). Vitamins as a premix used in various applications is expected to contribute towards maximum revenue growth in the overall food premix market, achieving a value worth US$ 802.6 Mn by 2027 end. By application type, the market for food premix is segmented into, early life nutrition/ baby food, food & beverages, dietary supplements, pharma OTC drugs, and nutritional improvement programmes. Food & Beverage segment is further sub-segmented into medical nutrition, sports nutrition, fortified dairy & beverages and bakery products. Food & beverage segment is expected to account for maximum revenue in the food premix market over the forecast period. By function type, the market has been segmented into bone health, immunity, digestion, weight management, vision health, heart health, energy, brain health & memory and others. Premixes for weight management are expected to bring in the highest revenues, reaching at around US$ 515.5 Mn by the end of 2027.
Key Regions: Overview
The next section of the report highlights the food premix market, by region, and provides the market outlook for 2017–2027. Main regions assessed in this report include North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding China (APEC), China and the Middle East & Africa (MEA). North America’s market has been estimated to dominate, accounting for maximum revenue share, whereas China is estimated to exhibit a significant CAGR of 7.2% over the forecast period. Collectively, North America, Western Europe & APEC and China are expected to account for more than 78% share of the total revenue of the global food premix market through to 2027.
Key Players: Overview
Some of the key players in the global Food Premix market include, Glanbia plc, Archer Daniels Midland Company, Koninklijke DSM N.V., BASF SE, Jubilant Life Sciences, Fenchem Biotek Ltd., Prinova Group LLC, Watson Inc., Barentz International B.V., LycoRed Limited, SternVitamin GmbH & Co. KG, Farbest Brands and Hexagon Nutrition Pvt. Ltd. In this report, we have discussed individual strategies followed by these companies in terms of enhancing their product portfolio, creating new marketing techniques, product offerings, mergers and acquisitions. The ‘Competitive Landscape’ is included to provide report audiences with a dashboard view and company share.