MARKET ANALYSIS
A food premix is a mixture of various nutrients, including vitamins, amino acids, and antibiotics. Both food fortification and supplement products employ it. Micronutrient deficiency in the diet leads to malnutrition and serious health problems. Food premix improves the nutritional content of foods and drinks and gives the body the nourishment it needs. It also aids in weight control. The body's metabolism and calcium absorption are boosted by the vitamin D found in the food premix. The two main reasons propelling the market's expansion are rising consumer demand for convenient food products and rising demand for food premix as medical nutrition. Malnutrition rates are expected to rise, and fortified food product use is expected to fuel global market growth of food premix during the forecast period.
GROWTH DRIVERS AND CHALLENGES
The market for food premix is anticipated to grow as consumer demand for nutrient-rich food products such as fortified milk, soups, snacks, drinks, etc. Moreover, the food premix market is predicted to increase due to consumers' increasing purchasing power and shifting dietary tastes towards healthier options. This factor is projected to grow the food premix market fuels globally.
High food fortification process costs are expected to restrain food premix's market growth. The food fortification process necessitates advanced technologies, but many manufacturers still need the instrumentation. Owing to a smaller number of technologies, manufacturers are outsourcing them, which impacts the cost of production. Hence, the high cost associated with food fortification is estimated to restrain market growth during the forecast period.
REPORT SEGMENTATION AND SCOPE
The "Global Food Premix Market Analysis to 2030" is a specialized and in-depth study focusing on global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation by type, application, and geography. The global food premix market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of food premix worldwide, along with their demand in major regions and countries. In addition, the report provides a qualitative assessment of various factors affecting the food premix market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the food premix market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global food premix market. This helps understand the entire supply chain and various market growth factors.
SEGMENTAL ANALYSIS
The global food premix market is segmented on the basis of type and application. Based on type, the food premix market is segmented into vitamins, minerals, amino acids, and others. The vitamin segment is the largest market share in the food premix market. Malnutrition is majorly found across the region. Less quality dietary food not filling the body's needs and cause malnutrition. Due to widespread malnutrition, minerals and vitamin premixes are surging huge demand for complete dietary food.
Based on application, the food premix market is segmented into food and beverages, pharmaceuticals, and nutraceuticals. In the estimated period, the market for food premixes is anticipated to be dominated by the segment for nutritional and health supplements. The aging population, the health & wellness trend, and the high frequency of diseases contribute to the segment's significant market share. These factors drive the demand for food premixes in pharmaceuticals and nutraceuticals. Moreover, the food & beverages category is anticipated to grow at the greatest CAGR over the projection period because of the functional advantages provided by food premixes and the increasing demand for fortified food and beverage products.
REGIONAL ANALYSIS
The report provides a detailed overview of the global food premix market concerning five major regions: North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America. North America accounted for the largest share of the global market for food premix due to the rising technological innovation in dairy products which increases the production of nutritional-rich dairy products. Additionally, as people's lives become busier, they are more in need of fortified dairy products, which is fueling the market for food premix products.
Owing to large populations in Asia Pacific region, which demand nutritious foods. It is the main reason to grow the food premix market in this region. Increasing consumer demand for nutritious foods drives the demand for fortified milk products. Fortified milk products and functional foods are being produced more frequently in China and India, further boosting the market's expansion.
FUTURE OPPORTUNITIES AND INDUSTRIAL DEVELOPMENTS
Increasing awareness about health and malnutrition is increasing the consumption of food premixes. Fortified food has extra nutritional such as vitamin D, Zinc, folic acid, calcium, and others. These factors are rising strength in bones and promote kids' growth. Thus, health-related benefits and demands for healthy food can create more opportunities for the food premix market in the upcoming timeframe.
- In January 2021, Cargill opened a new premix animal nutrition facility in Lewisburg. The facility produces non-medicated feed and supports Cargill and Provimi branded animal nutrition premixes and products, along with additives, specialty, and custom blends.
- In April 2021, SternVitamin launched micronutrient premixes for immunity. These micronutrients perform many functions that help the immune system, including antioxidative and antimicrobial functions, and they help to neutralize viruses and bacteria. The company aims to address the growing demand for products supporting immune health.
IMPACT OF COVID
The COVID-19 pandemic significantly impacted the market expansion for food premix products. Lockdowns that occur during pandemics cause disruptions in the manufacturing sector. A lockdown prevents the producers from making the products, resulting in a significant loss. Additionally, manufacturers' production capacities decline, which has a detrimental effect on expanding the market for fortified dairy products and food premix. However, after the lockdown, people's lifestyles have become busier. Due to the busier and working population, there are increasing food premix market rapidly throughout the forecast period.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Some of the key players operating in the global food premix market include Bandh Biotechnology Co. Ltd, Chemische Fabrik Budenheim Kg, Corbion, Farbest-Tallman Foods Corporation, Fenchem, Glanbia Plc, Koninklijke Dsm N.V., Nestlé, Prinova Group Llc, Sternvitamin Gmbh & Co. Kg, Wright Enrichment Inc, SANCOR COOPERATIVAS UNIDAS LIMITADA, The Kraft Heinz Company, among others.