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Global Vitamin & Mineral Premixes Market Report 2023: Rising Demand for Compound Animal Feed Drives Growth
Global Vitamin & Mineral Premixes Market
Dublin, March 07, 2023 (GLOBE NEWSWIRE) -- The "Global Vitamin & Mineral Premixes Market Size, Share & Industry Trends Analysis Report By Type, By Form, By Application, By Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Vitamin & Mineral Premixes Market size is expected to reach $10.4 billion by 2028, rising at a market growth of 6.2% CAGR during the forecast period.
Key Market Players
BASF SE
Glanbia PLC
Archer-Daniels-Midland Company
Koninklijke DSM N.V
Corbion N.V
Nutreco N.V. (SHV Holdings N.V.)
SternVitamin GmbH & Co. KG (Stern-Wywiol Gruppe GmbH & Co. KG)
Vitablend Nederland B.V
Wright Enrichment, Inc
Farbest Brands
Vitamin and mineral premixes are intended to provide essential nutritional needs which contains a mix of vitamins, trace elements, minerals, and other nutritional additives. The demand for fortified food and beverages is increasing from the middle-class working population because of growing health consciousness.
This has encouraged manufacturers to increasingly use vitamin and mineral premixes to make healthy and fortified products that are low in calories and cholesterol. Increasing demand for fortified & functional food products, growing need for food enrichment due to high processing levels of food products, and growth in compound feed consumption have led to an increased demand for vitamin & mineral premixes.
Preparing these premixes requires paying special attention to the needs of the animal and to the various changes arising from reasons such as genetic lines on the one hand, and adaptation to the needs of the market on the other hand, while also considering the type of raw material in the feed and the effect of changing seasons, different animal physiologies etc.
Vitamins & minerals premixes are used in a variety of applications by food, beverage, nutraceutical and pharmaceutical manufacturers throughout the world. They offer numerous benefits, such as streamlining the production process as the combination provides a single source of multiple nutrients.
Additionally, manufacturers will experience savings on labor, inventory and testing. Premixes also offer greater consistency and address issues surrounding product taste and texture early in the development stage, as well as eliminate any chance of error during the manufacturing process were missing a small amount or incorrectly weighing an ingredient may cause a potential deficit of that nutrient and a possible recall.
COVID-19 Impact Analysis
The COVID-19 pandemic adversely hit many economies. Complete lockdown and movement restrictions impacted many industries, including animal feed, nutrition & health supplements, and food & beverage. Due to disruptions in logistics and transportation, sales of vitamin and mineral premixes slowed in the first quarter of 2020.
From raw materials to manufacturing, packaging, and distribution, supply chain interruptions also affected the vitamin & mineral premixes market. Further, food and beverage manufacturers are experiencing significant reductions in consumption and disruptions in supply chains.
The food & beverage industry has witnessed a slight downfall due to the lockdowns imposed across various countries. All these factors restricted the market's demand for vitamin and mineral premixes.
Market Growth Factors
Rising Demand for Compound Animal Feed
Animals continue to make important contributions to the global food supply; as a result, animal feed has become an increasingly critical component of the integrated food chain. To a major extent, meeting consumer demand for more meat, milk, eggs, and other livestock products depends on the availability of regular supplies of appropriate, cost-effective, and safe animal feeds.
Thus, a significant increase in global demand for livestock products requires increasing amounts of feed supplies, sources, and alternatives. The fortification of nutritional premixes has been linked to improved animal health and welfare.
New Products in Vitamin & Mineral Premixes Market Aim at Prevalence of Micronutrient Deficiencies
Vitamins and mineral premixes are used as ingredients that combine micronutrients for the purpose of food fortification. They may contain vitamins or minerals or a precise blend of these two in wide range of combinations to address the symptoms of micronutrient deficiencies.
Various populations in low- and middle-income countries suffer from the hidden symptom of micronutrient deficiencies and inadequacies. The prevalence has been found also in developing nations due to lack of awareness and the prevalent eating habits. All these have acted a strong ground for promoting vitamin and mineral premixes.
Market Restraining Factor
Inaccurate labeling of food products
Nutritional benefits associated with consuming food products are used as a marketing tool by most food manufacturers to drive their sales revenues. However, in some cases, manufacturers make nutritional claims regarding the content of micronutrients in the food product, which may not be true, giving rise to false claims and doubts about product authenticity.
To deal with such malpractices, regional and country-level food authorities strictly emphasize adhering to food labeling laws by food manufacturers, wherein periodical quality testing of food products is conducted to cross-confirm the claims made by the food manufacturer by verifying the level of nutrients present in the product with that indicated on the product label. Penalties are imposed on those identified for non-adherence or false claims.
Scope of the Study
Market Segments Covered in the Report:
By Type
Vitamin
Vitamin & Mineral Combination
Mineral
By Form
Dry
Liquid
By Application
Feed
Healthcare
Food & Beverages
Others
By Geography
North America
US
Canada
Mexico
Rest of North America
Europe
Germany
UK
France
Russia
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Singapore
Malaysia
Rest of Asia Pacific
LAMEA
Brazil
Argentina
UAE
Saudi Arabia
South Africa
Nigeria
Rest of LAMEA
Key Attributes:
Report Attribute | Details |
No. of Pages | 205 |
Forecast Period | 2021 - 2028 |
Estimated Market Value (USD) in 2021 | $6895.4 Million |
Forecasted Market Value (USD) by 2028 | $10368.5 Million |
Compound Annual Growth Rate | 6.2% |
Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/9fvnzd
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ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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