Increasing instances of loss of appetite has led individuals to spend on functional and fortified food products. With the growing need for nutrition-rich food products, manufacturers are focusing on developing functional food products blended with health benefiting ingredients such as vitamin and mineral premixes. In addition, food manufacturers are utilizing vitamins and minerals as an important ingredient as it enhances the flavor, functionality, and appeal of the food products.
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Transparency Market Research (TMR) states that the global vitamin & mineral premixes market is expected to record a steady CAGR during the forecast period. Vitamin & mineral premixes worth more than US$ 1,000 Mn is expected to be sold by the end of 2026. Shift in preferences of health-conscious customers towards nutrition-dense food products has led to a surge in demand for vitamin and mineral premixes globally. While the outlook on vitamin and mineral premixes looks positive, growing concerns regarding side-effects such as allergic reactions can stymie market growth over the forecast period.
Bound to fast-paced lifestyle, consumers end up spending on food products that contain high level of calories. Due to increasing consumption of high cholesterol food products, consumers are prone to various diseases such as cardiac issues, diabetes, and obesity. Banking on the growing health requirements of individuals, leading manufacturers are focusing on developing innovative and healthy snacks. To supplement the health requirements of the customers, manufacturers are utilizing an appropriate amount of vitamin and mineral premixes in the food products.
Demand for the vitamin and mineral premixes is also likely to remain high in the animal feed industry. With the increasing adoption of pets among individuals, demand for animal feed products such as composite feed will continue to remain high globally. Surge in production of composite feed for pets, farm animals, and marine animals has led manufacturers to utilize nutritional premixes as an important ingredient. On the account of these factors, growth of the global market is likely to remain positive.
Major market players are focusing on investing in market strategies such as product launches, collaborations, and strategic acquisitions. Leading firms such as Cargill has recently announced acquisition of Integral Animal Nutrition, which is a feed additive company. In addition, major chemical companies such as BASF SE has partnered with Vital Therapeutics Pvt. Ltd. to develop a new product for feed industry. Other key companies operating in the global vitamin & mineral premixes market include Archer Daniels Mildland Company, Koninklijke DSM N.V., Glanbia Plc, Jubilant Life Sciences, and Hexagon Nutrition Pvt. Ltd.