Rising Demand for Healthy Foods to Encourage Market Growth
The rising demand for fortified and functional foods and the rise in the need for food enrichment, owing to the high level of food processing are considered as some of the major factors that are estimated to enhance the growth of the global vitamin and mineral premixes market in the next few years. The rise in the compound feed consumption is another key factor that is estimated to accelerate the growth of the market in the near future.
On the flip side, the rising cost involved in the research and development activities and the rising cost of fortified and enriched products are predicted to restrict the growth of the overall market in the near future. Nonetheless, the rising consumer inclination towards the healthy food is projected to generate potential growth opportunities for the market players throughout the forecast period.
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North America to lead the global vitamin and mineral premixes market in the next few years, owing to the presence of leading players.
Developing economies to offer potential growth opportunities for the market players in the next few years.
The rising number of players estimated to enter the market is likely to enhance the competitive environment of the market in the next few years.
According to the market research study by Transparency Market Research, in 2017, the global market for vitamin and mineral premixes was worth US$700 mn. The market is likely to reach a value of US$1 bn by the end of 2026 and register a healthy 4.80% CAGR between 2017 and 2026.
Presence of Leading Players to Encourage Growth of North America Market
The global market for vitamin and mineral premixes has been categorized on the basis of geography into Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa. Among these, North America is anticipated to witness a healthy growth in the next few years and the lead the overall market in the next few years. The rapid development of the food and beverages industry is one major factor estimated to encourage the growth of the North America market in the next few years. In addition to this, the growing focus of innovations and the presence of a large number of players are some of the other factors that are projected to accelerate the overall growth of the overall market in the next few years. Furthermore, with rising population and the increasing disposable income of consumers are estimated to enhance the growth of the Asia Pacific market in the coming few years.
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The global vitamin and mineral premixes market has been categorized on the basis of applications into pharma OTC, dietary supplements, food and beverages, and early life nutrition/ baby food. The strong development of the pharmaceutical industry and the rising demand from this sector are some of the key factors that are estimated to encourage the growth of this segment in the next few years. Furthermore, the food and beverages segment is likely to register a promising growth rate in the coming few years. The rising number of applications is projected to enhance the growth of the overall market throughout the forecast period.