The
vitamin and mineral prefixes market is a dynamic one to be sure
because of continued product launches and strategic acquisitions and
partnerships. Take for example Catalyst, a leading manufacturer of
specialty products, vitamin and mineral premixes, and microbial
blends. It has invested a whopping US$1bn to upgrade its facilities.
Apart from that, another prominent chemical company such BASF SE has
also entered into a partnership with Vital Therapeutics Pvt. Ltd. to
build better products for the feed industry.
Companies
with substantial presence in the market for vitamin and mineral
prefixes are Fenchem Biotek Limited, B&H Biotechnology Co. Ltd.,
Nutreco, Prinova Group LLC, Watson Inc., Hexagon Nutrition Pvt. Ltd.,
Glanbia Plc., Jubilant Life Sciences, Archer Daniels Midland Company,
and Koninklijke DSM N.V.
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global
vitamin and mineral premixes marketA report on the market for
vitamins and mineral prefixes by Transparency Market Research finds
that it would rise at 4.8% CAGR over the course of the forecast
period starting from 2017 and ending in 2026. The market was valued
at nearly US$700 mn in 2017. By end of 2026, vitamin and mineral
premixes worth more than US$1 bn is expected to be sold in the
market.
Currently,
vitamin and mineral premixes in the powdered form are seeing maximum
uptake in the market. By 2026, sales of the powdered vitamin and
mineral premixes is expected to rise to US$800 mn by 2026. From a
geographical standpoint, North America accounts for a dominant
position in the market because of its large food and beverage
industry, particularly centered in the U.S. and Canada. By end of
2026, its market’s value would reach US$400 mn.
Hectic
Lifestyles and Growing Incomes Contribute to Demand for Vitamin and
Mineral Premixes
A
fast-paced lifestyle and increasing incomes are two of the main
drivers of the vitamin
and mineral premixes market. As per the lead analyst of our
report, this is how the two are interrelated: “Time crunch owing to
a busy schedule often forces people to consume calorie-laden
ready-to-eat food. This results in lifestyle-related chronic health
conditions such as diabetes, cardiac issues, and obesity. To tackle
the challenge, leading manufacturers are seen focused on developing
innovative and healthy snacks by using vitamin and mineral premixes
in them. With increasing incomes, they are more in a position to buy
such health enhancing products”
Increasing
Animal Feed Industry Stokes Market
The
animal feed industry is also a major driver of vitamin and mineral
premixes demand. This is because of the rising adoption of pets among
individuals and increasing number of farm animals across geographies.
The burgeoning pharmaceutical industry too is majorly fuelling demand
for vitamin and mineral premixes that help in repairing cellular
damages, healing wounds, and boosting the immune system.
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