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.
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.
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Demand
for Vitamin & Mineral Premixes to Remain Concentrated in Food
Industry
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.
Pharmaceutical
Industry to Underscore Lucrative Growth Opportunities
Besides
food industry, leading manufacturers in the pharmaceutical industry
are increasingly utilizing vitamin and mineral premixes.
Pharmaceutical manufacturers are increasingly utilizing vitamin
and mineral premixes in a range of medications. As vitamin
and mineral premixes help in repairing cellular damages, heal wounds,
and boost immune system, pharmaceutical manufacturers are utilizing
these nutritional premixes in production of medications for organ
transplant, heart diseases, birth control pills, and depression.
Also,
increasing production of veterinary drugs in the pharmaceutical
industry has fuelled demand for nutritional premixes. Veterinary
medicines manufacturers are utilizing vitamin and mineral premixes
for developing products such as CRD treatment medicines,
disinfectants, anti-biotic feed supplements and liver tonic. Also,
demand for vitamin and mineral premixes is likely to increase in the
production of performance microbials to improve the efficiency of
livestock.
Strategic
Acquisition and Partnerships to Remain Major Strategies Among Key
Players
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.
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