According to a comprehensive report by Future Market Insights (FMI), the global vitamin premix market is anticipated to experience significant growth over the next decade. Valued at US$ 1.19 billion in 2022, the market is projected to expand at a robust compound annual growth rate (CAGR) of 7.9%, reaching a valuation of US$ 2.54 billion by 2032. This growth is driven by the increasing demand for healthy food supplements and the rising consumption of functional food products globally.
The vitamin premix market is witnessing a surge in demand due to the growing awareness of the importance of vitamins in maintaining health. Vitamins are crucial in today’s world, as simple diets often lack essential nutrients. While some vitamins are naturally produced in the human body, many must be obtained from external sources to prevent deficiencies. This has led to an increased demand for vitamin premixes, which are used extensively in the food and beverage sector, nutraceuticals, and dietary supplements.
Prominent Drivers of Market Growth
Several factors are propelling the growth of the vitamin premix market. The primary driver is the increasing consumer preference for healthy, nutritionally enriched food products. The shift towards functional foods and beverages, along with the growing demand for dietary supplements, has created ample opportunities for vitamin premix manufacturers. Additionally, the rising awareness about the benefits of vitamins in animal feed is boosting the demand for vitamin premixes in the livestock industry.
Regional Insights: China and the USA Leading the Market
China: A Key Market in East Asia
China is expected to account for 54% of the East Asia vitamin premix market by 2032. The country’s market is driven by changing consumption patterns, increased awareness among feed customers, and the industrialization of the livestock sector. The ban on antibiotics as growth promoters has also increased the demand for vitamin premixes in poultry feed. With a projected CAGR of 6.7%, the market in China is anticipated to reach US$ 168.3 million by 2032.
USA: Growing Incorporation in Sports Nutrition
In the USA, the demand for vitamin premixes is set to grow at a CAGR of 7.9%, reaching a valuation of US$ 590.4 million by 2032. The increasing focus on maintaining a healthy diet and the growing popularity of functional foods and beverages are key factors driving market growth. As consumers become more aware of the health impacts of nutrient-deficient diets, the demand for vitamin premixes is expected to rise.
Animal Feed: A Leading Application
The animal feed segment is expected to witness substantial growth, with demand for vitamin premixes increasing at a CAGR of 7.5% between 2022 and 2032. Vitamin premixes are extensively used in various animal feeds, including those for goats, poultry, ruminants, equines, aquatic animals, and pets. The rising production of animal-based food products is driving the demand for vitamin premixes in this segment.
Powder Form: The Preferred Choice
Based on form, the powder segment is expected to dominate the market in 2022. The advantages of powdered vitamin premixes, such as ease of handling, better homogeneity, and stability, make them a preferred choice over liquid forms. The demand for vitamin premix powders is projected to increase at a CAGR of 7.7% during the forecast period.
Competitive Landscape
Leading players in the global vitamin premix market are focusing on strategic growth initiatives such as acquisitions, product launches, and collaborations to gain a competitive edge. They are also enhancing their product portfolios to boost sales. Notable companies in the market include DSM, Glanbia plc, Vitablend, SternVitamin GmbH & Co, Watson Inc., Wright Enrichment Inc., Zagro, Trouw Nutrition, Burkmann Industries, Inc., Bar – Magen LTD companies.
For instance:
- DSM acquired Glycom, a Danish biotechnology company, for approximately US$ 836 million in February 2020.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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