The food premix market size was USD 1.32 billion in 2020. The market is projected to grow from USD 1.43 billion in 2021 to USD 2.18 billion in 2028 at a CAGR of 6.21% during the 2021-2028 period. This vital information is presented by Fortune Business Insights™, in its report titled, “Food Premix Market, 2021-2028.” Factors such as rising consumer demand for maintaining their health & wellness and the emerging trend of preventing lifestyle-related diseases will boost the growth of the market during the forecast period. Additionally, the rising consumption of nutraceuticals will increase the footprint of the market.
COVID-19 Impact
Rising Sales During Pandemic owing to Increasing Health Concerns to Bolster Market Share
The COVID-19 pandemic had a positive impact on the food premix sector in numerous ways with consumers worldwide increasing their focus toward their health and well-being. The rising demand for immunity-boosting products is expected to increase the footprint of the market during the intended forecast period. Additionally, the leading players in the market are focused on increasing their product portfolio, which further triggers market growth. Rising risks of infections and increasing fears of the virus will boost sales for nutraceutical supplements.
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List of Key Players Present in the Market
- Koninklijke DSM N.V. (Netherlands)
- Glanbia plc (Ireland)
- BASF SE (Germany)
- Corbion N.V. (Netherlands)
- SternVitamin GmbH and Co. KG (Germany)
- Vitablend Netherland B.V. (Netherlands)
- Hellay Australia Pty. Ltd. (Australia)
- Farbest-Tallman foods Corporation (U.S.)
- Jubiland Life Sciences (India)
- Watson foods Co., Inc. (U.S.)
Segments
Type, Application, and Region are Studied
Based on type, the market is divided into vitamins, minerals, amino acids/proteins, and others.
By application, the market is broken down into dietary supplements, beverages, dairy products, bakery products, and others.
In terms of geography, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The market report contains a detailed analysis of the industry by focusing on critical aspects such as leading companies, types, and leading applications of the product. Additionally, the report also offers ongoing market trends and highlights the key industry developments. Also, the report encompasses several factors that are expected to impact the market in a positive/negative manner during the intended forecast duration.
Drivers & Restraints
Rising Utilization of Premixes for Increased Nutraceutical Manufacturing to Drive Market Growth
Factors such as rising demand for functional food & beverages and dietary supplements and increasing availability of nutraceuticals in various forms will boost the food premix market growth during the forecast period. Additionally, changing consumer consumption and supplements becoming a staple part of regular diets will increase the footprint of the market. Also, increasing demand for customized premixes and rising focus of various government bodies toward spreading awareness regarding the benefits of supplements will drive the market growth.
However, strict regulatory standards will limit the growth of the market during the forecast period.
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Regional Insights
Asia Pacific Will Dominate Market due to Rising Trend of Extending Lifespans Among Consumers
Asia Pacific will witness the largest food premix market share during the forecast period owing to the increasing number of consumers seeking supplements toward improving their health and an increasing trend of extending lifespans. Additionally, the region is expected to be a breeding ground for herbal dietary supplements due to its rich history of traditional medicines. Also, increasing purchasing power will further aid market growth.
North America will occupy a substantial market share in terms of global contribution due to increasing demand for probiotics and rising consumer awareness in terms of added health benefits. Additionally, rising instances of irritable bowel syndrome and food sensitivities will further increase the footprint of the market.
Competitive Landscape
Product Development & Consumer Retention to Augment Market Share
The dominant players in the food premix industry are constantly striving for developing novel products for constantly changing consumer demands. Others are also focused on increasing their presence in the market by employing strategic tactics such as mergers & acquisitions and collaborations. For example, in December 2020, Prinova announced the launch of its plant-based premixes for dairy alternative products. This will allow the organization to fulfill the increasing demand for functional foods for its vegan consumer base. Additionally, players are also focused on developing new products to maintain a competitive edge.
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Industry Development
- October 2021: SternVitamin GmbH developed new micronutrient premixes that have the ability to be utilized for fortification of fortifying vegan products. These products include oat drinks, vegan burgers, and alternative seafood products.
