Global Statistics Representing Vitamin and Mineral Premixes Market Scenario
Vitamin-mineral premix is a combination of vitamins and minerals which is added to the formulated diet as dietary supplements in animals and human food. Animal feed industry uses premixes in the production of their complete and balanced pet food products. Growing animal husbandry industry across the globe is the driving factor vitamin and mineral premixes market. Stringent government regulations in the developed regions for the protection of pets and animals is likely to further support the vitamin and minerals premixes market growth.
Vitamin and mineral premixes market was valued at USD 1,038.5 million in 2018 and is expected to grow at a CAGR of 5.3%, during the forecast period 2019–2026.
Vitamin and mineral premixes market is segmented into type, form, functionality, application, and region.
Based on type, the vitamin and mineral premixes market is segmented into vitamin & mineral combinations, vitamins, and minerals. Mineral segment was valued at USD 218.7 million in 2018. Rising incidences of osteoporosis, is expected to increase the demand for supplements enriched in vitamin D and calcium. This is further expected to drive the demand for combined vitamin and mineral premixes. With the growing concerns of micronutrient deficiency in animal health and human nutrition, the demand for combined vitamin and mineral premixes is rising. Iron, vitamin D, calcium, vitamin B, and vitamin A are among the common deficiencies in human nutrition. Vitamin deficiency is one of the serious health concerns in China and Australia. As per The Australian Bureau of Statistics estimates updated in 2016, nearly one in four Australian adult suffers from vitamin D deficiency. The demand for mineral premixes is increasing in animal feed and human nutrition, which, in turn, is likely to further support the market growth.
Based on form, the market is segmented into powder form and liquid form. Based on functionality, the market is segmented into bone health, skin health, energy, immunity, digestion, and others.
Based on application, the market is segmented into feed, food & beverages, healthcare, pharma OTC, and other. Some of the leading players are focusing on research & development, especially in vitamin & mineral premixes for expansion of portfolio. For instance, Wisium invests significantly in research & development in feed premixes for expansion of product portfolio. Increasing demand for vitamin and mineral mixed feed products is expected to drive feed segment. Bakery industry is booming in china and offering numerous opportunities for vitamin & mineral premixes to improve nutritional value of products. Beverages manufacturing companies are increasingly adding vitamins and minerals to juices, sports drinks, and bottled water to meet the growing consumer demand for these products, supporting food and beverages segment growth. Moreover, growing government support for preventing and treating micronutrient deficiencies in women and children is positively influencing the growth of market. Other comprises of agriculture and personal care application. Market is witnessing increasing demand for micronutrient in the agriculture industry to improve the level of micronutrients in soils and plants to boost the crop yield.
Regionally, vitamin and mineral premixes market is segmented into Australia, China, and New Zealand.
China dominates the vitamin and mineral premixes market with a CAGR of 5.0% over the forecast period. Increasing incidence of health issue such as osteoporosis, lack of immunity, malnutrition, and skin diseases are driving the demand for nutritional supplements in China, which, in turn, is expected to drive the China vitamin and mineral premixes market. With the increasing number of pregnant women in China, the demand for micronutrients is estimated to witness a considerable surge in the years to come. Moreover, Chinese government has invested heavily in healthcare infrastructure to establish basic medical insurance and accessibility and equity of health services. For instance, The Government of China established a regulatory framework and its commitment to micronutrient fortification.
Australia accounts for optimum share of the vitamin and mineral premixes market owing to the growing prevalence of micronutrient deficiencies. Rising demand for fortified food products is positively impacting the market growth over the forecast period. In Australia, strong presence of pharmaceutical and food & beverages manufactures coupled with ongoing trend of food fortification is propelling the demand for of vitamin & mineral premixes. Furthermore, Australia is one of the major producers of beef, sheep and goat meat across the globe and the country is witnessing increased demand for vitamins and minerals premixes for manufacturing of animal feed.
New Zealand accounts for least share of the market owing to lack of awareness regarding importance of vitamin and mineral premixes.
Some of the major players in the vitamin and mineral premixes market operating in China, Australia, New Zealand are, DSM, Hexagon Nutrition Pvt. Ltd., Glanbia plc, SternVitamin GmbH & Co. KG. (Stern-Wywiol Gruppe), Wright Enrichment, Inc., Zagro, Nutreco, Wisium, LOTUS MINECHEM RESOURCES PVT. LTD., and Piramal Pharma Solutions.
Vitamin and Mineral Premixes Market Segmentation
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