The food premix market size was USD 7.13 billion in 2023. The market is projected to grow from USD 7.62 billion in 2024 to USD 13.32 billion by 2032 at a CAGR of 7.23% during the 2024-2032 period. This vital information is presented by Fortune Business Insights™, in its report titled, “Food Premix Market, 2024-2032.” 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.
Information Source: https://www.fortunebusinessinsights.com/food-premix-market-102456
COVID-19 Impact
Rising Sales During Pandemic owing to Increasing Health Concerns to Bolster Market Share
The COVID-19 pandemic has yielded some benefits for the food premix industry, as customers globally have become more health-conscious. Throughout the planned forecast period, the market’s footprint is anticipated to grow due to the growing need for immunity-boosting products. The market’s top companies are also concentrated on expanding their product offerings, which spurs additional market expansion. Increased concerns about the virus and rising infection risks will increase sales of nutraceutical supplements.
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 provides a thorough overview of the sector by highlighting important elements including the top brands, product categories, and applications. The research also provides an overview of the major developments in the industry and current market trends. The study also covers a number of factors that are anticipated to have an impact on the market—both positively and negatively—during the period of the projected projection.
Drivers & Restraints
Rising Utilization of Premixes for Increased Nutraceutical Manufacturing to Drive Market Growth
The demand for functional foods and drinks, dietary supplements, and nutraceuticals in a variety of formats is expected to rise, which would propel the expansion of the food premix market over the projected period. The market’s footprint will also grow as a result of shifting consumer demand and supplements becoming an essential component of normal diets. The market will develop as a result of rising government attention on raising knowledge about the advantages of supplements and growing demand for customized premixes.
Strict regulatory requirements, however, will restrict market expansion during the projected period.
Regional Insights
Asia Pacific Will Dominate Market due to Rising Trend of Extending Lifespans Among Consumers
Due to a growing trend of people prolonging their lives and taking supplements to improve their health, Asia Pacific is expected to have the greatest market share for food premixes over the forecast period. Furthermore, because of its extensive history of using traditional treatments, the area is anticipated to serve as a breeding ground for herbal dietary supplements. Moreover, rising purchasing power will support market expansion even more.
Due to growing consumer knowledge of additional health advantages and probiotic demand, North America will hold a significant market position in terms of worldwide contribution. The market’s reach will also be expanded by the growing prevalence of food allergies and irritable bowel syndrome.
Competitive Landscape
Product Development & Consumer Retention to Augment Market Share
The leading companies in the food premix market are always trying to come up with new goods to meet the ever-evolving needs of their customers. Some are also concentrating on expanding their market share through strategic approaches like partnerships and mergers and acquisitions. For instance, Prinova announced the release of their plant-based premixes for dairy substitute goods in December 2020. This would enable the company to satisfy the growing need of its vegan clientele for functional foods. To keep a competitive edge, players are also concentrated on creating new goods.
Industry Development
- October 2021: New vitamin premixes produced by SternVitamin GmbH can be used to enrich vegan goods through fortification. These goods include of vegan burgers, oat drinks, and substitute seafood items.
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.)
