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Food Premix Market Size, Share & Industry Analysis, By Type (Vitamins, Minerals, and Hydrocolloids), By Application (Dietary Supplements, Beverages, Dairy Products, Bakery Products, and Others), and Regional Forecast, 2024-2032

Last Updated: April 29, 2024 | Format: PDF | Report ID: FBI102456

 

KEY MARKET INSIGHTS

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The food premix market size was valued at USD 7.13 billion in 2023 and is projected to grow from USD 7.62 billion in 2024 to USD 13.32 billion by 2032, exhibiting a CAGR of 7.23% during the forecast period.


The global COVID-19 pandemic has been unprecedented and staggering, with food premix experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a growth of 8.45% in 2020 as compared to 2019.


The growth of micronutrient premixes is increasing primarily due to the surging demand for functional food and supplements, rising parental concern for nutritional supplementation of infant foods, as well as the growing customer demand for convenience products. The manufacturers of customized blends are steadily aiming to develop innovative products to fulfill individuals' dietary requirements. Moreover, since the pandemic, consumers have been strongly dedicated to maintaining a healthy diet, which drives the global market growth.


The sudden outburst of the COVID-19 pandemic caused a severe impact on the producers as well as the consumption pattern of individuals. The shutdown of manufacturing facilities and difficulties in logistics have affected the essential commodities industries during the initial phase of lockdown. But, with the fainting effects of COVID-19, consumption of functional supplements, such as immunity-boosting beverages and nutritionally rich products, has significantly increased among consumers.


Food Premix Market Trends


Increased Consumption of Nutraceuticals to Support Health Mechanism  


With evolution, the robust demand for clean-label foods or healthy products has been increasing day by day among consumers. The growing awareness about the importance of health and the rising prevalence of micronutrient deficiencies, especially amongst infants, are some of the crucial factors responsible for surging the demand for customized blends in the market. For instance, according to the World Health Organization (WHO), 2021, approximately 89% of the world's population is consuming iodized salt to combat the occurrence of micronutrient deficiencies. In recent years, individuals have become more health-conscious and are continuously seeking healthy indulgent products that holistically improve their health and wellness. Functional sports drinks, energy drinks, pasta, biscuits, and others fortified with vitamins and minerals are widely popular and thus are consumed on a larger basis. Furthermore, as the modern-day lifestyle of consumers gives rise to the prevalence of numerous lifestyle disorders, such as obesity, cardiovascular ailments, and diabetes, consumption of nutraceuticals has been increasing exponentially.


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Food Premix Market Growth Factors


Surging Demand for Customized Food Premix to Aid Market Growth Performance


In this modern era, where the customers and businesses have become more aware of the nutritional information of various products, the demand for customized food premix to address specific requirements is rising. Consumer choices and demands are paving the way for manufacturers to develop nutrient-enriched products. Over the years, fortified micronutrient ready mixes have gained tremendous popularity due to the mounting demand for vitamin or mineral-based fortified products and soaring need for convenience products amongst individuals. For instance, in November 2021, Minafin Sprl, under its health chemistry division, launched Blendamix, a custom premix for both food and pharma products. These products can help the manufacturers to increase their production capacities to meet the growing demand. Thus, all these factors are contributing to strengthening the market revenue of functional products across the globe.


Growing Incorporation of Food Premix in Nutraceuticals to Favor Growth


The market for functional food ingredients has flourished due to the rising demand for multiple functional supplementation from customers. Functional beverages in recent years have become more appealing to consumers to address their specific wants and desires. As the number of individuals opting for food and beverage products in context with building and supporting a healthy lifestyle increases, they seek nutraceuticals products and brands that enhance their lives. Numerous beverages, which offer several additional nutrient benefits to individuals, such as energy drinks, fortified tea, and coffee, are widely considered beneficial for boosting human performance. Moreover, the prominent players are also investing in fortifying the existing products as well as innovating novel products that are enriched with custom-compounded nutritional ingredients. The usage of food premix is one of the cost-effective strategies that also saves the time and efforts of consumers. Factors, such as rising demand for medical nutrition and a spike in incidences of malnutrition or other health-related disorders, can significantly augment the market growth.


The shift toward preventative health care and wellness is also a major factor driving the growth of the nutraceutical industry. Consumers are increasingly seeking products that enhance overall health and address specific health concerns. This trend is evident in the growing popularity of functional foods, dietary supplements and herbal medicines. Manufacturers are responding by developing innovative formulations that combine traditional wisdom with cutting-edge scientific research to create products that resonate with health-conscious consumers.


RESTRAINING FACTORS


Regulatory Stringency on Quality and Safety Standards with Premixes to Hinder Growth


The global premixes market is undergoing a gradual shift in regards to different types of products. As the emerging economies in Asia Pacific significantly turn toward functional/fortified eatables and drinks, it poses a significant opportunity for exports due to the wide availability of raw materials and a large manufacturing base. Regulatory agencies across developed regions, such as Europe and the U.S., have strict regulatory guidelines focusing on label-claims validity and overall product efficacy. Also, high investment in the fortification process is also expected to obstruct market growth. Raw materials used in the production of large-scale fortified products are also responsible for hampering the overall market growth. For instance, dietary supplement brands have to undergo rigorous tests for identifying, purifying, and strengthening the composition of the product with the help of advanced technologies. Thus, these factors significantly restrain the market's growth potential.


Food Premix Market Segmentation Analysis


By Type Analysis


Hydrocolloids Segment to Dominate the Premix Market Owing to their High Consumption Compared to Other Forms


Based on type, the market is segmented into vitamins, minerals, and hydrocolloids. Out of all, the hydrocolloids segment witnessed a sharp growth, attributed to the mounting demand for clean-label foods or natural ingredients such as thickeners or stabilizers. The growing demand for the products is significantly increasing due to the losses of amino acids, proteins, vitamins, or minerals while processing, escalating numbers of the health-conscious population, as well as its health-promoting properties such as energy dense and weight management attributes. In order to overcome micronutrient deficiencies, custom-based products are formulated in such a way that fulfills the daily requirements of individuals.


Vitamin premixes include two major types of vitamins such as water-soluble vitamins (B1, B2, B3, B6, B12, and C) and fat-soluble vitamins (A, D, E, and K). For instance, dairy products are fortified with Vitamin D to enhance calcium absorption and metabolism. In addition, mineral ready-mixes are also available in the market, consisting of iron, phosphorus, magnesium, and others in dry blended form. For instance, infant milk formulas are fortified with iron as it results in the augmentation of iron stores, which further helps to prevent iron deficiency. The products to be used should be incorporated in the right quantity, further achieving the desired quality of the final product. The ready-mix market has attained large popularity due to its proven health benefits across the globe.


By Application Analysis


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Dietary Supplements to Exhibit Solid Growth Due to Augmented Demand for Natural Additives & Nutritious Products


On the basis of application, the market is segmented into dietary supplements, beverages, dairy products, bakery products, and others. The others segment comprises fortified cereal & grains, functional RTE, RTC food, meat alternatives/substitutes, and vegan products. The dietary supplements segment held the largest revenue share in 2021 as consumers are more aware of the type of food to be consumed, possibly more than ever. The growth of the dietary supplements segment is supported by the rise in demand for immunity-boosting beverages, which drives the market growth. Also, stevia, coconut sugar, and agar-agar are the most prominent natural nutritional additives in the processing industries.


REGIONAL INSIGHTS


Asia Pacific Food Premix Market Size, 2023 (USD Billion)

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Asia Pacific holds the maximum food premix market share of food premix owing to the rising trends of healthy lifestyle among the population. Due to the history of traditional medicine, a surge has been witnessed in demand for herbal supplements or nutritionally-rich products in Japan and China. Factors, such as increased purchasing power of the middle-class population and growing adoption of nutraceuticals in diet, can also boost the market growth momentum.


In North America, the growth of plant-based products has increased significantly. The hike in the ever-growing health-conscious population, as well as increased indispensable income, is expected to contribute to the sales of food premix over the forecast period.


In Europe, the market growth has been attributed to the emerging trend for a healthy lifespan and the rising knowledge of micronutrient-based supplements that aid in digestive health and the aging process. Thus, these factors support the market growth. The aging of the population in Europe is a key factor in the development of the nutraceutical industry. As people age, there is an increasing emphasis on maintaining health and preventing age-related diseases. Nutraceuticals, which focus on health benefits beyond basic nutrition, are well-positioned to meet the unique needs of an ageing population. This demographic shift contributes to sustained demand growth for products targeting joint health, cognitive function and cardiovascular health.


In the Middle East & Africa, the demand for functional ingredients rich-products is propelled by the rising distribution network across the region. Also, due to the increasing number of nutraceuticals manufacturers, the production and the distribution rate have also increased. Such factors, in turn, fuel the availability of vitamins & minerals in the Middle East market.


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List of Key Companies in Food Premix Market


Key Players are Launching Innovative Products to Attract High Consumer Base


Some of the prominent players operating in the market include Glanbia Plc, Cargill, Incorporated, and Koninklijke DSM N.V., among others. These companies are widely focusing on expanding their business capacity by introducing products or strengthening their production facilities via mergers or acquisitions. Also, by collaborating with other small market players, the market can enhance its business revenue globally. New strategies, such as promotional activities or other schemes, can also help in gaining consumer attention, which aids in improving the growth potential of the global market.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • September 2023: Prinova, a well-known premix manufacturer across the globe, introduced new premix solutions in Asia Pacific, especially for the functional food ingredients market.

  • October 2021: Glanbia Nutritionals launched a new range of ingredient solutions, OvenPro, to enhance the sensory attributes of baked products. The product has easy inclusion techniques and provides additional protein and fiber content to bakery goods.

  • October 2021: ProTab Laboratories, a leading South California contract manufacturer, announced the accomplishment of a multimillion-dollar plant expansion, which will further increase the production capacity of premixes on the West Coast.

  • September 2021: Plant-based chocolate maker Piperleaf launched a “Plant-based egg alternative” in the market. Piperleaf’s plant-based eggs are made from soy-free, cruelty-free, and artificial additive-free legumes.

  • December 2020: Prinova introduced an alternative to dairy products by launching nutrient-enriched products. The company offers plant-based alternatives to fulfil the growing demand from the health-conscious population.  


REPORT COVERAGE


An Infographic Representation of Food Premix Market

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The global food premix industry report includes quantitative and qualitative insights into the market. It also offers a detailed analysis of the market size and growth rate for all possible market segments. Various key insights presented in the report are an overview of related markets, competitive landscape, recent industry developments such as mergers & acquisitions, regulatory scenario in critical countries, and key industry trends.


Report Scope & Segmentation

















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 7.23% from 2024-2032



Unit



Value (USD Billion)



Segmentation



By Type



  • Vitamins

  • Minerals

  • Hydrocolloids



By Application



  • Dietary Supplements

  • Beverages

  • Dairy Products

  • Bakery Products

  • Others



By Geography



  • North America (By Type, Application, and Country)

    • U.S. (By Application)

    • Canada (By Application)

    • Mexico (By Application)



  • Europe (By Type, Application, and Country)

    • U.K. (By Application)

    • France (By Application)

    • Germany (By Application)

    • Italy (By Application)

    • Rest of Europe (By Application)



  • Asia Pacific (By Type, Application, and Country)

    • China (By Application)

    • India (By Application)

    • Japan (By Application)

    • Australia (By Application)

    • Rest of Asia Pacific (By Application)



  • South America (By Type, Application, and Country)

    • Brazil (By Application)

    • Argentina (By Application)

    • Rest of South America (By Application)



  • Middle East and Africa (By Type, Application, and Country)

    • South Africa (By Application)

    • Turkey (By Application)

    • Rest of the Middle East & Africa (By Application)









Frequently Asked Questions

Fortune Business Insights says that the global market size was valued at USD 7.13 billion in 2023 and is projected to reach USD 13.32 billion by 2032.

The market is projected to grow at a CAGR of 7.23% during the forecast period (2024-2032).

The dietary supplements segment is expected to be the leading application segment in the global market.

Rise in health-conscious population causing a surge in demand for functional dietary supplements is driving the market growth.

Cargill Incorporated, Glanbia Plc., and Koninklijke DSM N.V. are a few of the top players in the global market.

Asia Pacific is expected to hold the highest market share over the forecast period.

Strict government regulations act as one of the major market restraint.

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