The Vitamin & Mineral Premixes Market is projected to reach $12.13 billion by 2029, at a CAGR of 4.8% during the forecast period 2022–2029. The growth of this market is mainly driven by the growing health and wellness trend; rising demand for compound animal feed; growing demand for vitamins and minerals for enrichment or fortification of food & beverages, animal feed, healthcare, and personal care products; and increasing adoption of the dietary supplements. However, complex regulations related to the fortification of food and feed products and the high cost of vitamin and mineral-enriched products are expected to hinder the growth of this market to a certain extent. Moreover, growing consumer inclination towards healthy food and the emergence of developing countries as strong feed application consumers are expected to offer significant growth opportunities for players operating in the vitamin & mineral premixes market.
Impact of COVID-19 on the Vitamin & Mineral Premixes Market
The COVID-19 pandemic adversely hit many economies. Complete lockdown and movement restrictions impacted many industries, including animal feed, nutrition & health supplements, and food & beverage. Due to disruptions in logistics and transportation, sales of vitamin and mineral premixes slowed in the first quarter of 2020. From raw materials to manufacturing, packaging, and distribution, supply chain interruptions also affected the vitamin & mineral premixes market
Due to the lack of proper guidance for essential commodities, the animal feed industry faced a shortage in supply in 2020. Lockdowns restricted the transportation of livestock, feed, and feed ingredients. Additionally, farmers were concerned about the decreased supply of animal feed, which led livestock farms to store supplies of feed in bulk when normally they only keep enough for one or two days.
Due to the limited supply, the demand for animal feed increased, benefiting many market players. Furthermore, online sales played a crucial role in maintaining the present market demand. For example, Cargill's (U.S.) global feed sales volume grew by over 10% in March 2020. Thus, the increasing animal feed demand during 2020 increased the demand for vitamin and mineral premixes. However, a shortage of supplies in every region created some barriers in the market.
However, food & beverage companies globally continue to feel the impact of COVID-19. Social distancing, self-isolation, and city-wide lockdowns have forced many establishments to close in several countries. Supermarket chains in the U.K., Australia, and the U.S. have implemented new rules to curb panic buying during the pandemic, and suppliers and factory workers have taken additional measures to ensure consumer safety. Further, food and beverage manufacturers are experiencing significant reductions in consumption and disruptions in supply chains. The food & beverage industry has witnessed a slight downfall due to the lockdowns imposed across various countries. All these factors restricted the market's demand for vitamin and mineral premixes.
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Rising Demand for Compound Animal Feed
Animals continue to make important contributions to the global food supply; as a result, animal feed has become an increasingly critical component of the integrated food chain. To a major extent, meeting consumer demand for more meat, milk, eggs, and other livestock products depends on the availability of regular supplies of appropriate, cost-effective, and safe animal feeds. Thus, a significant increase in global demand for livestock products requires increasing amounts of feed supplies, sources, and alternatives. Moreover, world population growth is another important reason to consider alternative, cost-effective, and convenient sources for manufacturing animal feed. In livestock diets, appropriate dietary concentration is one of the most expensive components of feed formulation. Feedstuffs and ingredients such as vitamins and minerals are blended in different proportions to yield the appropriate compound feed for the various animal species. As a result, due to their concentrated energy source and feed efficiency, vitamins and minerals premixes have gained renewed interest in the animal feed industry.
According to Global Feed Survey, 2021, world compound feed production reached 1,187 billion tons in 2020 from 1,176 billion tons in 2019, valued at around USD 400 billion. The growth in production rate, particularly in the developing countries, was higher than in the developed countries. Moreover, the United Nations Food and Agriculture Organization (FAO) estimates that, by 2050, the demand for food will grow by 60%, and between 2010 and 2050, production of meat is projected to rise by nearly 70%, aquaculture by 90%, and dairy by 55%, creating a huge demand for animal feed. Today, quality-ensured compound feed is a major concern in ensuring food safety along the entire livestock and aquaculture production and supply chain. To cater to the demand for quality meat with increasing meat consumption globally, animal breeders are focusing on boosting animal health and their nutritious diet. Premixes perform the essential role of improving feed nutritional value and performance of animals while preventing them from disorders.
The fortification of nutritional premixes has been linked to improved animal health and welfare. Consequently, it is emerging as a cost-effective means of improving animal productivity for sustainable and viable food security. This is increasing the demand for premixes from animal feed manufacturers, thereby driving the growth of the global vitamin & mineral premixes market.
Key Findings in the Vitamin & Mineral Premixes Market Study
The Vitamin & Mineral Blend Segment to Register the Highest CAGR During the Forecast Period
Based on type, the vitamin & mineral premixes market is segmented into vitamin, mineral, and vitamin & mineral blends. The vitamin & mineral blend segment is projected to register the highest CAGR during the forecast period of 2022—2029. The fast growth of this segment is attributed to the growing demand for multivitamin and minerals supplements due to their several benefits, including heightened energy levels, improved muscle strength, reduced anxiety levels and stress, and improved brain function, among others. Furthermore, consumer preferences for blends of different functional ingredients and multiple nutritional benefits to humans and animals are expected to spur the demand for vitamin and mineral blends in the market.
In 2022, the Dry Segment to Account for the Largest Share of the Vitamin & Mineral Premixes Market
Based on form, the vitamin & mineral premixes market is mainly segmented into liquid and dry. In 2022, the dry form is expected to account for the largest share of the vitamin & mineral premixes market. The large market share of this segment is mainly attributed to its benefits, such as ease in packing package dry premixes, and they are relatively stable when compared with liquid premixes. Furthermore, the increasing demand for supplements in the U.S. is expected to boost the demand for the dry form of premixes in the market.
The Animal Feed Segment is Projected to Register the Highest CAGR During the Forecast Period
Based on the application, the vitamin & mineral premixes market is segmented into animal feed, nutritional & health supplements, food & beverages, pharmaceuticals, and other applications. The animal feed segment is projected to register the highest CAGR during the forecast period of 2022–2029. The demand for vitamin and mineral premixes in the animal feed industry is expected to rise due to their nutritional benefits, such as maintaining animal well-being. Additionally, increased consumer awareness regarding pet nutrition is expected to offer significant opportunities for the growth of this market.
Asia-Pacific to Dominate the Vitamin & Mineral Premixes Market in 2022
Based on geography, the Vitamin & Mineral Premixes Market is segmented into five major geographies: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the vitamin & mineral premixes market. China produces and consumes a large amount of feed, and the increased demand for fortified feed additives and ingredients drives the market. Furthermore, the growing compound animal feed industry, growing economy, increasing demand for fortified food products in emerging and developing countries, including India, Indonesia, and Thailand, and rising investments from major players in the region are expected to boost the demand for vitamin and mineral premixes in Asia-Pacific.
Key Players
The key players operating in the global Vitamin & Mineral Premixes Market are Koninklijke DSM N.V. (Netherlands), Glanbia, Plc (Ireland), Corbion N.V. (Netherlands), Wright Enrichment Inc. (U.S.), Vitablend Nederland B.V. (Netherlands), Nutreco N.V. (Netherlands), SternVitamin GmbH & Co. KG (Germany), Watson Inc. (U.S.), Cargill, Incorporated (U.S.), Archer-Daniels-Midland Company (U.S.), and Jubilant Life Sciences Limited (India).
Scope of the Report:
Vitamin & Mineral Premixes Market, by Type
- Vitamin
- Mineral
- Vitamin & Mineral Blend
Vitamin & Mineral Premixes Market, by Form
- Liquid
- Dry
Vitamin & Mineral Premixes Market, by Application
- Animal Feed
- Poultry Feed
- Ruminant Feed
- Swine Feed
- Aqua Feed
- Other Animal Feed
- Nutritional Supplements
- Dietary Supplements
- Infant Nutrition
- Sport Nutrition
- Clinical Nutrition
- Food & Beverages
- Beverages
- Dairy Products
- Bakery & Confectionery
- Cereals & Snacks
- Other Food & Beverages
- Pharmaceuticals
- Other Applications
Vitamin & Mineral Premixes Market, by Geography
- North America
- U.S.
- Canada
- Europe
- France
- Germany
- Italy
- Spain
- U.K.
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- Australia
- India
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America (RoLATAM)
- Middle East & Africa
Key Questions Answered in the Report-
