A recently published report by Fact.MR reveals that the global food premix market is projected to grow at a modest CAGR of 5.6% during the forecast period (2022-2032), surpassing nearly US$ 2.73 Bn by 2032.
Mounting instances of appetite loss among the aging population has led them to spend more on fortified and functional food. The growing requirement for nutrition-rich food among health-conscious consumers has led manufacturers to incorporate health-benefiting ingredients such as vitamin premixes. Food manufacturers are utilizing various ingredients to enhance the appeal, flavor, and functionality of food products.
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Key Takeaways from the Market Study
- Global market to surpass US$ 1.58 Bn by 2022.
- U.S to be a highly lucrative market, registering a CAGR of 6% through 2032
- 3/5th of global food premix revenue to be generated by Germany
- India to register a CAGR of 5.5% with respect to food premix sales until 2032
- Revenues from sales of powdered food premixes will remain considerably larger.
- Amino acids will endure as the preferred ingredient type, with an envisaged market revenue share of over 33%.
- Weight management and energy will remain preferred functions among consumers.
“Increasing demand for nutritional supplements, owing to insufficient food intake, especially among children, is supplementing demand for food premixes, with increased emphasis on point-of-use food fortification with micronutrient powders,” says a Fact.MR analyst.
Key Segments Covered in Food Premix Market Study
- Powdered Food Premix
- Liquid Food Premix
- Vitamin Food Premix
- Mineral Food Premix
- Nucleotides Food Premix
- Amino Acids Food Premix
- Botanical Food Premix
- Food Premix for Bone Health
- Food Premix for Immunity
- Food Premix for Digestion
- Food Premix for Energy
- Food Premix for Heart Health
- Food Premix for Weight Management
- Food Premix for Vision Health
- Food Premix for Brain Health & Memory
- Food Premix for Other Function Types
- Food Premix for Early Life Nutrition/Baby Food
- Food Premix for Food & Beverages
- Food Premix for Dietary Supplements
- Food Premix for Pharma OTC
- Food Premix for Nutritional Improvement Program
The competitive landscape of the food premix market is shaped by product innovation and strategic mergers & acquisitions. Front Runners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies. Some notable developments are as follows:
- In July 2021, Corbion closed an agreement to acquire full ownership of Granolife. With the addition of the footprint, expertise, blending capabilities, and application labs of Granolife, the company expects the capability to make a step-change in the Mexican market.
- In December 2020, Prinova launched a range of premixes for dairy replacement products to help manufacturers respond to the plant-based revolution. In a new white paper, the company highlights the growing prevalence of vegan and other non-dairy diets and their impact on plant-based markets. In line with Innova Market Insights’ “Plant-Forward” trend, the ever-evolving plant-based definition expands vegetarian and vegan NPD into the mainstream.