Global food premix market is anticipated to witness an exponential growth in the forecast period. Food premix implies a substance that is mixed during the initial phase of the manufacturing and distribution procedure. Factors such as growing demand for food fortification, rising demand for fortified custom premixes across numerous regions, utilization of nutrient premixes by infant nutrition manufactures continuously on the rise, developing economies, mainly Latin America, Southeast Asia, and Africa are driving the food premix market.
In addition, growing wellness and demand for food premixes from pharmaceutical industries, beverage & food and health trend, and changing food landscape are likely to drive the market in forthcoming period. On the other hand, intervention and regulatory structure and mechanical problems during handling and storage procedures and accepting conventional nutrient systems by global food manufacturers are anticipated to hamper market growth in the forecast period.
However, rising consumers’ awareness concerning the benefits of consuming fortified food products is likely to create lucrative opportunities for the market. Food premix market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe. Market could be explored by ingredients, function, form, application and geography.
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Food premix market could be explored by ingredients as Botanicals, Nucleotides, Vitamins, Minerals and Amino Acids. The “Vitamins” segment accounted for a prominent share in the market owing to increasing health concern among consumers and increasing demand. Based on function, the market could span Immunity, Bone Health, Energy, Digestion, Weight Management, Heart Health, Brain Health & Memory, Vision Health and Others. The “Weight Management” segment accounted for a prominent share in the market.
The market could be explored based on form as Powder Premix and Liquid Premix. The “Powered form” segment accounted for a prominent share in the market. The key applications that could be explored in the market include Food & Beverages, Early Life Nutrition/Baby Food, Pharma OTC, Dietary Supplement and Nutritional Improvement Program. The “Food & Beverages” segment accounted for a prominent share in the market. It is likely to emerge highly lucrative in forecast period.
Asia-Pacific is a leading region in the food premix industry. It is likely to maintain its dominance in the forecast period owing to factors, such as increasing disposable income, growing population, growing food and beverages industry, improving healthy lifestyle, and growing demand for fortified food products in developing and developed Asian countries. Asia-Pacific is followed by North American region due to rising focus on food safety, increasing occurrence of chronic diseases, rising consumer expectations for innovation and healthy food products, strong economic growth, and occurrence of some foremost players.
Key players operating in the food premix market include Archer Daniels Midland Company, Glanbia plc, BASF SE, Koninklijke DSM N.V., Fenchem Biotek Ltd., Jubilant Life Sciences, Prinova Group LLC, Barentz International B.V., Watson Inc., Stern Vitamin GmbH & Co. KG, LycoRed Limited, Hexagon Nutrition Pvt. Ltd. and Far best Brands. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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