LONDON, Aug. 01, 2018 (GLOBE NEWSWIRE) -- Meticulous Research® - According to this latest publication from Meticulous Research®, the global food premix market will grow at a CAGR of 6.5% from 2018 to 2023 to reach USD 1,906.5 million by 2023.
The growth of this market is mainly driven by “growing health and wellness trend, increasing demand for fortified food products, and food premixes’ convenience in usage as a single ingredient over multiple ingredients”. In addition, factors such as expanding middle class in emerging economies with demand for nutrition provides significant opportunities in the global food premix market. However, regulatory structure and intervention and technical problems during storage and handling procedures hinder the growth of the global food premix market to some extent.
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Vitamin premixes commanded the largest share of the global market in 2017, mainly due to “increasing consumer preferences for blends of different functional ingredients, multiple nutritional benefits to humans, growing consumption of vitamin supplements due to rising number of vitamin deficiency cases, and increasing demand for vitamin fortified food products”. However, nucleotide premixes market is expected to witness a rapid growth during the forecast period, primarily due to the “increasing demand from infant formula sector”.
In addition, nutrition and health supplements segment captured a major share of global food premix market in 2017. The applications of food premixes in nutrition and health supplements are mainly fuelled by “rise in ageing population, growing health and wellness trend, increasing birth rate, and increasing prevalence of diseases”. Moreover, food premixes are increasingly gaining an attention from food and beverage manufactures.
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North America dominated the global food premix market in 2017; however, Asia-Pacific (APAC) is estimated to be the fastest growing region due to “growing food and beverages industry, growing economy, improving healthy lifestyle, and increasing demand for fortified food products in emerging and developing Asian countries”.
The key players operating in the global food premixes market are Koninklijke DSM N.V., Glanbia Plc, BASF SE, Corbion N.V., Watson Foods Co., Inc., SternVitamin GmbH & Co. KG, Vitablend Nederland B.V, Hellay Australia Pty. Ltd, Farbest-Tallman Foods Corporation, Jubilant Life Sciences Ltd., and Wright Enrichment Inc. among others.
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