This study intends to unfurl the multiple facets of global food premix market and thereby examine how the short-term growth of the market will unfold during the stipulated time span.
Rising Malnutrition to Trigger Demand for Nutrient-rich Foods, Boosting Food Premix Market
Increasing malnutrition across the globe has severely impacted lives of individuals. For instance, according to Food and Agriculture Organization (FAO), around 828 million individuals were malnourished in 2021. Moreover, as per the United Nations International Children’s Emergency Fund (UNICEF), approximately half of overall deaths among children below five years is attributed towards malnutrition. According to Global Nutrition Report, on the global front, around 149.2 million children below five years are stunted, about 45 million of children in the same age range are wasted and approximately 38.9 million children are overweight. Mainly caused by poor quality diet with deficiency of vital micronutrients such as zinc, folate, vitamins and iron, this factor has propelled the demand for nutrient rich food products. Modified combinations of vitamins and minerals are used as premixes in clinical nutrition, supplements, and infant formula. That said, on the back of rising concerns apropos to malnutrition coupled with access to essential micronutrients via premixes is expected to bode well for the food premix market.
Burgeoning Demand for Fortified Foods to Fuel Growth of Food Premix Market
Increasing consumer inclination towards fortified food products is expected to primarily drive the growth of the food premix market. Moreover, sale of food premixes has remained influenced by the rising need for inclusion of vital ingredients such as zinc, amino acids, vitamins, nucleotides, and other minerals by consumers in their diet. Fortified food product acts as a bridging factor and balances the nutritional gap. This has triggered its consumption among women lately. According to World Health Organization, owing to the consumption of fortified food, the prevalence of anaemia among women of reproductive age can be significantly reduced. WHO also has set target of reducing the anaemia quotient by 50% among these women to improve maternal and infant nutrition by 2025 with the implementation of large scale food fortification. In addition, according to International Food Information Council Foundation, about 47% of individuals globally prefer food products with additional micronutrients. This factor remains instrumental in driving the growth of the food premix market.
Consumption of Immunity Boosting Diet to Grow thus Paving New Avenues for Food Premix Market
Since past few years, the awareness regarding consumption of immunity boosting food products has increased considerably. Particularly after the COVID-19 pandemic, the consumption of healthy food has increased to enhance self-immunity and maintain resistance against the Sars-CoV-2 virus. According to the International Food Information Council, in 2020, the pandemic resulted in changes in eating habits of individuals, particularly millennials who now largely prefer fortified foods. Also, various social media platforms have included content regarding the importance of micronutrients and inclusion of healthy food in regular diets. This has been leveraged by youngsters and adults alike, thus influencing the consumption of mineral and vitamin rich food. This aspect will continue to influence the growth of the food premix market in the forthcoming years.
Increasing Consumption of Nutraceuticals to Support Food Premix Market Growth
Inclination towards clean label and healthy food has been on the rise since past several years. Rising awareness apropos to importance of health, micronutrients and other minerals are few of the factors fuelling the need for customized blends. According to World Health Organization, in 2021, around 89% of the total population worldwide consumed iodized salt in a bid to combat micronutrient deficiency. Furthermore, growing health conscious consumers has resulted in rising sales of healthy products that enhance their wellness and internal resistance. This has in turn pushed the demand for nutraceutical ingredients among individuals to reduce the probabilities of developing critical diseases such as diabetes, obesity, and other lifestyle disorders. That said, the adoption of food premix in nutraceuticals is increasing as premixes are considered as a cost effective strategy to fortify food products, in turn complementing the growth of food premix market.
Hydrocolloids to Gain Steam in Global Food Premix Market
Among other types of food premixes, hydrocolloids have gained significant traction and are poised to largely contribute towards revenue growth of the food premix market. This can be attributed towards escalating demand for natural ingredients including stabilizers and thickeners and other clean label food products. Moreover, hydrocolloids are also used as emulsifiers, water retention agents and gel forming agents and play a vital role in enhancing nutrient energy and macroscopic food structure. They thereby improve both nutritional and sensory qualities of diets. In this backdrop, the demand for hydrocolloids premixes is rising and is likely to prevail as a major revenue contributor in food premix market.
Food Premix Market Experiences Stable Growth in Asia Pacific
Emerging economies in Asia Pacific are expected to showcase high lucrativeness in the food premix market. This is mainly owing to exponential growth in the production of compound feed wherein food premix acts as a crucial ingredient. Other factors driving the Asian premix industry include rising awareness regarding healthy lifestyle, importance of dietary supplements and nutrition rich food products. Also, the market in the region is influenced by macroeconomic factors such as rising consumer pool backed by growing population, rising food and beverage sector and growing presence of various key players involved in manufacturing and distributing premixes. Overall, the region reflects an optimistic scenario, and the food premix market is likely to grow at a moderate pace in in Asia Pacific over the next few years.
Food Premix Market: Competitive Scenario
A few of the major players in global food premix market include Cargill Inc., Hexagon Nutrition Pvt. Ltd., Glanbia Plc, Archer Daniel Midlands Company, Corbion N.V., and BASF SE.
Regional Classification of the Global Food Premix Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Food Premix Market
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