Reports and Data's analysis reveals that the Vitamins Market was valued at USD 8,004.8 million in 2020 and is expected to grow to USD 11.64 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 4.7%.
These premixes are designed to meet the nutritional needs of livestock and are a combination of minerals, trace elements, vitamins, and other nutritional additives (about 25 raw ingredients) that are included in feed between 0.2% and 2% (micro premix) or between 2% and 8% (macro premix, including proteins, salts, and amino acids). Vitamins are primarily used in functional and fortified foods, which are whole, fortified, and supplemented foods that offer nutritional benefits.
The growth of this market is driven by several factors, including the increasing demand for fortified food products, the growth in consumption of compound feed, the need for food enrichment due to high processing levels of food products, and customization to meet specific customer requirements. Customers are willing to spend more on nutritious food due to rising disposable income and per capita income, which is expected to drive the growth of the Vitamins market over the analysis period.
Fortified and supplemented foods with vitamins and minerals have medicinal properties that provide healing benefits in addition to daily required nutrients, which help build a strong immune system against common diseases. However, the high cost of fortified and enriched products and stringent regulatory policies for feed fortification are expected to hinder the growth of the Vitamins market during the analysis period.
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Major Companies:
DSM (Netherlands), Corbion (Netherlands), Glanbia (Ireland), Vitablend Nederland (Netherlands), SternVitamin (Germany), The Wright Group (US), Zagro Asia (Singapore), Nutreco (Netherlands), Farbest-Tallman Foods Corporation (US), Burkmann Industries (US), and Bar-Magen (Israel)
Driving Factors of the Vitamins Market:
Factors:
- Increasing demand for fortified food products: There is a growing demand for fortified food products that offer nutritional benefits. Vitamins are used in functional and fortified foods, which are whole, fortified, and supplemented foods that offer nutritional assistance.
- Growth in consumption of compound feed: The consumption of compound feed is increasing due to the growth of the livestock industry, which is driving the demand for Vitamins.
- Need for food enrichment due to high processing levels: The high processing levels of food products lead to nutrient loss, which necessitates the need for food enrichment through Vitamins.
- Customization to meet specific customer requirements: The Vitamins can be customized to meet specific customer requirements, which is driving their demand in the market.
- Rising disposable income and per capita income: Customers are willing to spend more on nutritious food due to rising disposable income and per capita income, which is expected to drive the growth of the Vitamins market over the analysis period.
Restraints:
- High cost of fortified and enriched products: The cost of fortified and enriched products is higher than regular products, which limits their consumption.
- Stringent regulatory policies for feed fortification: There are stringent and time-consuming regulatory policies for feed fortification, which limit the adoption of Vitamins.
- Limited availability of raw materials: The limited availability of raw materials for Vitamins production can limit their supply and growth in the market.
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