The global food premix market, including flours, is on the growth, the research company Future Market Insights (FMI) predicts. In terms of revenue, it is estimated to expand at a CAGR of 5.4% by 2027.
The demand for food fortification has increased significantly in the recent years due to the high rate of micronutrient deficiency disorders among the global population, and the lack of micronutrients in food that could lead to severe forms of malnutrition. Thus, foods such as wheat, maize, flour, sugar, and vegetable oils are fortified with vitamins and minerals to ensure better health of the consumers, the research company says.
By ingredient type, the global food premix market is segmented into vitamins, minerals, amino acids, nucleotides and others (botanicals). Vitamins as a premix in various applications is expected to contribute towards maximum revenue growth in the overall food premix market by form. The segment is being expected to be valued at USD802.6m by 2027.
By application type, the market for food premix is segmented into, early life nutrition/ baby food, food and beverages, dietary supplements, pharma OTC drugs and nutritional improvement programs. Food and beverage segment is further sub-segmented into medical nutrition, sports nutrition, fortified dairy & beverages and bakery products.
Food & beverage segment is expected to contribute towards maximum revenue growth of food premix market over the forecast period. By function type global food premix market is segmented into bone health, immunity, digestion, weight management, vision health, heart health, energy, brain health & memory and others. Premixes for weight management are expected to contribute towards maximum revenue growth in the overall food premix market by function type. The segment is being expected to be valued at USD515.5m by 2027.
North America market has been estimated to dominate the food premix market, accounting for maximum revenue share of the market by 2017 end. Collectively, North America, Western Europe & APEC and China are expected to account for 78.9% revenue share of the global food premix market by 2019 end. However, China is estimated to exhibit a significant CAGR of 7.2% over the forecast period.
Source: World Bakers