Growing Demand for Functional and Fortified Foods Drives the Customized Premixes Market
The customized premixes market, in terms of value, is projected to reach USD 1,691.2 Million by 2022, at a CAGR of 5.50% from 2016. Growing demand for functional and fortified food and convenience in usage as a single ingredient over multiple ingredients are some of the factors driving this market.
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The customized premixes market was dominated by the North American region in 2015. The growth in this market is driven by the increase in demand for health foods and functional food owing to the low levels of exposure to essential nutrients caused by high consumption of processed foods due to their busy lifestyles, and growing consumer awareness about the health benefits of fortified food products in the region.
Asia-Pacific is the fastest-growing region for customized premixes due to the increasing demand for functional foods from consumers. Further, the demand for food with specific health benefits is experiencing growth in the Asia-Pacific region owing to the changing lifestyles of customers. Also, rising incomes, purchasing power, and consumer demand for nutritional & healthy products provide promising prospects for the growth and diversification in the region’s food sector.
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High costs involved in R&D and higher costs of fortified and enriched products are the major constraints in this market.
Some of the key players of the customized premixes are Royal DSM N.V. (Netherlands), Glanbia plc (Ireland), Corbion N.V. (Netherlands), Chemische Fabrik Budenheim KG (Germany), and Vitablend Netherlands B.V. (Netherlands). Other players who are active in the industry are Watson Inc. (U.S.), Stern Vitamin GmbH & Co. KG (Germany), The Wright Group (U.S.), DPO International Sdn. Bhd (Malaysia), and Farbest Brands (U.S.). In 2013, Royal DSM N.V. (Netherlands) acquired Unitech Industries Limited (New Zealand), a manufacturer of ingredients for human and animal markets, which helped the company in expanding its geographic footprint and value chain presence in the Asia-Pacific region.
The stakeholders for the report are as follows:
Raw material suppliers
Traders, distributors, and manufacturers & suppliers of customized premixes
Food processors & food manufacturers
Government and research organizations
Trade associations and industry bodies
Regulatory bodies such as Food and Drugs Organization (FDA), European Commission, European Food Safety Authority (EFSA), and Food Standards Australia New Zealand, among others