Nutrition Chemicals Market Overview
The animal nutrition segment market is expected to register a CAGR of over 5.90% to reach to around USD 17.4 billion by end of 2030.
Nutrition Chemicals are a class of organic or inorganic molecules that are added to food to improve its nutritional value. All living organisms, including humans, plants, and animals, require sustenance. Animal, plant, food, and other nutrition compounds are classified based on the type of product. Animal and plant nutrients and chemicals are utilised to help animals and plants meet their nutritional needs. Organic acids, enzymes, vitamins, and vacuum salts are used in animal nutrition chemical market products to minimise soil overfertilization, reduce pollution, and improve food efficiency. Nitrogen, phosphate, potassium, calcium, magnesium, sulphur, iron, copper, and other plant nutrition chemicals
The worldwide nutrition chemicals industry is a fast-growing business with a number of key competitors. The market is primarily driven by rising consumer awareness of the need of eating healthy foods and following a healthy diet. The demand for the product is being fueled by the growing food and pharmaceutical industries, as well as the thriving personal care sector. Wider application and consumer base for manufacturers, rising consumer demand for dietary items, and changing consumption patterns where consumers are focusing on nutritional content are all protuberant aspects promoting market expansion. Furthermore, the rapidly growing population has demanded the development of nutrient-dense food rather than high-volume, low-health-value food.
The volatile price of raw materials, on the other hand, may hamper the market in the next years.
The global market for nutrition chemicals has been divided into three categories: grade, application, and geography.
The market has been divided into liquid and powder categories based on form.
The global nutrition chemicals market is divided into pharmaceuticals, animal nutrition, food beverage, cosmetics personal care, agricultural, and others based on application.
As a result of rising demand for packaged foods and beverages, North America accounted for the highest share of the worldwide nutrition chemicals market in 2018. Because of the growing demand for health and energy drinks, nutrition additives are increasingly being used in beverages. Furthermore, the burgeoning healthcare industry, along with an ageing population, is propelling the expansion of the North American nutrition chemicals market. Because of the increased need for nutritional products in the region, the United States is expected to be the forerunner. In addition, rising demand for maize, cereals, and other corn products is boosting the agriculture business in the United States, which is expected to boost demand for nutrition chemicals.
In 2018, Asia-Pacific was the fastest-growing market for nutrition chemicals, with a considerable CAGR projected over the study period. The market for nutrition chemicals in Asia Pacific is predicted to develop significantly due to rising meat consumption and rising living standards in the region. The market's expansion can be ascribed to an increase in demand for nutrient-dense foods and beverages in order to improve one's health. The need for nutrition chemicals is being fueled by the booming pharmaceutical sector, which is spending more on nutritional supplements as a result of rising health concerns. The rise in demand for processed meat and animal byproducts has been fueled by the meat industry's expansion, resulting in increasing need for animal feed and, as a result, nutrition chemicals in Asia-Pacific. Over the projected period, countries such as China, Japan, Malaysia, and India are expected to be the market leaders.
With increased consumption of packaged food and beverages due to convenience and improved shelf life, the European market is expected to rise significantly throughout the study period. Moreover, the developing cosmetics and personal care industry, coupled with rising demand for UV-resistant skincare products, is expected to drive the expansion of the nutrition chemicals market over the forecast period. Over the next few years, Europe is expected to grow significantly, with countries like France, Switzerland, Germany, and the United Kingdom leading the consumer markets.
Because of changing consumption habits and rising demand for nutritional supplements, the markets in Latin America, the Middle East, and Africa are likely to rise significantly.
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Dynamics of Competition
BASF SE (Germany), DuPont de Nemours and Company (US), Evonik Industries (Germany), Lonza Group AG (Switzerland), Vertellus Holdings LLC (US), TATA Chemicals (India), Azelis Group (Italy), DSM (Netherlands), Cargill Inc. (US), Solvay SA (Belgium), Jubilant Life Sciences (India), and Stepan Company are some of the major players in the global nutrition (US).
To boost their market position, the majority of them are expanding and collaborating on their manufacturing capacities. The global nutrition chemicals market is characterised by rapid growth of end-use industries and ongoing collaborations and agreements among producers, distributors, and marketing organisations.
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