(EMAILWIRE.COM, April 17, 2024 ) According to a research report “Pet Food Ingredients Market by Ingredient (Meat & Meat Products Cereals, Vegetables & Fruits Fats, and Additives), Source (Animal-Based, Plant Derivatives, and Synthetic), Pet (Dogs, Cats, and Fish), Form and Region – Global Forecast to 2028″ published by MarketsandMarkets, the global market for pet food ingredients is estimated at USD 34.2 billion in 2023 and is projected to reach USD 47.4 billion by 2028, at a CAGR of 6.8% during the forecast period. The global pet food ingredients market has witnessed remarkable growth in recent years, driven by advancements in pet nutrition research that have spurred the development of specialty components that cater to specific nutritional requirements, hence contributing to the market’s growth. The industry’s dynamic character reflects evolving pet ownership trends, with more individuals choosing pets and demanding premium, personalized nutrition solutions for their furry companions. Overall, the pet food ingredients sector is seeing strong growth, owing to a combination of changing customer preferences, improved awareness of pet health, and the continued trend of humanizing pets.
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By form, dry ingredients are estimated to grow at the highest rate in the pet food ingredients market.
The global pet food ingredients market is witnessing a significant surge in interest and investment, with dry ingredients emerging as a key driver of this growth. The convenience and longer shelf life of dry pet food contribute to its popularity among pet owners, fostering sustained market expansion. Additionally, the affordability and ease of storage make dry ingredients a preferred choice for both manufacturers and consumers. Dry pet food’s suitability for various pet types and dietary needs further fuels its market growth, offering versatility in catering to a broad spectrum of pets. The rise in pet ownership, coupled with the increasing demand for convenient and cost-effective pet nutrition solutions, propels the growth of the pet food ingredients market for dry ingredients.
By meat & meat products, deboned meat accounted for the largest share in 2022 in terms of value
Pet owners are increasingly prioritizing premium nutrition for their animals, and deboned beef is well-known for its high-quality protein content, which is critical for their general health. Furthermore, the pet food business is responding to increased knowledge of pet allergies, and deboned beef, as a single-source protein, resolves concerns about food sensitivities. Deboned meat contains necessary amino acids, which promote proper muscle development in pets. This is especially good for busy or growing animals. The protein in deboned beef is highly digestible, allowing pets to absorb and utilize it efficiently, hence benefiting their general health.
By pet, cats are estimated to grow at the highest rate in the pet food ingredients market.
Rising cat ownership drives the demand for specialized and high-quality cat food components. As more families welcome cats into their homes, there is a greater emphasis on providing adequate nutrition to protect the health of these feline pets. Cat owners search for quality ingredients that reflect human dietary preferences, such as natural and healthy components high in critical nutrients. The growing knowledge of cat health and nutrition is driving market expansion, prompting pet owners to choose cat food options with high-quality ingredients. These factors work together to drive the rapid growth of the cat food ingredients industry.
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The Asia Pacific region is projected for the fastest growth in terms of value.
The pet food ingredients market in the Asia Pacific region is experiencing robust growth driven by several key factors. The region is experiencing a heightened demand for premium and nutritionally advanced pet food ingredients. Additionally, the cultural shift towards pet humanization is influencing consumer preferences, with pet owners seeking high-quality ingredients that mirror their own dietary choices. Moreover, the growing awareness of pet health and nutrition is a driving force, leading to a surge in demand for specialized and natural pet food ingredients. Consumers in the Asia Pacific are increasingly prioritizing the well-being of their pets, resulting in a preference for products rich in essential nutrients, vitamins, and minerals. This trend aligns with a broader global movement towards all-natural and sustainably sourced pet food options. According to Alltech data, the region’s pet food production climbed by 1.65% in 2022, reaching 2.48 million tons, from 2.27 million tons in 2021.
In summary, the growth of the pet food ingredients market in the Asia Pacific is propelled by increasing pet ownership, a cultural shift towards humanizing pets, and a growing emphasis on pet health and nutrition.
Key Market Players
Key players in this market include BASF SE (Germany), Darling Ingredients Inc (US), Cargill, Incorporated (US), Ingredion (US), DSM (Netherlands), Omega Protein Corporation (US), ADM (US), Kemin Industries, Inc (US), Chr. Hansen Holding A/S (Denmark), Roquette Frères (France), The Scoular Company (US), Symrise (Germany), Mowi (Norway), Lallemand Inc. (Canada), and Phileo by Lesaffre (France).
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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the GIVE Growth principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
Download PDF brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=147
By form, dry ingredients are estimated to grow at the highest rate in the pet food ingredients market.
The global pet food ingredients market is witnessing a significant surge in interest and investment, with dry ingredients emerging as a key driver of this growth. The convenience and longer shelf life of dry pet food contribute to its popularity among pet owners, fostering sustained market expansion. Additionally, the affordability and ease of storage make dry ingredients a preferred choice for both manufacturers and consumers. Dry pet food’s suitability for various pet types and dietary needs further fuels its market growth, offering versatility in catering to a broad spectrum of pets. The rise in pet ownership, coupled with the increasing demand for convenient and cost-effective pet nutrition solutions, propels the growth of the pet food ingredients market for dry ingredients.
By meat & meat products, deboned meat accounted for the largest share in 2022 in terms of value
Pet owners are increasingly prioritizing premium nutrition for their animals, and deboned beef is well-known for its high-quality protein content, which is critical for their general health. Furthermore, the pet food business is responding to increased knowledge of pet allergies, and deboned beef, as a single-source protein, resolves concerns about food sensitivities. Deboned meat contains necessary amino acids, which promote proper muscle development in pets. This is especially good for busy or growing animals. The protein in deboned beef is highly digestible, allowing pets to absorb and utilize it efficiently, hence benefiting their general health.
By pet, cats are estimated to grow at the highest rate in the pet food ingredients market.
Rising cat ownership drives the demand for specialized and high-quality cat food components. As more families welcome cats into their homes, there is a greater emphasis on providing adequate nutrition to protect the health of these feline pets. Cat owners search for quality ingredients that reflect human dietary preferences, such as natural and healthy components high in critical nutrients. The growing knowledge of cat health and nutrition is driving market expansion, prompting pet owners to choose cat food options with high-quality ingredients. These factors work together to drive the rapid growth of the cat food ingredients industry.
Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=147
The Asia Pacific region is projected for the fastest growth in terms of value.
The pet food ingredients market in the Asia Pacific region is experiencing robust growth driven by several key factors. The region is experiencing a heightened demand for premium and nutritionally advanced pet food ingredients. Additionally, the cultural shift towards pet humanization is influencing consumer preferences, with pet owners seeking high-quality ingredients that mirror their own dietary choices. Moreover, the growing awareness of pet health and nutrition is a driving force, leading to a surge in demand for specialized and natural pet food ingredients. Consumers in the Asia Pacific are increasingly prioritizing the well-being of their pets, resulting in a preference for products rich in essential nutrients, vitamins, and minerals. This trend aligns with a broader global movement towards all-natural and sustainably sourced pet food options. According to Alltech data, the region’s pet food production climbed by 1.65% in 2022, reaching 2.48 million tons, from 2.27 million tons in 2021.
In summary, the growth of the pet food ingredients market in the Asia Pacific is propelled by increasing pet ownership, a cultural shift towards humanizing pets, and a growing emphasis on pet health and nutrition.
Key Market Players
Key players in this market include BASF SE (Germany), Darling Ingredients Inc (US), Cargill, Incorporated (US), Ingredion (US), DSM (Netherlands), Omega Protein Corporation (US), ADM (US), Kemin Industries, Inc (US), Chr. Hansen Holding A/S (Denmark), Roquette Frères (France), The Scoular Company (US), Symrise (Germany), Mowi (Norway), Lallemand Inc. (Canada), and Phileo by Lesaffre (France).
About MarketsandMarkets
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the GIVE Growth principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
