New York, United States , April 17, 2023 (GLOBE NEWSWIRE) -- The Global Pet Food Ingredients Market Size is to worth from USD 29.98 Billion in 2021 to USD 51.54 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period. The demand for high-quality pet food products has increased significantly in recent years as pet owners become more aware of the importance of feeding their pets healthy and nutritious food. This has resulted in an increase in the production of high-quality premium pet food products.
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Pet food is a product derived from animals or plants, such as meat, that is used to feed companion animals. Animal derivatives, grains and oilseeds, vegetables and fruits, minerals, and vitamins are all included in pet food ingredients. Vitamins, fiber, protein, carbohydrates, and calcium are plentiful in pet food ingredients. The cost of owning pets and purchasing food products has increased significantly over the past few years, fueling the global market for pet food ingredients. The market for pet food ingredients is being driven by growing awareness of the nutritional benefits of omega-3 fatty acids, minerals, dietary fiber, and carotenoids required for pet nutrition. Furthermore, these ingredients improve digestive health, aid in weight loss, and boost the immune system, all of which help to expand the market. Some of the market's primary factors include an increase in dog and cat adoption, as well as a growing emphasis on improving productivity and health. The easy availability of pet food items across a variety of platforms, including retail stores, supermarkets, and online retailers, is expected to drive further growth in the industry. However, the increasing market competition is a major impediment. As the market for high-quality pet food products expands, more manufacturers enter the market, resulting in increased competition. This may result in a price war and lower profit margins for manufacturers.
Browse key industry insights spread across 200 pages with 105 market data tables and figures & charts from the report on "Global Pet Food Ingredients Market Size, Share, and COVID-19 Impact Analysis, By Pet Type (Cats, Dogs, Fish, Others), By Form (Dry, Wet), By Source (Plant Derivatives, Animal-based, Synthetic), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030". Get Detailed Report Description Here:
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The dog segment is expected to hold the largest market share in the pet food ingredients market over the forecast period.
Based on the pet type, the global pet food ingredients market is differentiated into cats, dogs, fish, others. The dog segment has the largest market share because dogs are among the most popular pets, with a healthy increasing adoption rate globally. To meet the nutritional needs of dogs, a diverse range of pet food ingredients derived from plants and animals is required.
In 2021, the dry pet food segment held the largest share of the pet food ingredients market
Based on the form, the global pet food ingredients market is classified into dry and wet. The dry pet food segment accounted for the largest share of the pet food ingredients market. The increased convenience and longer storage and shelf life are driving segmental growth. Furthermore, demand for dry pet food is increasing due to its affordability and low moisture content, which allows for easy handling during processing and storage.
The animal-based segment is anticipated to hold the largest share of the pet food ingredients market during the forecast timeframe.
Based on the source, the global pet food ingredients market is categorized into plant derivatives, animal-based, and synthetic. the animal-based segment is expected to account for the majority of the pet food ingredients market during the forecast period. The reason for the increase is a variety of meals, including meat, a by-product of animal sources. A growing number of pet owners prefer protein, vitamins, fatty acids, and iron-rich foods for their pets.
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Asia Pacific is expected to hold the largest share of the market during the predicted timeframe.
Asia Pacific is expected to hold the largest market over the forecast period due to the large pet population, high adoption rates, and growing awareness of pet nutrition and health. Rising disposable income as a result of urbanization, increased demand for pet food, shifting consumer perceptions of pet health, and the growing trend of nuclear families are all driving factors in the market. North America is expected to grow the fastest during the forecast period due to rising innovation by pet food ingredient product manufacturers and the region's rising pet adoption rate. High pet ownership rates for dogs, cats, and fish, an increase in consumer spending on pet maintenance, and favourable government policies are driving the North America Pet Food Ingredients Market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Pet Food Ingredients Market include Chr. Hansen Holding A/S, Kemin Industries, Inc, ADM, Omega Protein Corporation, Ingredion, DSM, Cargill, BASF SE, Darling Ingredients Inc., AFB International, DuPont Nutrition, Balchem Inc., Symrise, The Peterson Company, Roquette Frères, and Others.
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Recent Developments
In July 2022, Symrise announced its acquisition of Wing Pet Food, one of China's leading companies in Pet Food palatability enhancers and Pet Food ingredient suppliers. With this acquisition, the company's market position in pet food palatability is anticipated to improve, and Symrise's presence in APAC will be expanded.
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