New York, Feb. 15, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Palatants Market Size, Share, Growth, Trends and Global Forecast to 2028 - COVID-19 Impact and Global Analysis By Form (Dry and Liquid), Category (Organic and Conventional), and Source (Plant-Derived Palatants, Meat-Derived Palatants, Insect-Derived Palatants, and Others)”; The global palatants market size is projected to reach USD 1.87 billion by 2028 from USD 1.29 billion in 2022, it is expected to grow at a CAGR of 6.3% during 2022–2028.
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Global Palatants Market - Report Scope:
| Market Size Value in | USD 1.87 Billion by 2028 |
| Market Size Value by | USD 1.29 Billion in 2022 |
| Growth rate | CAGR of 6.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 161 |
| No. of Tables | 86 |
| No. of Charts & Figures | 77 |
| Historical data available | Yes |
| Segments covered | Form, Category, Source, and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Palatants Market: Competitive Landscape and Key Developments
Kerry Group Plc, Archer-Daniels Midland Co, AFB International Inc, BHJ AS, Bitek Industries Pty Ltd, Symrise AG, Innov Ad NV/SA, Kemin Industries Inc, Ohly GmbH, and Trilogy Essential Ingredients Inc are the prominent players operating in the global palatants market.
In October 2022, Kemin Industries Inc introduced a new palatant line for wet cat food formulas, PALIVATE which enhances the palatability of wet formulas.
In October 2020, KerryGroup Plc launched a plant-based palatant, PurePal which enhances the pet food aroma without compromising palatability performance.
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Growing Popularity of Pet Humanization Boosts Global Palatants Market Growth:
In recent years, the humanization of pets has grown significantly across the globe. The shift from pet owning to pet parenting has been a defining trend in the palatants market, especially in developed economies. Consumers are increasingly spending on premium pet food and products that are healthy, nutritious, and improving living standards. There is a growing focus on pet health and wellness and sustainable, eco-friendly, and natural products made from locally-sourced ingredients. Consumers are also investing in special diets and indulgent products. The use of palatants in pet food helps improve the taste, flavor, and texture, resembling their original meat food. Thus, the rising popularity of pet humanization has increased the demand for palatants.
Impact of COVID-19 Pandemic on Global Palatants Market Growth:
The COVID-19 pandemic severely impacted various economies across the world. Governments of various countries took several steps to restrict the spread of SARS-CoV-2 by announcing country-wide lockdowns, which directly impacted the growth of industrial sectors. The pandemic significantly hampered the growth of the palatants market due to adverse effects on the growth of industries such as pet care, and nutrition. Various palatant manufacturers were operating their plants at reduced capacities amid the COVID-19 pandemic. However, the market revived in 2021 with significant measures from governments, including vaccination drives. Moreover, the manufacturers managed to overcome the challenges associated with disruptions in raw material supply chains.
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Palatants enhance the smell, taste, and texture of pet food. The global palatants market is expected to be driven by a rise in awareness regarding pets' health and nutritional requirements. Rising disposable income and increasing inclination of the young population toward pet adoption are further projected to contribute to the growth of the palatants market. Moreover, the shift in consumer behavior from providing scrap food to pets to getting packaged pet foods is projected to drive the palatants market growth.
In 2021, North America accounted for the largest share of the global palatants market. The region is also projected to witness the highest CAGR during the forecast period. According to the American Pet Products Association 2021–2022 National Pet Owners Survey, 70% of US households own pets. The rising pet ownership among the population and increasing awareness of the nutritional requirement of pets is expected to drive the palatants market growth. Palatants are known to enhance the palatability of pet food and animal feed, thereby increasing the consumption. Moreover, the US is home to more than 175 pet food manufacturers. According to the report by American Feed Industry Association, the US is hub to more than 5,800 animal food manufacturing facilities, that produces more than 284 million tons of pet food and finished feed every year. The report also reveals that more than 900 ingredients are used in animal feed. These factors are projected to drive the growth of the palatants market in the region.
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