Newark, NJ, Aug. 10, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global pet food ingredients market is expected to grow from USD 38.6 billion in 2020 to USD 63.88 billion by 2028, at a CAGR of 6.5% forecast period 2021-2028.
The pet food ingredients market is witnessing significant growth from the past years. According to the pet food industry, nearly 95% of pet owners assume that their accompanying animals are part of their family and therefore place importance on the quality of the ingredients in the food they are served to. Consumer preference for high-quality ingredients is a significant factor driving premium and premium products in this market.
Pet Food Ingredients are the ingredients derived from grains, meat, meat products, vegetables, fruits, fats, and additives. Pet food ingredients are mainly obtained from meat and meat products, followed by a slice of grains. Meat and meat products are accepted at a relatively low cost, as most of these ingredients are by-products of food products manufactured for human consumption. Hence, it serves as an economical solution for pet food manufacturers. Besides being cost-effective, meat and meat products enhance the palatability and acceptance of pet food.
The global pet food ingredients market dynamics continue to evolve based on key drivers and restraints. The increasing demand for premium pet food, the rising pet adoption rate, and the rising trends of pet humanity is driving the need for pet food ingredients. Pet expenses increase with a significant increase in pet food, the shift from mass products to organic pet food ingredients, and pet acceptance of insect-based proteins and oils. The restraining factor is the failure to unify the regulations that hinder international trade.
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Key players operating in the global pet food ingredients market include Incorporated (US), Archer Daniels Midland Company, DuPont, BASF SE, Cargill and Ingredion Incorporated. Various ideas, such as expansions, mergers, acquisitions and new product launches, have been adopted by major companies to remain competitive in this market.
The dog segment dominated the market and held the largest market share of about 34% in the year 2020.
Based on type, the global pet food ingredients market is segmented into cats, dogs and fish. The dog segment dominated the market and held the largest market share of about 34% in the year 2020. This growth is attributed to increased adoption of dogs in various emerging economies, psychological and therapeutic benefits, and increased research and development of first-class drugs.
The animal-based segment dominated the market and held the largest market share of 32% in the year 2020.
The source segment includes plant-based, animal-based and synthetic. The animal-based segment dominated the market and held the largest market share of 32% in the year 2020. The animal-based part is leading because major manufacturers focus on using fish as an animal derivative in pet food. It is a good source of Vitamin A, D and Omega 3. Meat increases the palatability of pet food and thus improves digestion. Fish and their bones are included in pet food, as they are rich in calcium and phosphorus.
The cereal segment dominated the market and held the largest market share of 20% in the year 2020.
The ingredient segment includes Cereals, Fruits, Vegetables, Meat & Meat Products, Fats and Additives. The cereal segment dominated the market and held the largest market share of 20% in the year 2020. The cereal segment dominates because pets prefer dry food more than wet products.
The dry segment dominated the market and held the largest market share 52% in the year 2020.
The form segment consists of wet and dry ingredients. The dry segment dominated the market and held the largest market share 52% in the year 2020. The dry form is widely used in pet food products. Its popularity can be attributed to its cost-effective nature and low moisture content, making it comfortable to handle during processing and storage. Due to these factors, the pet dry food ingredients market held the largest share.
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Regional Segment of Pet Food IngredientsMarket
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
Based on geography, the global pet food ingredients market is classified into North America, Europe, Asia-Pacific, Middle East &Africa, and South America. South America region holds the largest market share. Brazil and Argentina are the most leading markets in the South American region. The market in this region is at an early stage of development and, therefore, provides growth opportunities for the major companies. The South America region is expected to grow at a high rate in the pet food ingredients market. Some countries in this region offer lucrative growth opportunities for the pet food industry. Brazil is the largest market for pet food ingredients and is also one of the rapidly growing markets in South America.
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About the report:
The global pet food ingredients market is analyzed based on value (USD billion). All the segments have been analyzed on a global, regional and country basis. The study includes the analysis of more than 30 countries for each detail. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insights into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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