ENTERPRISE, Nevada, Nov. 24, 2022 (GLOBE NEWSWIRE) -- Pet Food Ingredients Market Size, Value, and Growth Rate Insights:
- According to the research report Pet Food Ingredients Market published by DataM Intelligence, The global Pet Food Ingredients Market size is expected to reach a significant value by 2029, and grow at a CAGR of 7% during the forecast period 2022-2029.
- The demand for pet food ingredients is slated to grow at a steady pace across the regions during the forecast period, owing to the rapid surge in pet adoption rate, presence of well-established pet food industry, increasing pet expenditure, and favourable government support.
- In addition, over the years there has been a rapid surge in pet adoption & spending in key developed countries such as the United States due to changing lifestyle, economic boom, rising population of pet enthusiasts. For instance, in 2022, according to American Pet Products Association’s (APPA’s) it is estimated that around 90.5 million homes in the U.S. own a pet, National Pet Owners Survey. Furthermore, a massive amount of U$123.6 billion was spent on pets in the U.S during 2021. This increasing spending on pets is pushing the sales of pet food ingredients, which thereby expanding the pet food industry.
- In addition to this, awareness about the benefits of animal feed additives on animal health is supporting the pet food ingredients market in developing countries such as the United States. For instance, in 2022, according to CNBC, more than 70% of dog parents have noticed the rising costs of food, treats, toys and veterinary visits, and 73% worry about prices continuing to grow. However, many pet owners are still willing to splurge on quality food, specialized services and eco-friendly products.
Rise in worldwide adoption of pets and thus, increase in demand for pet food augment market growth
- Animal rescues and shelters all across the world, as well as many parts of the world, has seen major spikes in their adoption/fostering rate in the recent years. These spikes occurred as many people realized they cannot take the stress of isolation alone. There is proven research that bringing an animal into a person’s life can make it much better, and will make one happier.
- Thus, considering the fact that for the last several months many people have been isolated from other humans and always being stuck in the same house, the fact that people need animals becomes even clearer. This increase in adoption of pets worldwide ultimately increases the demand for pet food and pet food ingredients to feed them which adds to the growth of the market. For instance, in 2021, according to Pedpedia, 70% of the households in the US own at least 1 pet.
- Furthermore, pet-owners experience a reduction in blood pressure compared to people who don’t own a pet. In addition, the consequent decrease in the body’s physiological response to stress levels due to the pets and a greater ability to cope with distressing or even traumatic situations. Moreover, because the adoption of a pet also translates into an improvement in cardiovascular health of the owner as some evidence shows there is greater chance of survival after a heart attack for those who have a dog and reduced risk of cardiovascular diseases in high-risk individuals.
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The emerging awareness about the nutritional & health benefits of pet food is driving the growth of the market
- Pet owners are increasingly aware of the nutritional benefits of pet food ingredients on the wellbeing and longevity of their pets and actively search for nutrients that fulfil their pet’s needs. Changing standards call for a tailored approach, especially as trends in the pet food industry have started to mirror those in human nutrition.
- In addition, the proper balance of nutrients is essential when feeding a dog or any pet. Animals need a certain combination of protein, carbohydrates, fats, vitamins, minerals and water every day in order to function normally. Pet food manufacturers work hard to determine the exact formula that goes into their products so that they provide everything that the pet needs. There are foods designed for specific stages of life (such as for puppies or geriatric dogs), while some provide hypoallergenic nutrition and other formulations are developed to control specific health conditions like heart disease, kidney disease, etc.
- The vitamins and minerals found in pet food work together to keep the pet’s immune system and metabolism functioning normally. Vitamins work to reduce the damage done to body cells on a daily basis. Minerals promote the normal function of the cells that maintain health. Vitamins and minerals come from both plant and animal sources in the diet. Without adequate levels of vitamins and minerals, the pet would eventually become ill. Thus, owing to these nutritional and health benefits of pet food the demand for premium quality pet food is increasing which is adding to the growth of pet food ingredients market.
COVID-19 Pandemic had a positive impact on the market
- The pandemic has affected many aspects of life and various industries. However, there has been growth in the pet industry. When social distancing and lockdowns were first experienced it triggered an initial surge in having animal companionship, especially cats and dogs, but also more exotic pets. For instance, in 2020-2021, pet ownership sharply grew 11.38 million households in the United States got pets during the pandemic, according to the American Pet Products Association. The American Pet Product Association (APPA) reported that 75% of pet owners they surveyed told them that spending time with their animals, new or old, helped reduce stress and improve well-being amid COVID-19.
- Similar trends were found in Europe, with surveys showing that more than 70% of pet owners reported a stronger relationship with their pets during the pandemic. For instance, according to recent data from the Pet Food Manufacturer's Association, 3.2 million families in the UK have added a pet since the pandemic began. There are currently 17 million pet-owning households in the nation. Thus, the increased adoption of pets during covid-19 has impacted pet food ingredients market positively, as there was high demand for pet food which was made available online as well as offline to fulfil consumer demands.
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Regional Insights Report
- Asia-Pacific pet food ingredients market is expected to expand at a CAGR of YY% during the forecast period. The Asia Pacific is the largest region for the market. It is expected to witness faster growth over the forecast period owing to the considerable pet population, high adoption rates, and growing awareness of pet nutrition and health. In addition, many developing countries such as India and China have a large number of stray animals, which can expand the market for pet food ingredients market. For instance, according to Petkeen, every year 6,00,000 pets are adopted in India and the pet food market in India is over $310 million which ultimately grows the pet food ingredients market simultaneously.
- The rising adoption of pets by households is fuelling the rising requirement for essential nutrients for the growth of pets. It will likely increase demand for pet food, leading to growth in the Asia Pacific pet food ingredient market in the coming years. In Asia, China has the largest share of dogs kept as pets. There are over 110 million pet dogs in Asia, with 30 million living in China. There will be 21.5 million pet dogs in India by 2021. But according to analysts, India's pet dog population will surpass 31 million by the end of 2023. Moreover, the middle-income population also focuses on luxury pet food products because of high disposable income, which is expected to drive demand over the forecast period.
Market Overview
- According to latest research report on the global pet food ingredients market for the historic period, 2019 and the forecast period 2020–2030, the rising adoption of pets and increasing demand for premium quality pet food is a factor expected to boost the market during the forecast period.
- In terms of revenue, global pet food ingredients market size is estimated to surpass US$ YY Bn by 2030, expanding at a CAGR of YY% throughout the forecast period.
Key Driver
- Technological advancement to produce novel ingredients to improve pets’ skeletal formation, muscle contraction and nerve impulse transmission is expected to drive the growth of the pet food ingredients market
- The fundamental shift in customer preference towards vegan and grain-free pet food products will surge the overall demand of the Indian pet food ingredient market.
- The easy availability of pet food products across various platforms such as supermarkets retails shops, and online stores will further propel the growth of the market.
- Thus, the growing pet food market globally is ultimately increasing the demand for pet food ingredients which is driving the growth of the market.
Vegetable and fruits segment is expected to witness faster growth
- The demand for vegetables and fruits is expected to see a significant surge over the forecast period. Vegetables and fruits are considered to be great sources of dietary fibre, proteins, and vitamins, which help to strengthen their skin, fur, bones, and teeth and have the ability to resist disease, which is expected to drive market growth.
- Moreover, pet owners ‘shifts towards vegan and plant-based food products to meet the nutritional requirement of pets is also a considerable factor fuelling the market growth.
- Additionally, pet owners are looking for more natural components in their pet's food that are also sustainably sourced due to the current humanization and clean label trends.
- It also supports the body's defences against illness. According to research, vitamin A is mostly found in the liver and is a fat-soluble vitamin. Carotenoids, which are pigments found in plants, algae, and photosynthetic bacteria, can be used by dogs to make vitamin A.
- These pigments in plants, vegetables, and fruits produce bright yellow, red, and orange colours. For dogs to turn carbohydrates into energy, vitamin B is crucial. But different pet foods require it to be added in different ways.
- The Paws Pet Food Ltd provides natural vegetables, complete and balanced pet food, plus vitamins and minerals. For instance, Superfood 65 recipes contain a blend of five different Superfoods, each with a range of specific benefits to help support a pet's health. All product ingredients are responsibly sourced from people and farms they know and trust.
New Product Launches
- Major market players of pet food ingredients are focusing on launching new products and technologies to expand their footprint. Some other key market strategies in the pet food ingredient market are highlighted below:
- In October 2021 Global Food and Ingredients Inc., acquired the state-of-the art plant-based pet food ingredients production facility in Bowden, Alberta.
- In 2021, ORIJEN launched ORIJEN Premium Wet Dog Food, made with premium animal ingredients (protein).
- In global pet food ingredients market report; we have discussed individual strategies, followed by company profiles of providers of pet food ingredient solutions. The 'Competitive Landscape' section is included in the report to provide the readers with a dashboard view and competitive analysis of key players operating in the global pet food ingredients market.
Competition Landscape
- Detailed profiles of major market players providing pet food ingredients are provided in the report, including financials, company profile analysis, market revenue analysis, import and export, recent developments and market strategies analysis, key product/service offerings and an overview of the company
Some of the Major Players Leading the Global Pet Food Ingredients Market:
- Archer Daniels Midland Company
- Koninklijke DSM N.V.
- J.M Smucker
- BASF SE
- Ingredion Incorporated
- Roquette Freres
- SunOpta
- Darling Ingredients Inc
- Cargill Inc.
- DowDuPont Inc
- among others
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