Delray Beach, FL, Oct. 24, 2024 (GLOBE NEWSWIRE) -- The global pet food ingredients market is set for significant growth, projected to expand from USD 34.2 billion in 2023 to USD 47.4 billion by 2028, at a compound annual growth rate (CAGR) of 6.8%. Several factors, including the rising demand for premium and specialty pet foods and the increase in pet ownership, particularly in urban areas, are fueling this upward trend. As more individuals embrace pets as part of their households, the demand for high-quality, diverse, and innovative pet food ingredients continues to rise.
Rising Pet Ownership and Expenditure: Fueling Market Growth
The growing trend of pet ownership, especially in urban settings, is contributing directly to the surge in demand for pet food ingredients. More households, particularly in cities, are welcoming pets, and owners are increasingly viewing them as integral family members. This emotional connection leads to higher expenditure on pet care, especially on premium products. Pet owners are now more inclined to invest in pet food that incorporates high-quality ingredients, further boosting market growth.
Increased expenditure on pet food is a key factor driving the market forward. With a rising focus on pet health, owners are opting for diverse and high-nutritional ingredients, from premium meats to novel plant-based products. This willingness to invest in their pets' health encourages manufacturers to innovate and provide a variety of high-end ingredients that cater to the evolving demands of modern pet owners.
Report Coverage & Details
| Report Metric | Details |
| Revenue prediction in 2028 | USD 47.4 billion |
| Growth Rate | CAGR of 6.8% from 2023-2028 |
| Forecast period considered | 2023–2028 |
| Segments Covered | By Ingredient, Source, Form, and Region |
| Regions covered | North America, Europe, South America, Asia Pacific, and RoW |
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Deboned Meat Accounted for the Largest Pet Food Ingredients Market Share
One of the major drivers of the pet food ingredients market is the trend of premiumization. Pet owners are increasingly willing to spend more on high-quality and specialty pet foods, seeking products that cater to their pets' health and nutritional needs. This shift in consumer behavior is driven by growing awareness of pet health, nutrition, and well-being. As a result, manufacturers are investing in new ingredient formulations, exploring innovative sources that not only enhance the nutritional value of pet foods but also improve taste and digestibility.
For instance, deboned meat products, particularly deboned beef, are becoming highly popular due to their superior protein content and digestibility. These products offer essential amino acids that support muscle development and general health in pets, making them a preferred choice for pet owners seeking premium nutrition for their animals. The rise in pet allergies has also led to increased demand for single-source proteins like deboned beef, which addresses concerns about food sensitivities in pets.
Cats: Leading the Growth in Pet Food Ingredients
While dogs have long been the dominant pet category, cats are now growing at the highest rate in the pet food ingredients market. Rising cat ownership, particularly in urban areas, is driving demand for specialized and high-quality cat food components. As more families adopt cats, there is a greater emphasis on providing optimal nutrition to ensure their well-being.
Cat owners are looking for natural, nutrient-rich ingredients that cater to their pets’ dietary needs. This growing awareness of feline health is spurring manufacturers to develop premium cat food options, often mirroring human dietary trends. Ingredients rich in critical nutrients, such as proteins, vitamins, and minerals, are becoming the norm in the rapidly expanding cat food segment.
North America: Dominating the Market
North American pet food ingredients market is expected to dominate the industry during the forecast period. The region's well-established pet food industry, supported by numerous manufacturers and distributors, ensures efficient production and sourcing of a diverse range of ingredients. The advent of e-commerce platforms has further boosted the accessibility of pet food, allowing pet owners to easily purchase high-quality and specialized products.
The demand for meat and meat products in North America continues to soar due to their superior nutritional profile. These products serve as excellent sources of amino acids, fatty acids, and essential vitamins and minerals that promote pet health, boosting the immune system and supporting overall growth. Additionally, meat products enhance the palatability of pet foods, making them a favored choice among pet owners in the region.
The pet food ingredients industry growth is driven by the rising trend of premiumization, increased pet ownership, and higher pet care expenditure. As pet owners continue to prioritize their pets’ health and well-being, the demand for diverse, high-quality, and innovative ingredients will only grow. North America is expected to maintain its dominance in the market, supported by its well-developed infrastructure and consumer preference for premium pet food products.
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Top Pet Food Ingredients Leaders: Innovating for Healthier Pets
- 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)
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