Pet food industry is currently witnessing a rapid growth, mainly due to the rising adoption of pets across all regions. Due to this, the demand for quality pet food has increased, thus improving their health and performance.
The global pet food ingredients market which was valued at USD 28.6 Billion in 2014 is projected to reach a value of USD 37.3 Billion by 2020, growing at a CAGR of 4.5% during the forecast period from 2015 to 2020.
Based on source, animal derivatives segment dominated the market in 2014 with 48.7% of the total market share, whereas, the plant derivatives segment is estimated to grow at a CAGR of 4.8% between 2015 and 2020. On the basis of animals, the dog segment held the largest market share of about 35% in 2014, and is also projected to reach a value of USD 13.0 Billion in 2020.
Regional growth scenario of the market
Among regions, the market in North America held the largest market share of about 38% in 2014, owing to the rising trend of pet humanization, thereby increasing the demand for pet food products. However, the market in Asia-Pacific is projected to grow at the highest CAGR of 5.2% during the forecast period from 2015 to 2020. This growth can be mainly attributed to the increased income and growing awareness of the benefits of quality pet food. Moreover, because of the increase in pet ownership due to urbanization, the pet food consumption is expected to rise in this region in the coming years.
Drivers and restraints for the market
The growth of the worldwide market for pet food ingredients is being majorly influenced by the following factors:
- Increasing global pet population and pet adoption
- Improved distribution network across the globe
- Growing trend of pet humanization
- Increase in palatability of food
In addition, emergence of regional markets and positive changes in income and lifestyle are expected to offer ample growth opportunities for the market.
On the flip side, stringent rules and regulations and shortage of raw materials are the major factors that may hamper the growth of this market. Moreover, counterfeit products and lack of acceptance of pet food in under-developed nations due to low capita income are the key challenges for the market players that need to be tackled.
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Market players and growth strategies being adopted by them
BASF SE (Germany), Archer Daniels Midland Company (U.S.), E.I. du Pont de Nemours and Company (U.S.), Koninklijke DSM N.V (The Netherlands), and Ingredion Incorporated (U.S.) are the major players involved in the global market for pet food ingredients. Other players include Chr. Holdings A/S (Denmark), Omega Protein Corporation (U.S.), The Scoular Company (U.S.), Roquette Freres (France), Darling Ingredients Inc. (U.S.), and John Pointon & Sons Ltd. (U.K.) that are looking to expand their global presence. These players are implementing strategies like new product developments, expansions, mergers & acquisitions, and investments in order to sustain their position in the market. The market is highly competitive with the leading players actively involved in research & development of different pet food ingredients to bring more sustainability.
