Pet Food Ingredients Market Overview
The pet food ingredients industry is a dynamic and growing industry that reflects trends in pet ownership, humanization of pets, and a focus on pet health and wellness. The fast adoption of pets, as well as rising and emerging concern about their health and well-being, are predicted to fuel the increasing need for pet food ingredients. Pet food ingredients are included in pet food products to enhance their nutritional content and enable pet animals to meet their nutritional requirements of proteins, carbohydrates, fats, vitamins, minerals, and water. They cater to a range of pet animals such as dogs, cats, fish and other pets such as rabbits, birds, and horses. Pet food ingredients are also gaining significant traction in the industry with the increasing consciousness regarding pet nutrition among owners and the rising pet humanization trend which has contributed towards increased spending on health-focused pet food ingredients.
Pet food ingredients support the growth and development of pet animals, provide a rich source of vitamins and minerals that the pet animals cannot make in their bodies and also enhance the palatability of pet animals due to which they are in significant demand among the pet owners. Furthermore, the increasing pet adoption rates around the world and technological advancements, that have significantly contributed towards the enhancement of quality and shelf life of pet food ingredients in recent years, are likely to present significant business opportunities for pet food ingredients market over the forecasted period.
From 2022 to 2027, the global pet food ingredients market size is expected to rise at a remarkable compound annual growth rate (CAGR) of 6.7%. This rising trend is expected to boost market value from $32.2 billion in 2022 to $44.5 billion by the end of 2027.
Pet Food Ingredients Market Trends :
Premiumization and Humanization of Pet Food:
Pet owners are increasingly seeking high-quality and premium ingredients for their pets, mirroring trends in human food consumption. There’s a growing demand for natural, organic, and functional ingredients in pet food.
Health and Wellness:
Consumers are becoming more aware of the importance of nutrition in their pets’ overall health.
Ingredients that promote specific health benefits, such as joint health, skin and coat health, and weight management, are in high demand.
Protein Sources:
There’s a focus on high-quality protein sources, with an emphasis on animal proteins.
Alternative protein sources, such as insect-based proteins and plant-based proteins, are gaining attention.
Clean Label and Transparency:
Pet owners are increasingly looking for transparent and easily understandable ingredient lists.
Clean label trends, which include avoiding artificial additives and preservatives, are influencing pet food formulations.
Sustainability:
Sustainable and ethically sourced ingredients are becoming more important to environmentally conscious consumers.
This includes considerations for the sourcing of meat, fish, and other ingredients.
Grain-Free and Limited Ingredient Diets:
Some pet owners are opting for grain-free diets for their pets.
Limited-ingredient diets are gaining popularity, especially for pets with food sensitivities or allergies.
Online Retail and E-commerce:
The rise of online shopping for pet products has impacted the distribution and marketing of pet food ingredients.
The pet food ingredients industry was expanding at the quickest rate in Asia Pacific. The growing number of pets and the rising demand for pet food are driving the pet food ingredients market in Asia Pacific. Pet ownership is common in developing nations like China and India. The adoption of pet animals in the region has also been aided by factors including developing economies, an expanding middle class, and increased public understanding of animal health and welfare.
Key Players in the Global Pet Food Ingredients Market
Key players in this market include BASF SE (Germany), Darling Ingredients Inc. (US), Cargill (US), Ingredion (US), DSM (Netherlands), Omega Protein Corporation (US), ADM (US), Kemin Industries, Inc. (US), Chr. Hansen Holding A/S (Denmark) and Roquette Frères (France).
The dog segment is projected to account for the largest market share in the pet food ingredients market
Based on pets, the dogs segment is projected to account for the largest pet food ingredients market share. Dogs are the most popular pets, with a healthy adoption rate globally. A wide variety of pet food ingredients composed of plant derivatives and animal-based ingredients are needed to meet the nutritional requirements of dogs. Pet food ingredients such as colors and flavors are also used extensively in dog food products to enhance their palatability and feed intake. The high applicability of pet food ingredients in dog food is expected to drive the growth of this segment.
By form, the wet segment is projected to witness a significant growth rate during the forecast period.
Based on form, wet pet food ingredients account for the second-fastest growing segment in the pet food ingredients market. The wet pet food ingredients offer enhanced palatability of pet food products and thus have a high acceptability rate among pet animals. Wet pet food ingredients are also effective in enhancing the overall shelf-life of pet food products, due to the presence of a significant number of antioxidants and preservatives, which contributes to their demand and pet food ingredients market growth.
Key Questions Addressed by Pet Food Ingredients Market Report:
Is the pet food business profitable?
What are the major revenue pockets in the pet food ingredients industry currently?
Are there any challenges affecting this industry, as per the pet food ingredients market forecasts?
