Pet food industry has witnessed a rapid growth over a passage of time, mainly due to the rising adoption of pets across the globe. This has led to an increased demand for quality pet food, thus helping to improve their overall health.
Market overview
The global pet food ingredients market which was valued at USD 34.96 Billion in 2018 is projected to reach a value of USD 45.44 Billion by 2023, growing at a CAGR of 5.4%during the forecast period from 2018 to 2023.
Based on ingredient, the meat & meat products segment held the largest market share in 2017, followed by cereals, since they are cost-effective and enhance the palatability and acceptability of pet food. Meat & meat products being a key source of proteins make them an essential part of the daily nutrition for pets.
According to the type of pets, the dog segment held the largest market share in 2017, owing to the rising demand for premium dog food products from developed as well as developing nations, coupled with the rising concerns about pet health.
Based on form, the dry segment accounted for the largest market share in 2017, followed by the liquid segment. This growth can be contributed to the wide use of dry form in pet food products, growing popularity, cost-effective nature, and low moisture content. This facilitates convenient handling during processing and storage.
Regional growth scenario of the market
The North American market for pet food ingredients held the largest market share in 2017, owing to the strong presence of market players, such as ADM, Cargill, Ingredion, SunOpta, DowDuPont, Darling Ingredients, and Kemin in this region. However, the Asia Pacific market for pet food ingredients is predicted to witness the fastest growth over the forecast period, owing to the increasing rate of pet adoption by the rising number of nuclear families in countries such as China, India, and Japan. In addition, the presence of local pet food ingredient manufacturers who offer pet-food-grade ingredients at the lowest price in developing nations such as China as compared to other countries in the region is also one of the major factors driving the market in this region.
Drivers and restraints for the market
The growth of the global market for pet food ingredients is being primarily influenced by the following factors:
- Increasing global pet population and pet adoption
- Rising trend of pet humanization
- Growing need to improve palatability of pet food
Apart from these, upcoming regional markets and shifting focus towards premium pet foods and novel pet food ingredients are expected to offer attractive growth opportunities in the market.
On the downside, stringent rules and regulations, limited availability of ingredients, and rise in the raw material prices are the factors likely to hinder the market growth. Moreover, presence of counterfeit products is the key challenge to be tackled by the leading market players.
Ask for Sample Pages @ https://www.marketsandmarkets.com/requestsample.asp?id=147
Market players and growth strategies being adopted by them
Archer Daniels Midland Company (US), Koninklijke DSM N.V. (Netherlands), Cargill, Incorporated (US), BASF SE (Germany), Ingredion Incorporated (US), Roquette Frères (France), SunOpta (Canada), Darling Ingredients Inc. (US), Omega Protein Corporation (US), DowDuPont Inc. (US), Kemin Industries, Inc. (US), InVivo (France), and John Pointon & Sons Ltd. (UK) are the major players involved in the global market for pet food ingredients. These players are adopting strategies, such as new product developments, expansions, mergers & acquisitions, and investments in order to witness sustained growth as well as maintain their market position. The market is highly competitive with the leading players actively involved in research & development of different pet food ingredients to bring more sustainability.
