Pet Food Ingredients Market Size, Future Scope And Market Trends 2030
Market Scope
MRFR (Market Research Future) anticipates the pet food ingredients market 2022 to perform decently and attain a moderate growth rate over the forecast period (2022 to 2030). We will provide COVID-19 impact analysis with the report, combined with an in-depth analysis following the coronavirus disease outbreak.
Pet Food Ingredients Market Size is anticipated to reach USD 1.2 Billion by 2030, registering a CAGR of 4.8% during 2022-2030.
Top Boosters and Deterrents
Pet food manufacturers in the global market are continuously expanding their product lines, offering an extensive option range to the consumers. Customers have the option of opting for products based on multiple factors such as life stages, disease conditions, breeds, ingredient preference, price and more. Therefore, the evolving market dynamics worldwide can likely be favorable for pet food ingredients, in terms of demand. Increased knowledge about the health benefits of dietary fiber, minerals, omega-3 fatty acids and carotenoids in pet food as emerged as a growth rendering factor in the global industry.
Considerable surge in cat and dog adoption combined with the escalating focus of the owners on their pets’ health also fosters market demand. Currently, most of the ingredients that are used to prepare pet food are generally synthetic given their ease of availability and low cost. But the growing preference among consumers for natural and better-quality ingredients can be a major booster for the demand for premium as well as super premium products in the years ahead. Industry participants are now more focused on emerging countries, especially in Asia Pacific, which are rife with a host of lucrative opportunities that could assist the pet food ingredients market growth. These countries are mostly untapped and are being explored by the leading vendors owing to the rising pet ownership, particularly among the expanding urban population.
Ingredient sourcing paired with the high energy consumption during manufacturing is driving driven pet food ingredients vendors towards technological innovations. Other than this, the manufacturers are also adopting strategic tactics such as mergers, acquisitions, joint ventures, partnerships, expansions, product launches and agreements to bolster their global footprint. For instance, in October 2020, Nestle Purina Pet Care set up a 1.2 million square feet dry cat and dog food production unit in Ohio, to meet with the consistently soaring demand. The facility is expected to be the most technically advanced in its network and will feature robotics along with various digital tools.
Segmental Analysis
The pet food ingredients market overview has been categorized as ingredient, pet, form and source.
The various ingredients available in the global market are cereals, vegetables, fats, meat & meat products and additives.
The pet-based market segments are fish, cat, dog, and more.
Different forms present in the market are dry ingredients as well as liquid ingredients.
The key sources of the pet food ingredients are animal based, synthetic and plant based.
Regional Outlook
North America and Asia Pacific along with Europe, and RoW or Rest of the World are the primary markets for pet food ingredients across the world.
North America is the most lucrative market for pet food ingredients and is set to observe higher growth in the ensuing years, backed by the surging health concerns among pet owners with the surge in various diseases and conditions. High living standard along with the rise in pet humanization, especially in Canada and US has induced significant growth in the pet food ingredients market. Rising influence of the internet and the social media has enhanced the awareness level among pet owners about different ingredients in pet food, leading to stronger demand in the region.
APAC is on track to witness the highest growth rate, in line with the increasing purchasing capacity of the pet owners who are quite willing to expend on pet food with rich nutrition content. Japan is currently the leading market in the region, as the country has a massive pool of pet owners that are concerned about their pet’s health. Regional vendors offer products are reduced prices to capture the attention of the customers. The emerging preference for premium food products for companion animals in the region as a result of the rising popularity of natural goods can also be a significant growth inducer in the regional market over the ensuing years.
Prominent Contenders
Some of the most prominent market contenders are Omega Protein Corp. (US), Cargill, Inc. (US), DSM N.V. (The Netherlands), Roquette Frères (France), John Pointon & Sons Ltd. (UK), SunOpta (Canada), Ingredion, Inc. (US), Archer Daniels Midland Co. (US), DowDuPont, Inc. (US), BASF SE (Germany), to name a few.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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