Pet Food Ingredients Market Overview:
Pet Food Ingredients Market Size Anticipated to Reach at a USD 1.2 billion by 2030, with CAGR of 4.8% by 2022 to 2030. Pet foods produced currently are rich in carbohydrates, proteins, and other essential nutrients. The concern over pet health has led to the demand for transparency in the ingredients included in pet foods. Pet food ingredients include proteins, mineral and vitamin supplements, fats, and preservatives & colors. The global pet food ingredients market report by Market Research Future (MRFR) takes a look at the dietary needs of various animals, vital deficiencies, and pet mix formulations to suggest predictions for the period of 2022 to 2030 (forecast period).
Market Scope:
The global pet food ingredients market is projected to expand owing to awareness of the health benefits of pet foods. A wide array of product offerings with benefits at different growth stages at varied prices seems to have attracted the interest of pet owners. The rise in the number of companion animals at a gradual rate is likely to influence the market growth significantly. According to the American Veterinary Medical Association (AVMA), the number of pets per household in the U.S. has risen to 2 in the period of 2017 to 2018.
Rising adoption numbers of cats and dogs among the masses in conjunction with the emphasis on animal health will positively impact market revenue numbers. Emergence of pet shops and pet stores will be a source of revenue for market players with a penchant for specialized stores among customers.
Segmentation:
The global Pet Food Ingredients Market Overview has been segmented into source, ingredient, form, and pet.
By source, it has been segmented into plant based, animal based, and synthetic. The animal-based segment can lead the market till 2030.
Ingredients include fats, vegetables, cereals, meat & meat products, and additives. The meat & meat products segment is expected to lead the market owing to penchant for meat products among animals. Meat serves as a source of proteins, vitamins, chondroitin, and glucosamine which assist in regulation of pet health.
By form, the market is bifurcated into dry ingredients and liquid ingredients. The dry ingredients segment is bound to lead the market due to large content volume and large shelf-life compared to its counterpart.
The market, by pet, has been segmented into dog, cat, fish, and others. The dog segment is pegged to generate the maximum revenue in the global pet ingredients market owing to foods designed for different breeds of dogs.
Regional Analysis:
The Pet Food Ingredients Market has been segmented, by region, into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is set to dominate the market owing to rising numbers of pet owners and concerns of animal health. Humanization of pets and improving standards of living in the U.S. and Canada are expected to bode well for the market and lead to a spike in consumption of pet food.
Europe can sustain a significant hold on the market owing to approval of pet foods and adoption of animals as pets. The rapid urbanization has led to a reduction of spaces in countries such as Ireland with people preferring smaller pets such as rabbits and want of these foods.
APAC is projected to display the fastest growth during the forecast period owing to the rise in spending power of consumers in the region. Japan has accounted for the largest share in the region. Local players are offering products at economical prices to customers leading to stiff competition in the regional market. Offerings of pet foods with locally sourced ingredients have remained a mainstay strategy of players in the region. Procurement of fish food in Thailand will be dominant due to lack of time and space for pets.
Competitive Outlook:
Omega Protein Corp., John Pointon & Sons Ltd., SunOpta, Roquette Frères, Ingredion, Inc., DSM N.V., DowDuPont, Inc., BASF SE, Cargill, Inc., and Archer Daniels Midland Co. are notable players of the global pet food ingredients market. Innovation remains the key strategy to reach out to a large consumer base with large brands and small brands having entered the market. Differentiation products by age of animals and breed can help companies in attaining a sizeable consumer base.
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