Pet Food Ingredient Market Size Projected to Surge USD 68.9 Billion Growth by 2032, Exhibit a CAGR of 6.9%
The demand for pet food is driven by the rise in the number of people who own dogs, cats, and other companion animals. Consumers in China are becoming more interested in the trend of grain-free, natural pet food and functional additives in pet food marketplaces.
Newark, Jan. 09, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 35.4 billion pet food ingredient market will reach USD 68.9 billion by 2032. The main factor driving the pet food ingredients business is the growing knowledge of the nutritional benefits of minerals, dietary fibre, omega-3 fatty acids, and carotenoids—all essential for canine nutrition. These components also strengthen the immune system, aid in weight control, and promote better digestion—all of which promote market expansion. Pet humanization and the premiumization of pet care in both developed and developing countries are projected to be the main drivers of the global pet food ingredients industry. Furthermore, a shift in consumer preferences towards organic and non-GMO foods with natural flavours and colours results from changing lifestyles, and this trend is anticipated to fuel market expansion. Additionally, the industry is anticipated to rise due to handmade pet treats and food that are less expensive and need less preparation time. The market for pet food ingredients is anticipated to increase due to technological advancements that provide new components that enhance pets’ skeletal structure, muscle contraction, and nerve impulse transmission. Snack bars and meal toppers containing krill oil, hemp oil, and cannabidiol are some of the cutting-edge supplements driving the market expansion.
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Key Insighs on
Asia Pacific will account for the largest market size during the forecast period.
The number of stray animals and rising public awareness of pet adoption have contributed to the pet food ingredient market’s growth. Young people are adopting pets at an increasing rate and treating them like members of their families. Furthermore, there are a lot of stray animals in developing nations like China and India, which can increase the market for pet food ingredients. Furthermore, due to their large disposable income, middle-class consumers prioritize luxury pet food products, which is anticipated to fuel demand during the projection period.
The amino acids segment dominated the market with the most significant revenue of USD 4.95 billion.
The amino acids segment dominated the market with the most significant revenue of USD 4.95 billion. This segment has been expanding because amino acids are so beneficial in maintaining heart health, immune system function, cardiac function, clear vision, preventing infections, and slowing the growth of bacteria and viruses in dogs.
Report Attribute Details
|Revenue forecast in 2022
|USD 35.4 Billion
|Market size value in 2032
|USD 68.9 Billion
|Expected CAGR Growth
|2023 – 2032
|Top Market Players
|Clearlake Capital Group, L.P. (Wellness Pet Company Inc.),General Mills Inc.,Mars Incorporated,PLB International,The J. M. Smucker Company,ADM,Colgate-Palmolive Company (Hill’s Pet Nutrition Inc.),Heristo Aktiengesellschaft,Nestle (Purina),Schell & Kampeter Inc. (Diamond Pet Foods)
|Customized purchase options are available to meet any research needs. Explore customized purchase options
Drivers: Growing attention to pet wellness and health
Pet owners now give their animals’ health and well-being more thought. They look for foods for their pets that offer particular health advantages, like selections free of allergens, dental health, and weight control. Pet food shopping selections are also influenced by veterinarian suggestions for particular diets or therapeutic foods because of health difficulties.
Restraint: Cost limitations and their impact on pricing
Price and profitability fluctuations may affect pet food production costs overall due to variations in the cost of raw materials, including grains, meat, and fish. Due to fierce competition, manufacturers may experience pressure to lower prices and narrower profit margins.
Opportunity: Trends in clean labels and identifiable ingredients
Pet owners are looking more closely at the ingredient labels on pet food products and preferring goods with clear, identifiable ingredients. Artificial flavours, preservatives, and additives worry them. Furthermore, pet owners can now customize their pet’s diet to meet their needs, allergies, or preferences owingto the availability of customizable pet food options from firms.
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Some of the major players operating in the pet food ingredient market are:
● Clearlake Capital Group, L.P. (Wellness Pet Company Inc.)
● General Mills Inc.
● Mars Incorporated
● PLB International
● The J. M. Smucker Company
● Colgate-Palmolive Company (Hill’s Pet Nutrition Inc.)
● Heristo Aktiengesellschaft
● Nestle (Purina)
● Schell & Kampeter Inc. (Diamond Pet Foods)
Key Segments cover in the market:
● Amino Acids
● Gut Health Ingredients
● Mycotoxin Detoxifiers
● Antimicrobials & Antibiotics
● Specialty Proteins
● Mold Inhibitors
● Flavors & Sweeteners
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About the report:
The global pet food ingredient market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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