REDDING,
Calif., May 6, 2024 /PRNewswire/ -- According
to a new market research report titled, 'Pet Food Ingredients
Market by Type (Meat & Poultry, Fish, Maize, Wheat,
Additives, Novel Ingredients), Application (Pet Meals {Dry Meal},
Pet Treats, Pet Snacks, Veterinary Diet), Pet Type (Dog, Cat,
Birds, Ornamental Fish) - Global Forecast to 2031,' published
by Meticulous Research®, the pet food ingredients
market is projected to reach $73.30
billion by 2031, at a CAGR of 8.5% from 2024 to 2031.
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The growth of the pet food ingredients market is driven by the
rising pet population coupled with increasing expenditure on pet
food, the growing demand for premium pet food, and an increasing
focus on pet health and wellness. However, the stringent regulatory
structures and fluctuating raw material prices restrain the growth
of this market.
Furthermore, the increasing availability and growing acceptance
of novel pet food ingredients and the proliferation of
direct-to-consumer (D2C) brands and start-ups in the pet food
category are expected to generate growth opportunities for the
stakeholders in this market. However, the risk of counterfeit
products is a challenge impacting the growth of the pet food
ingredients market.
Moreover, the rising demand for customized pet food is a
prominent trend in the pet food ingredients market.
Pet food ingredients refer to the ingredients used in the
formulation of pet food products. Plant-based ingredients are
gaining traction in the pet food industry due to rising awareness
among pet owners about these benefits, leading them to seek out pet
foods that incorporate plant-based ingredients. These ingredients
provide healthy and balanced diets and also align with ethical and
environmental considerations.
The pet food ingredients market is segmented by type
(animal-based ingredients {meat &poultry and fish}, plant-based
ingredients {cereals & grains[corn/maize, wheat, rice, and
other cereals & grains], oilseeds & pulses, fruits &
vegetables [carrot residue and other fruits & vegetables], and
other plant-based ingredients}, additives, and novel ingredients),
application (pet meals {dry meals and wet meals}, treats &
snacks, veterinary diets, and other applications), pet type (dogs,
cats, birds, ornamental fish, and other pet animals), and geography
(North America, Europe, Latin
America, Asia-Pacific, and
the Middle East & Africa).
The report includes an extensive assessment of the key strategic
developments by leading market participants in the industry over
the past four years (2021–2024). The pet food ingredients market
has witnessed several partnerships, agreements, collaborations,
mergers, and acquisitions in recent years. The key players
operating in the pet food ingredients market are Cargill,
Incorporated (U.S.), Ingredion Incorporated (U.S.), Darling
Ingredients Inc. (U.S.), Kemin Industries, Inc. (U.S.),
Archer-Daniels-Midland Company (U.S.), Omega Protein Corporation
(U.S.), Roquette Frères (France),
BASF SE (Germany), Protix B.V.
(Netherlands), Duynie Ingredients
(Netherlands), Chr. Hansen Holding
A/S (Denmark), DSM-Firmenich AG
(Switzerland), Symrise AG
(Germany), IQI b.v. (Netherlands), and KAGOME Australia Pty Ltd
(Australia).
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Key Findings in the Global Pet Food Ingredients Market
Study:
Among all the types studied in this report, in 2024, the
animal-based ingredients segment is expected to account for the
largest share of 72% of the global pet food ingredients
market. The large market share of this segment can be attributed to
the widespread adoption of animal by-products in pet food
manufacturing due to their high protein content, balanced amino
acid profiles, easy digestibility, and palatability.
However, the novel ingredients segment is projected to register
the highest CAGR during the forecast period of 2024–2031, owing to
the growing acceptance of novel ingredients in pet foods, their
easy availability, and health benefits. Moreover, the fast growth
of this market is further supported by a growing number of novel
food ingredient manufacturers, increasing R&D investments from
pet food ingredients manufacturers to develop novel ingredients,
rising demand for premium pet food products, and growing consumer
interest in sustainable pet food sources.
Among all the applications studied in this report, the
veterinary diets segment is projected to register the highest CAGR
during the forecast period of 2024–2031, owing to the increasing
demand for health-oriented pet food products, specialized pet food
products for different breeds, and products specifically formulated
for pets of different ages and physiological needs.
Among all the pet types studied in this report, in 2024, the
dogs segment is expected to account for the largest share of the
pet food ingredients market. This segment is projected to reach
USD 52 billion by 2031.
However, the ornamental fish segment is projected to register the
highest CAGR of more than 10% during the forecast period of
2024–2031, owing to the rising disposable incomes and growing
consumer interest in aquarium fish, increasing awareness of the
therapeutic benefits of keeping fish, the hospitality sector's
demand for ornamental fish to enhance aesthetics, and rising
adoption and ownership of ornamental fish.
Based on geography, the global pet food ingredients market is
majorly segmented into five regions: North America, Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa. In 2024,
North America is expected to
account for the largest share of 32% of the pet food
ingredients market. The North
America pet food ingredients market is estimated to be worth
USD 13.4 billion in 2024. The
large share of this market is mainly attributed to the rising
number of millennials as pet owners in the region, the presence of
a large number of pet food manufacturers, the growing focus on the
health and diets of pets, and the presence of major pet food
manufacturers in the region.
However, Latin America pet food
ingredients market is expected to witness significant growth during
the forecast period of 2024–2031, mainly due to the region's rising
awareness about pet health and nutrition, increasing spending on
pet food products, increase in per capita disposable income, and
rapid urbanization, and rising trend of nuclear families. Moreover,
in Latin America, Brazil is slated to register the highest CAGR
during the forecast period of 2024–2031. Currently, Brazil ranks second in the pet dog population
in the world. The country had approximately 54.2 million dogs and
23.9 million cats in 2022 (Source: HealthforAnimals). Moreover, in
the past few years, the middle class in Brazil has grown significantly, which has
resulted in increased pet ownership in the country. Furthermore,
this increased pet ownership is further driving the demand for pet
food in the country, which is ultimately expected to drive the
growth of the pet food ingredients market in Brazil.
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Scope of the Report:
Global Pet Food Ingredients Market Assessment—by
Type
- Animal-based Ingredients
- Plant-based Ingredients
- Cereals & Grains
- Corn/Maize
- Wheat
- Rice
- Other Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
- Carrot Residue
- Other Fruits & Vegetables
- Other Plant-based Ingredients
- Additives
- Novel Ingredients
Global Pet Food Ingredients Market Assessment—by
Application
- Pet Meals
- Treats & Snacks
- Veterinary Diets
- Other Applications
Global Pet Food Ingredients Market Assessment—by Pet
Type
- Dogs
- Cats
- Birds
- Ornamental Fish
- Other Pet Animals
Global Pet Food Ingredients Market Assessment—by
Geography
- North America
- Europe
- Germany
- France
- U.K.
- Spain
- Poland
- Italy
- Rest of Europe
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Asia-Pacific
- China
- Japan
- Australia
- India
- Rest of Asia-Pacific
- Middle East and Africa
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About Meticulous Research®
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