The Global Pet Food Ingredient Market Thrives as Consumers Demand Healthier and More Sustainable Options
As per the report by MarketsandMarkets, the global pet food ingredients market size is projected to reach $44.5 billion by 2027, at a CAGR of 6.7% during the forecast period.
Chicago, Oct. 06, 2023 (GLOBE NEWSWIRE) — The pet food ingredients market is a dynamic and growing sector within the pet care industry. It encompasses the various raw materials and components used in the production of pet food products, including both dry and wet pet foods, treats, and supplements.
Market Growth Drivers: Switch from mass products to organic pet food ingredients
According to APPA, in the pet industry, the spending on pet food is around one-third of the total spending. In 2016, around USD 8.2 billion was spent in the US on organic food products. According to an article published in the UK on dog food, the volume of pet food sold has declined by 3%, whereas the value has increased by 2%, stressing on the fact that pet owners are moving toward organic and premium products. Also, there is a rising interest among US pet owners in natural, locally sourced treats, and chews, which has also led to the increased sales of organic pet food ingredients. Additionally, an increase in obesity among pets has encouraged pet owners to demand organic, clean, and protein-rich food products.
Growing Opportunities in the Pet Food Ingredients Industry: Shift in Focus Toward Natural and Grain-Free Products
The rising trend of pet humanization has led to an increase in spending on premium pet food products by pet owners. They are consistently demanding pet food that adds value to the diets of pets and enhances their growth and development. Therefore, the demand for natural and grain-free extruded pet food products has been growing remarkably over the last few years, as they provide various health benefits and aid in the healthier growth of animals. For instance, according to the Pet Industry Distributors Association, natural pet food sales grew from USD 3.6 billion in 2011 to USD 5.4 billion in 2015. Growth in demand for natural and grain-free pet food products has created new opportunities for pet food ingredient manufacturers. Focusing on product innovation and the introduction of natural and grain-free pet food ingredients will enable companies operating in the pet food ingredients market to improve their profits.
How big is the pet food ingredient market?
The global pet food ingredients market is estimated to be valued at USD 32.2 billion in 2022. It is projected to reach USD 44.5 billion by 2027, with a CAGR of 6.7%, in terms of value between 2022 and 2027. The reasons that are driving the growth of the pet food ingredients market rising focus on the health and nutrition of pet animals and increased spending on health-focused pet food ingredients.
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Pet Food Ingredient Market Scope:
|Market worth in 2022||USD 32.2 billion|
|Revenue Estimate in 2027||USD 44.5 billion|
|Growth Rate||CAGR of 6.7% from 2022-2027|
|Geographical Insights||Europe, North America, South America, Asia Pacific|
|Market Growth Drivers||Increase in pet expenditure with substantial rise in pet food expenditure|
|Opportunities in Pet Food Ingredients Market||Use of cannabis in pet food|
|Major Highlights from the Report||The latest version of the report includes the value chain analysis, supply chain analysis, technology analysis, Average Selling Price (ASP) trends, ecosystem mapping, case studies, key stakeholders, trade analysis, patent analysis, Porter’s five forces analysis, regulatory framework, and buying criteria, which have been added to the industry trends chapter.|
Who are the players in the pet food ingredients market?
Below are some of the key players in the industry:
- BASF SE (Germany)
- Darling Ingredients Inc. (US)
- Cargill (US)
- Ingredion (US)
- DSM (Netherlands)
- Omega Protein Corporation (US)
- ADM (US)
- Industries, Inc. (US)
- Chr. Hansen Holding A/S (Denmark)
Global Pet Food Ingredient Industry Report (278 Pages, 327 Tables, and 45 Figures): https://www.marketsandmarkets.com/Purchase/purchase_reportNew.asp?id=147
What are the trends in the pet food ingredients industry?
The pet food ingredients industry is witnessing several notable trends that are shaping the way pet food products are developed and marketed. These trends reflect evolving consumer preferences, concerns about pet health and nutrition, and advancements in ingredient technology. Here are some key trends in the pet food ingredients industry:
- Clean and Natural Ingredients: Pet owners are increasingly seeking pet foods made with clean, natural, and minimally processed ingredients. This trend mirrors the human food industry’s focus on natural and organic products.
- Alternative Proteins: With concerns about the environmental impact of meat production, there is growing interest in alternative protein sources for pet food. Ingredients such as insect meal, plant-based proteins, and even cultured meat are gaining attention.
- Grain-Free and Grain-Inclusive Options: Pet food manufacturers are offering both grain-free and grain-inclusive options to cater to pets with dietary sensitivities and diverse consumer preferences.
- Functional Ingredients: Pet foods with functional ingredients, such as antioxidants, probiotics, prebiotics, and supplements like glucosamine and omega-3 fatty acids, are becoming more popular as pet owners seek products that address specific health needs.
- Limited-Ingredient Diets: Limited-ingredient diets are gaining traction, especially for pets with allergies or sensitivities. These diets typically feature a short list of easily digestible ingredients.
- Customization: Customized pet food options, tailored to individual pets’ nutritional needs and preferences, are emerging as a niche but growing trend, often facilitated by online platforms.
- Sustainability and Ethical Sourcing: Concerns about the environmental impact of pet food production have led to an emphasis on sustainability and ethical sourcing of ingredients. This includes responsibly sourced proteins and eco-friendly packaging.
- Transparency: Pet food manufacturers are providing more information about ingredient sourcing, processing methods, and quality control to build trust with consumers.
- Humanization: The humanization of pets has led to the development of pet foods that mimic human food trends, including gourmet, artisanal, and specialty options.
- CBD and Hemp: Some pet food products now incorporate cannabidiol (CBD) or hemp-derived ingredients, as these compounds are believed to offer potential health benefits for pets.
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Which segment of pet food ingredients market is expected to dominate the market with the largest share?
Based on form, the dry segment is projected to account for the dominant and fastest-growing segment over the forecasted period. The dry pet food ingredients offer desirable characteristics such as a rich nutrition profile and are also cost-effective in nature. They also offer a higher level of convenience during the processing and storage process owing to which they are in significant demand in the industry and are also likely to retain their position as the dominant segment over the forecasted period.
Which region is witnessing the highest growth rate in the pet food ingredients market?
Based on region, North America region is projected to be the largest market for pet food ingredients industry during the forecast period. This growth of the pet food ingredients industry in the region is supported by factors such as increased adoption of pet animals in the region and the rising pet humanization trend which has contributed to a higher level of awareness regarding the health and nutrition of pet animals. The region also has a significant number of pet food ingredient manufacturers and well-established markets for pet products. The pet owners in the region demonstrate a higher level of consciousness about the quality of pet food ingredients. The large pet population and increased spending on health-focused pet food ingredients are likely to drive the market growth of the pet food ingredients industry in the region.
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the report:
·Detailed analyses and profiling of additional market players (up to five)
- Further breakdown of the Rest of the European pet food ingredient market into the Netherlands, the UK, Poland, and other EU countries.
- Further breakdown of the Rest of Asia Pacific pet food ingredient market into Indonesia, the Philippines, Vietnam, and South Korea.
- Further breakdown of the Rest of the South American pet food ingredient market into Peru, Chile, and Venezuela
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