Increasing Efficiency of the Equipment and Variety in Raw Materials is Boosting the Pet Food Processing Market
Future Market Insights, Inc. identifies pet food processing as a burgeoning market fueled by rising pet ownership and demand for specialized pet food. Dive deeper into the intricate dynamics of this burgeoning market and uncover compelling stakeholder opportunities in our comprehensive FMI report.
NEWARK, Del., Jan. 15, 2024 /PRNewswire/ -- The Pet Food Processing Market is expected to be valued at US$ 6,684.4 million in 2024. In contrast, the 2023 value was marked at US$ 6,348.0 million. The market is expected to progress at a modest rate over the forecast period, with a CAGR of 4.0%. By 2034, the value of the market is forecasted to have inflated to US$ 9,112.7 million.
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The need for pet food processing is growing along with rising adoption rates of pets and the subsequent demand for pet food. A growing number of pet owners are becoming knowledgeable about the benefits of specialized pet food and thus the demand is being churned for pet food processing. Further, the variety of pet food desired by pet owners is being fulfilled by pet food processing.
Pet food processing is consistently taking steps forward with the advent of advanced equipment and techniques. A process like rendering is allowing manufacturers to cut down on costs. In addition to meat-based raw materials, manufacturers are also using plant-based materials to appeal to the vegan and vegetarian crowd.
While pet food adoption is rising around the world, some pet owners are still hesitant about pet food. Objections are raised against the unchecked quality of raw materials as well as the use of artificial preservatives. Thus, the market has stumbling blocks in its path.
"The trend among pet owners is to treat the pet as a member of the family. Thus, the focus of pet owners is not just on nutrient-rich essential food. Pet owners are also buying bite-sized treats in the form of kibbles or biscuits for their pets. The manufacturing of pet treats represents a significant opportunity for pet food processing," says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).
Key Takeaways from the Pet Food Processing Market
- The pet food processing market is anticipated to be US$ 6,684.4 million in value in 2024.
- Dry food is the most manufactured form in pet food processing. For 2024, dry pet food is expected to contribute to 65% of the market share.
- Pet food processing predominantly produces dog food. Dog food is anticipated to account for 45% of the market share.
- Japan is one of the most promising countries in the market. The CAGR for Japan over the forecast period is anticipated to be 6.0%.
- China is another Asian country where significant growth is predicted. For the 2024 to 2034 period, the CAGR for China is pegged at 5.0%.
- The market is expected to register a CAGR of 5.6% in Germany over the forecast period.
Competition Analysis of the Pet Food Processing Market
Improvement in processing facilities by establishing new plants or making improvements to existing ones is a key concern for many market players. Start-up culture is evident in the market. Many small-scale companies are being taken over by multinational giants, while others are looking for investments.
Following are the prominent companies in the market:
- Buhler Holding AG
- GEA Group
- The Middleby Corporation
- Andritz Group
- Selo
- Baker Perkins Ltd.
- Purina
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Recent Developments in the Pet Food Processing Market
- In December 2023, Nugape Pet Food was the recipient of a certificate from the International Featured Standards (IFS) highlighting the company's commitment to safety and sustainability.
- In November 2023, Bioriginal Food & Science Corp. acquired Softgel Co.
- In August 2023, Chinese market player Gambol Pet Group raised funding to the tune of US$ 219.7 million after going public.
About the Author:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor's Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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