Pet Food Ingredients Market worth $47.4 billion by 2028 - Exclusive Report by MarketsandMarketstm
CHICAGO, Jan. 24, 2024 /PRNewswire/ -- The Pet Food Ingredients Market is estimated at USD 34.2 billion in 2023 and is projected to reach USD 47.4 billion by 2028, at a CAGR of 6.8% from 2023 to 2028 according to a report published by MarketsandMarketstm. The global pet food ingredients market has witnessed remarkable growth in recent years, driven by advancements in pet nutrition research that have spurred the development of specialty components that cater to specific nutritional requirements, hence contributing to the market's growth. The industry's dynamic character reflects evolving pet ownership trends, with more individuals choosing pets and demanding premium, personalized nutrition solutions for their furry companions. Overall, the pet food ingredients sector is seeing strong growth, owing to a combination of changing customer preferences, improved awareness of pet health, and the continued trend of humanizing pets.
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By form, dry ingredients are estimated to grow at the highest rate in the pet food ingredients market.
The global pet food ingredients market is witnessing a significant surge in interest and investment, with dry ingredients emerging as a key driver of this growth. The convenience and longer shelf life of dry pet food contribute to its popularity among pet owners, fostering sustained market expansion. Additionally, the affordability and ease of storage make dry ingredients a preferred choice for both manufacturers and consumers. Dry pet food's suitability for various pet types and dietary needs further fuels its market growth, offering versatility in catering to a broad spectrum of pets. The rise in pet ownership, coupled with the increasing demand for convenient and cost-effective pet nutrition solutions, propels the growth of the pet food ingredients market for dry ingredients.
By meat & meat products, deboned meat accounted for the largest share in 2022 in terms of value
Pet owners are increasingly prioritizing premium nutrition for their animals, and deboned beef is well-known for its high-quality protein content, which is critical for their general health. Furthermore, the pet food business is responding to increased knowledge of pet allergies, and deboned beef, as a single-source protein, resolves concerns about food sensitivities. Deboned meat contains necessary amino acids, which promote proper muscle development in pets. This is especially good for busy or growing animals. The protein in deboned beef is highly digestible, allowing pets to absorb and utilize it efficiently, hence benefiting their general health.
By pet, cats are estimated to grow at the highest rate in the pet food ingredients market.
Rising cat ownership drives the demand for specialized and high-quality cat food components. As more families welcome cats into their homes, there is a greater emphasis on providing adequate nutrition to protect the health of these feline pets. Cat owners search for quality ingredients that reflect human dietary preferences, such as natural and healthy components high in critical nutrients. The growing knowledge of cat health and nutrition is driving market expansion, prompting pet owners to choose cat food options with high-quality ingredients. These factors work together to drive the rapid growth of the cat food ingredients industry.
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The Asia Pacific region is projected for the fastest growth in terms of value.
The pet food ingredients market in the Asia Pacific region is experiencing robust growth driven by several key factors. The region is experiencing a heightened demand for premium and nutritionally advanced pet food ingredients. Additionally, the cultural shift towards pet humanization is influencing consumer preferences, with pet owners seeking high-quality ingredients that mirror their own dietary choices. Moreover, the growing awareness of pet health and nutrition is a driving force, leading to a surge in demand for specialized and natural pet food ingredients. Consumers in the Asia Pacific are increasingly prioritizing the well-being of their pets, resulting in a preference for products rich in essential nutrients, vitamins, and minerals. This trend aligns with a broader global movement towards all-natural and sustainably sourced pet food options. According to Alltech data, the region's pet food production climbed by 1.65% in 2022, reaching 2.48 million tons, from 2.27 million tons in 2021.
In summary, the growth of the pet food ingredients market in the Asia Pacific is propelled by increasing pet ownership, a cultural shift towards humanizing pets, and a growing emphasis on pet health and nutrition.
Key Market Players
Key players in this market include BASF SE (Germany), Darling Ingredients Inc (US), Cargill, Incorporated (US), Ingredion (US), DSM (Netherlands), Omega Protein Corporation (US), ADM (US), Kemin Industries, Inc (US), Chr. Hansen Holding A/S (Denmark), Roquette Frères (France), The Scoular Company (US), Symrise (Germany), Mowi (Norway), Lallemand Inc. (Canada), and Phileo by Lesaffre (France).
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Browse Adjacent Markets @ Feed and Animal Nutrition Market Research Reports & Consulting
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Wet Pet Food Market by Pet (Dogs and Cats), Source (Animal-Based, Plant Derivatives, and Synthetic), Distribution Channel (Pet Specialty Stores, Supermarkets/Hypermarkets, Convenience Stores, and Online) and Region - Global Forecast to 2028
Pet Food Processing Market by Type (Mixing & Blending Equipment, Forming Equipment, Baking & Drying Equipment, Cooling Equipment, Coating Equipment), Form (Dry, Wet), Application (Dog Food, Cat Food, Fish Food), and Region - Global Forecast to 2026
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