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DUBLIN--(BUSINESS WIRE)--Dec 2, 2022--
The "Global Pet Food Ingredients Market by Ingredient (Meat & Meat Products, Cereals, Vegetables & Fruits, Fats, Additives), Source (Animal-based, Plant Derivatives, Synthetic), Pet (Dogs, Cats, Fish), Form, and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
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%
The market is gaining momentum as pet food ingredients continue to find increased applications across various pet species such as dogs, cats, fish and other pets such as rabbits, birds and horses. The demand for pet food ingredients is gaining significant traction in the industry, especially due to the rising focus of owners on the health and nutrition of pet animals in recent years.
Additionally, the rising innovation in the pet food ingredients market and technological advancements which are enhancing the efficiency of pet food ingredients have contributed to the growth of the market in recent years.
By ingredient, meat & meat products segment occupies the highest market share during the forecast period
Based on ingredient, meat & meat products accounted for the highest market share among all other segments owing to their rich taste and nutrition profile owing to which they have high acceptability rate among pet animals.
Meat & meat products are also effective in supporting the gut health of pets due to their higher amino acid content which is effective in controlling infections and inhibition of growth of pathogens and bacteria. Due to their high acceptability rate among pets, rich nutrition profile and desirable health benefits, they are highly preferred by pet owners, contributing to their increased demand.
By pet, dog segment is forecasted to account for the dominant segment during the forecasted period
Based on pet, the dog segment accounts for the highest market share. Dogs offer an attractive market for manufacturers of pet food ingredients owing to their varied nutritional requirements, compared to other pet animals.
A significant number of additives such as vitamins, minerals and enzymes are added to dog food products to satisfy their nutritional requirements. Dogs also account among the most preferred pets among owners, having a healthy adoption rate around the world which presents significant business opportunities for manufacturers of pet food ingredients.
By source, animal-based pet food ingredients are expected to retain their position as the dominant segment over the forecast period
Based on source, the animal-based segment is expected to account for the largest and fastest-growing segment over the forecast period because of the increasing demand among pet owners owing to their large health benefits and increased acceptability among pet animals.
They are associated with a range of health benefits such as enhancement of health of skin and coat of pet animals and are also considered effective in the inhibition and growth of pathogen and controlling infections such as bladder stones and urinary tract infections, which contributes to their increased demand in the industry.
By form, the dry segment is expected to retain its position as the dominant segment over the forecast period
Based on form, the dry segment is likely to account for the dominant and the fastest growing segment over the forecasted period.
The dry form of pet food ingredients are associated with a range of desirable characteristics such as having a richer nutritional profile, along with being highly cost-effective as compared to liquid form of pet food ingredients. They also offer higher convenience of handling during processing and storage owing to their lower moisture content which is also likely to drive their demand over the forecasted period.
The North America region accounts for the dominant market share for the pet food ingredients market during the forecast period
North America region is expected to retain its position as the dominant region for pet food ingredients market during the forecasted period.
The region's large market share is attributed to a variety of reasons such as increase in adoption of pet animals owing to the rising pet humanization trend in the region. The pet owners in the region demonstrate a high level of awareness regarding health and nutrition of their pets, which contributes to the higher demand of pet food ingredients in the region.
The region's growth has also been bolstered due to the presence of a significant number of major pet food ingredients manufacturing companies. The US, one of the North American countries, also accounts among the leading pet food ingredient producers, and has a large pet population which has also significantly contributed towards the growth of pet food ingredients industry in the region.
Competitive landscape
Key players in this market include BASF SE (Germany), Darling Ingredients Inc. (US), Cargill (US), Ingredion (US), DSM (Netherlands), Omega Protein Corporation (US), ADM (US), Kemin Industries, Inc. (US), Chr. Hansen Holding A/S (Denmark), and Roquette Freres (France).
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KEYWORD:
INDUSTRY KEYWORD: PETS CONSUMER
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 12/02/2022 10:26 AM/DISC: 12/02/2022 10:26 AM
http://www.businesswire.com/news/home/20221202005262/en