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Market Snapshot:As per the report by Market Research Future (MRFR), the global pet food ingredients market is slated to gain major traction at a healthy CAGR during the forecast period (2018-2023), backed by factors like growing concern of pet owners towards animal health.
Market Drivers and Restraints
Increase in pet acquisition, as well as adoption activities, increasing trend of pet humanization, and enhanced distribution networks, are anticipated to drive the market growth over the forecast period. Augmented demand for enhanced pet food palatability particularly in emerging nations like India and China is likely to offer various growth opportunities for market participants. Moreover, increasing standard of living coupled with high disposable consumer income in urban metro cities is elevating the demand for hygienic and quality-assured pet food.
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But differing regulatory structures and raw material scarcity could act as a hindrance to the market growth in the coming years. However, growing awareness regarding the health benefits of pet food, in addition to the growing concern for health and nutrition among pet owners is expected to be a driving force behind the market growth. Moreover, product launches, as well as technological advances coupled with increasing Research and Development (R&D) initiatives by leading companies like Unicharm Corp. and Mars on account of high demand, are projected to drive the industry in the foreseeable future.
Key Players:
Few of the prominent players in the global pet food ingredients market include John Pointon & Sons Ltd. (UK), DSM N.V. (The Netherlands), Archer Daniels Midland Co. (US), BASF SE (Germany), Cargill, Inc. (US), Roquette Frères (France), SunOpta (Canada), Ingredion, Inc. (US), Omega Protein Corp. (US), DowDuPont, Inc. (the US), among others.
Industry Update:
Mr. Apple owner Scales Corp has bought 60 percent of a United States-based pet food manufacturer, Shelby JV LLC. The company will be paying USD 23.2 million for the stake, and the founder and president Brett Frankel will be retaining the other 40 percent.
Market Segmentation:
The global pet food ingredients market is segmented on the basis of ingredient, pet, form, source, and region.
The market, depending on ingredient, is segmented into meat & meat products, vegetables, cereals, fats, and additives. Meat & meat products segment are projected to generate the maximum revenue in the global market due to the enhanced palatability as well as acceptability of meat-based pet food. Meat is considered a great source of chondroitin, glucosamine, protein and vitamins, which help in brain development, immune system of pets and bone health.
By pet, the global market has been segmented into cat, dog, fish, and others. The dog segment is holding the substantial portion of the global with the maximum revenue on account of the increasing adoption of different breeds of dogs around the world. Dogs require extra nutritional values compared to other pets when it comes to health and performance, which has led to subsequent growth of dog food ingredients market.
Form-wise, the market caters to dry ingredients and liquid ingredients. As dry pet food ingredients possess more nutrition content and offer longer shelf life based on its low moisture level, the market for dry pet food ingredients market is presumed to gain significant traction in the coming years.
Source-based segments in the global pet food ingredients market is segmented into plant-based, animal based, and synthetic. Among these, the segment of animal-based source is dominating the market as animals sourced pet food is an excellent source of proteins along with various other nutrients that are required for the good health of pets.
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Regional Outlook:
Region-wise, the global pet food ingredients market is segmented into Europe, North America, Europe and the Rest of the World.
Among all the regions, North America is set to acquire the maximum share in the global pet food ingredients market on account of the rising demand for healthier pet diet. Growing pet humanization has given way to increasing health concern among pet owners for pets in the region. In addition, Europe is a prominent contributor with a healthy revenue share towards global pet food ingredients market, due to the increasing pet adoption. Also, the majority of the households in Europe own one or more pets, while taking every possible measure to take care of their pets.
Asia Pacific is projected to grow at the fastest rate in the global market for pet food ingredients, resulting from the increasing adoption of pets which primarily includes cats. Events like Pet Fair Asia is the largest annual trade show dealing with animal supplies and aquariums in Asia, which boost the demand for pet food ingredients in the region.
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Organization: market research future
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Website: https://www.marketresearchfuture.com/reports/pet-food-ingredients-market-6455
Release ID: 468569
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