Overview and Scope
Pet food ingredients refer to components added to pet food products to increase their nutritional value and help pets satisfy their needs for proteins, carbs, fatty oils, vitamins, minerals, and other nutritional and energy sources.
Sizing and Forecast
The pet food ingredient market size has grown strongly in recent years. It will grow from $31.44 billion in 2023 to $33.72 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to introduction of commercial pet foods, emergence of nutritional science, industrialization of pet food production, veterinary recommendations and guidelines, innovations in processing techniques, introduction of specialized diets..
The pet food ingredient market size is expected to see strong growth in the next few years. It will grow to $43.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to rising pet ownership, health-conscious consumer behavior, premiumization and humanization, e-commerce and direct-to-consumer channels, sustainability and ethical sourcing.. Major trends in the forecast period include natural and clean label ingredients, sustainable sourcing, functional and nutritional additives, alternative protein sources, grain-free and limited ingredient diets..
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Segmentation & Regional Insights
The pet food ingredient market covered in this report is segmented –
1) By Ingredient: Meat And Meat Products, Cereals, Vegetable And Fruits, Fats, Additives
2) By Form: Dry, Wet
3) By Nature: Organic, Inorganic
4) By Source: Animal-Based, Plant Derivatives, Synthetic
5) By Pet: Dogs, Cats, Fish, Other Pets
North America was the largest region in the pet food ingredient market in 2023. Asia-Pacific is expected to be the fastest-growing region in the pet food ingredient market report during the forecast period. The regions covered in the pet food ingredient market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing pet adoption rates are expected to propel the growth of the pet food ingredient market. Pet adoption refers to taking over the care of an animal that was previously owned by someone else, such as a person, shelter, or rescue group. Pet animals are the main consumers of pet food ingredients. They require a wide variety of nutrients to maintain healthy body function, and it helps them maintain muscular tone, build and repair muscles, teeth, and bones, conduct regular daily activities easily, or fight off infection, and these factors will boost the pet food ingredient market. For instance, in November 2022, according to a national survey of pets and people published by Animal Medicines Australia (AMA), an Australia-based industry body representing the leaders of the animal health industry in Australia, about half of Australian households have at least one dog, making them the most common pet. In 2022, 48 percent of households had dogs. Moreover in Australia, 37 percent of dogs and 40 percent of cats have been obtained since the pandemic started, which is close to 2 out of 5 canines. Therefore, the increasing pet adoption rates are driving the growth of the pet food ingredient market going forward.
Key Industry Players
Major companies operating in the pet food ingredient market are developing innovative products such as functional fibers to meet larger customer bases, more sales, and increase revenue. Functional fiber refers to a type of dietary fiber that provides specific health benefits beyond basic nutritional value. For instance, in April 2021, Kemin Industries, a US-based manufacturer of specialty ingredients, launched Tegravia, a functional fiber for pet food. Tegravia’s fiber is sourced from cassava, an edible root extensively utilized in Brazilian cuisine for its nutritional properties. It stands out as a fiber source with prebiotic attributes, supporting intestinal health. Additionally, Tegravia offers benefits for pet food formulations by improving texture and facilitating starch gelatinization.
The pet food ingredient market report table of contents includes:
1. Executive Summary
2. Pet Food Ingredient Market Characteristics
3. Pet Food Ingredient Market Trends And Strategies
4. Pet Food Ingredient Market – Macro Economic Scenario
5. Global Pet Food Ingredient Market Size and Growth
….
31. Global Pet Food Ingredient Market Competitive Benchmarking
32. Global Pet Food Ingredient Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Pet Food Ingredient Market
34. Pet Food Ingredient Market Future Outlook and Potential Analysis
35. Appendix
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