According to a research report “Pet Food Ingredients Market by Ingredient (Meat & Meat Products, Cereals, Vegetables & Fruits, Fats, and Additives), Source (Animal-based, Plant Derivatives, and Synthetic), Pet (Dogs, Cats, and Fish), Form and Region – Global Forecast to 2027″ published by MarketsandMarkets, 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%, in terms of value between 2022 and 2027. The reasons that are driving the growth of the pet food ingredients market rising focus on the health and nutrition of pet animals and increased spending on health-focused pet food ingredients. Pet food ingredients enhance the nutritional profile and offers a range of health benefits in terms of supporting the immunity and gut health of pet animals, along with enhancing the palatability of the products, contributing to higher feed intake due to which they are in significant demand across the pet food industry.
The animal-based segment is projected to retain its position as
the dominant segment in the pet food ingredients market during the forecast
period
Based
on source, the animal-based segment is expected to retain its position as the
dominant and the fastest-growing segment during the forecasted period. The
animal-based pet food ingredients witness significant demand from pet owners owing
to their increased acceptability among pet animals, which contributes to higher
feed intake. Animal-based pet food ingredients are also associated with a range
of health benefits in terms of enhancing the skin and coat of pet animals,
offering improved cognitive health benefits in older pets, and effectively
supporting the gut health and digestion of pet animals which is likely to drive
their demand over the forecasted period.
The dry segment is projected to account for the largest market
share and also for the fastest growing segment in the pet food ingredients
market
Based
on form, the dry segment is projected to account for the dominant and
fastest-growing segment over the forecasted period. The dry pet food
ingredients offer desirable characteristics such as a rich nutrition profile
and are also cost-effective in nature. They also offer a higher level of
convenience during the processing and storage process owing to which they are
in significant demand in the industry and are also likely to retain their
position as the dominant segment over the forecasted period.
North America is projected to be the largest market for the pet
food ingredients market during the forecast period
Based
on region, North America region is projected to be the largest market for pet
food ingredients industry during the forecast period. This growth of the pet
food ingredients industry in the region is supported by factors such as
increased adoption of pet animals in the region and the rising pet humanization
trend which has contributed to a higher level of awareness regarding the health
and nutrition of pet animals. The region also has a significant number of pet
food ingredient manufacturers and well-established markets for pet products.
The pet owners in the region demonstrate a higher level of consciousness with
regard to the quality of pet food ingredients. The large pet population and
increased spending on health-focused pet food ingredients are likely to drive
the market growth of the pet food ingredients industry in the region.
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 Frères (France).
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