Pet Food Ingredients Market

Pet Food Ingredients Market worth $53.2 billion by 2025

The report "Pet Food Ingredients Market by Ingredient (Cereals, Meat & Meat Products, Vegetables, Fruits, Fats, and Additives), Source (Animal-based, Plant-based, and Synthetic), Pet (Dog, Cat, and Fish), Form (Dry and Liquid), and Region - Global Forecast to 2025"The pet food ingredients market was valued at USD 38.6 billion in 2020 and is projected to reach USD 53.2 billion by 2025, recording a CAGR of 6.6% during the forecast period. The increase in the adoption of pets among consumers has encouraged companies to develop innovative and nutrition-rich products for feeding pets. An increase in the population of pets and pet humanization trends have also led to an increase in the demand for nutrition-rich pet food. The sources of pet food ingredients are animal derivatives, plant derivatives, and additives, as they improve their nutritional value.

Browse 135 market data Tables and 61 Figures spread through 182 Pages and in-depth TOC on "Pet Food Ingredients Market by Ingredient (Cereals, Meat & Meat Products, Vegetables, Fruits, Fats, and Additives), Source (Animal-based, Plant-based, and Synthetic), Pet (Dog, Cat, and Fish), Form (Dry and Liquid), and Region - Global Forecast to 2025"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/global-pet-food-and-care-products-market-147.html

Increase in pet humanization among the urban population.

Pet humanization is becoming a globally accepted term in the pet industry because more and more pet owners are wanting to provide their pets with human like products or experience. A study conducted by the American Pet products Association (APPA) UNDER National Pet owners Survey (2019-20) revealed that more than 85 million households in the United States had one or more pets with a major percentage of households having dogs. Thus, increase in pet humanization is anticipated to drive the pet food industry which in turn will bolster the pet food ingredient industry.

Increase in pet expenditure with a substantial rise in pet food expenditure.

Along with the rise in the pet population, the global pet food industry has also been expanding, owing to the increasing expenditure of pet owners on a variety of pet food products. For instance, according to the APPA, the total US pet industry expenditure increased from USD 48.35 billion in 2010 and stood at USD 72.56 billion in 2018. Furthermore, it is estimated that that pet industry expenditure would reach USD 75.38 billion in 2019. In 2017, about USD 29.07 billion was spent on pet food, which is 44.6% of the total expenditure. This increased by 4.3% in 2018, making the total expenditure on pet food reach USD 30.32 billion. Thus, the rise in pet ownership, along with the increase in pet food expenditure, is projected to drive the demand for pet food across the globe.

Rising demand for clean label and organic products which is driving pet food ingredient market.

The concern about the health and wellbeing of their pets is increasing everyday among pet owners. This health consciousness has led to the clean label movement in pet food ingredient market. The pet food ingredient products that are considered as clean label by the pet owners globally include non-GMO ingredients, natural colors and flavors, no by product protein sources and organic.

According to an article published by European Pet Organization in the UK on dog food, the volume of pet food sold has declined by 3%, whereas the value has increased by 2%, stressing on the fact that pet owners are moving toward organic and premium products. Also, there is a rise in interest among US pet owners for natural, locally sourced treats, and chews, which has also led to increased sales of organic pet food ingredients. Additionally, an increase in obesity among pets has encouraged the pet owners to demand organic, clean, and protein-rich food products

South America is projected to record highest CAGR 9.7% during the forecast period.

South America is a leading producer and exporter of pet food ingredients. It is projected to record the highest CAGR 9.7% during the forecast period. Brazil imports most of its pet food products, but it also exports most of the pet food ingredients to manufacturers in other countries. In South America region it is observed that as a substitute for children, individuals are increasingly adopting pets, which has led to a growing trend of pet humanization. In 2019, Brazil recorded 40.6 million pet population. Dogs are the most common pets, the breakdown for pet adoption is 70.6% dogs, 21.8% cats, and other pets, 7.6% (consisting of birds and fish). Nearly 80% of the Brazilian households owned a pet in 2019, nearly 40% of Brazilian households owned a dog, and 15% owned a cat.

The key players in this market include BASF SE (Germany), Bluestar Adisseo (China), Darling Ingredients US), Ingredion Incorporated (US), Omega Protein (US), Archer Daniels Midland Company (US), and DuPont (US).

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Report Code
AGI 6240
PR Published ON
7/9/2020
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