Pet Food Ingredients Market to Witness Unprecedented Growth in Coming Years

January 18 20:22 2021
Pet Food Ingredients Market to Witness Unprecedented Growth in Coming Years

MarketsandMarkets™
The global pet food ingredients market size is estimated to account for USD 38.6 billion in 2020 and is projected to reach USD 53.2 billion by 2025, recording a CAGR of 6.6%

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 global pet food ingredients market size is projected to reach USD 53.2 billion by 2025, which was estimated at USD 38.6 billion in 2020; it is expected to grow at a CAGR of 6.6% from 2020. Factors such as rise in the disposable income of the middle-class population has led to an increase in the spending capacity on pets. Pets are treated as companions to the owners, and increasing health concerns of their pets have encouraged them to opt for premium pet food products. Pet owners prefer buying high-quality and differentiated food products for their pets to provide them nutrition and variety in pet food. Furthermore, the expansion of pet superstores has made premium and super-premium pet food easily accessible.

Pet Food Ingredients Market

COVID-19 Impact on the Global Pet Food Ingredients Market

The global market includes major Tier I and II suppliers like Cargill, Incorporated, Archer Daniels Midland Company, BASF SE, DuPont, and Ingredion Incorporated. These suppliers have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, South America, and RoW. COVID-19 has impacted their businesses as well. Though this pandemic situation has impacted their businesses as well, there is no significant impact on the global operations and supply chain of their pet food ingredients. Multiple manufacturing facilities of players are still in operation.

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The animal-based segment, by source, is projected to dominate the pet food ingreidnets market during the forecast period.

Animal-based ingredients are further segmented into meat & meat products, fats, proteins & amino acids, and others, which include flavoring agents and antioxidants. A majority of animal-based ingredients include meat & meat by-products, which provide essential protein, fatty acids, iron, and vitamins. Meat increases the palatability of the pet food, and hence, improves the digestion of pets. Fishbones are included in pet food, as they provide calcium and phosphorus. Key manufacturers are focusing on utilizing fish as animal derivatives in pet foods, as they are a rich source of vitamin A & D and omega-3. The benefits provided by omega-3 fatty acids for pets include improving the coat and skin health, regulating the immune system, improving the cognitive function in older pets, and lowering of the blood pressure.

Pets mostly consume the dry form of ingredients due to convenient handling and storage

Based on form, the dry segment accounted for a larger market share in 2019, followed by the wet segment. The dry form is used more widely in pet food products, and their popularity can be attributed to their cost-effective nature and low moisture content, which facilitates convenient handling during processing and storage. Due to these factors, the market for the dry form of pet food ingredients accounted for the largest share.

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South America is projected to witness the highest growth in the market during the forecast period.

South America, followed by Asia Pacific, is expected to grow at high rates from 2020 to 2025. Brazil and Argentina are the most leading markets in the South American region. The market in this region is in the early stage of development, and hence, provides growth opportunities for key companies. The South American region is projected to grow at a high rate in the pet food ingredients market, as some countries in this region offer profitable growth opportunities for the pet food industry. Brazil is the largest pet food ingredient market and is also one of the fast-emerging markets for South America.

This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies. It includes profiles of leading companies such ADM (US), DSM (Netherlands), Cargill, Incorporated (US), BASF SE(Germany), Ingredion Incorporated (US), Roquette Frères (France), SunOpta (Canada), Darling Ingredients (US), Omega Protein Corporation (US), DuPont (US) and Kemin (US).

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