Maratha Headlines

Pet Food Ingredient Market Growth, Size, Share, Trends, Industry Overview, and Forecast – 2023

 Breaking News
  • No posts were found

Pet Food Ingredient Market Growth, Size, Share, Trends, Industry Overview, and Forecast – 2023

October 17
20:45 2019
Pet Food Ingredient Market Growth, Size, Share, Trends, Industry Overview, and Forecast - 2023

MarketsandMarkets™
North America is the largest market for pet food ingredients and is projected to follow the same trend for the coming years. This dominance can be attributed to the significant pet population and an increase in the number of households with pets, the presence of a substantial number of pet food ingredient companies which are constantly engaged in expansion activities to meet the high demand for pet food and the large number of pet adoption shelters.

The report Pet Food Ingredient 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 2023″, The Pet Food Ingredients Market Is Projected To Account for a Value of USD 45.4 Billion By 2023 Increasing adoption of pets among individuals has encouraged retail outlets to accommodate their shelves with high-quality pet food. High demand for pet food in various countries has encouraged manufacturers to develop products that cater to the specific health requirements of various pets. As the demand for pet food continues to increase, manufacturers focus on utilizing ingredients such as plant and animal derivatives that offer high feed conversion ratio and improve digestion. According to MarketsandMarkets, the pet food ingredients market is projected to account for a value of USD 45.4 billion by 2023, recording a CAGR of 5.4%.

Pet Food Ingredient Market

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=147

Increase in pet population and pet adoption

A global rise in the pet population, as well as increased ownership of pets supported by pet adoption, has been one of the significant factors that have been increasing the demand for pet food ingredients worldwide. The change in demographics in emerging countries, rapid urbanization, increasing disposable income with increasing trends of companionship achieved from owing pets, and consistent rise in pet population (mainly dogs and cats) are some of the factors responsible for the rise in pet ownership. According to the 2017-2018 National Pet Owners Survey conducted by the American Pet Products Association (APPA), “pet ownership stands at 68% of all US households. With the US Census reporting 124.587 million households, the number of pet owning households is 84.6 million.” The pet food ingredients industry is constantly evolving to serve the growing pet industry. There has been an increase in pet ownership contributed to by the established pet food industry and the ease in availability of a variety of pet food and pet supplies including premium pet food products due to the growing retail channels. According to a report, Pet Ownership In Australia 2016, “At 62%, Australia continues to have one of the highest household rates of pet ownership in the world with around 5.7 million of Australia’s 9.2 million households home to a pet.”

North America is the largest market for pet food ingredients and is projected to follow the same trend for the coming years. This dominance can be attributed to the significant pet population and an increase in the number of households with pets, the presence of a substantial number of pet food ingredient companies which are constantly engaged in expansion activities to meet the high demand for pet food and the large number of pet adoption shelters. These factors are resulting in a positive outlook for the lucrative pet food ingredients market.

Europe is the second-largest market for pet food ingredients, and this large share can be attributed to the significant number of households with pets. According to the report, FEDIAF Facts & Figures 2016, published by The European Pet Food Industry, “There are estimated 80 million number of European households owning at least one pet animal.” The report also states that there are around 132 pet food producing companies in Europe which contribute to around 8.5 million tons of annual sales volume of pet food products.

Research has also shown that the presence of a companion animal can help with certain physical and psychological conditions. Considering the multiple emotional and psychological benefits of pets, their adoption has resulted in increased demand for pet food, which is further driving the pet food ingredients market.

The rise in awareness about pet adoption by various pet organizations, rising popularity of this trend, and the presence of animal shelters is leading to an increase in pet adoption.

Limited availability of ingredients and price sensitivity

Increased in the cost of production and rise in the raw material prices have resulted in the rise in the prices of pet food ingredients. For instance, BASF increased the price of its feed grade Vitamin E & A by 15% and 10% respectively in 2013 and again by 20% for vitamin A in 2016. Vitamins and several other pet food ingredients face the problem of raw material availability, resulting in a price increase. This high price stands to be one of the biggest limitations for the growth in sales of pet food ingredients. Thus, scarcity of raw materials is one of the restraining factors for the growth of the pet food ingredients market. Pet food ingredients are also obtained from plant sources. Changes in climatic conditions also affect the supply of raw materials, which in turn results in an increase in their prices.

Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=147

Emerging regional markets:

Demand for pet food ingredients is high in the developed markets of the US, Canada, France, Germany, Poland, and the UK. The popularity of premium pet foods is rapidly rising, as marketing activities are conducted to highlight their use and health benefit claims with the growing significance of retail channels such as ecommerce sites. Premium pet food is expected to experience a sharp upsurge in demand due to pet humanization and growing emphasis of pet owners on the palatability and quality of pet food. Penetration of modernized retail chain is also supporting the growth of pet food products in emerging markets. Developing economies such as China and India are expected to experience a strong increase in the demand for pet food products due to efficient distribution networks, organized supply chain activities, the presence of several domestic as well as international pet food manufacturers, and an increase in the number of pet owners. According to data by the National Bureau of Statistics, China had 27.4 million dogs in 2016 and was ranked third globally after the US and Brazil in terms of dog ownership. According to the India International Pet Trade Fair (IIPTF), “The pet population in India has grown from 7 million in 2006 to 10 million in 2011. On an average 600,000 pets are adopted every year.” Thus, the increasing number of middle-class households and rising per capita income, along with increasing expenditure on pet health and wellness creates increased demand for pet food and accessories in emerging markets in the Asia Pacific region.

Key participants in the pet food ingredients market are the pet food ingredients manufacturers, suppliers, and regulatory bodies. The key players that are profiled in the report include Archer Daniels Midland Company (US), Koninklijke DSM N.V. (Netherlands), Cargill, Incorporated (US), BASF SE (Germany), Ingredion Incorporated (US), Roquette Frères (France), SunOpta (Canada), Darling Ingredients Inc. (US), Omega Protein Corporation (US), DowDuPont Inc. (US), Kemin Industries, Inc. (US), InVivo (France), and John Pointon & Sons Ltd. (UK).

Media Contact
Company Name: MarketsandMarkets
Contact Person: Mr. Shelly Singh
Email: Send Email
Phone: 1-888-600-6441
Address:630 Dundee Road Suite 430
City: Northbrook
State: IL
Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/global-pet-food-and-care-products-market-147.html