The pet food ingredients market refers to the industry involved in the production and supply of various ingredients used in the manufacturing of pet food. These ingredients are used to provide essential nutrients, flavor, texture, and overall quality to pet food products. The market encompasses a wide range of ingredients, including proteins, carbohydrates, fats, vitamins, minerals, additives, and other functional ingredients.
The pet food ingredients market size will grow at a 6.7% CAGR during the forecast period. The market is predicted to rise from USD 32.2 billion in 2022 to USD 44.5 billion in 2027, driven by a rising trend of pet humanization and increased knowledge of pet health and nutrition among pet owners.
Key factors driving the growth of the pet food ingredients market include:
1. Increasing pet ownership: The growing trend of pet ownership worldwide, coupled with rising disposable incomes, has led to increased spending on pet food. This, in turn, drives the demand for high-quality pet food ingredients.
2. Humanization of pets: Pet owners are increasingly treating their pets as family members and seeking to provide them with nutritionally balanced and high-quality food. This has led to a demand for pet food ingredients that mirror human food trends, such as organic, natural, and functional ingredients.
3. Health and wellness awareness: Pet owners are becoming more conscious of their pets’ health and well-being, leading to a demand for pet food products that promote optimal nutrition, and weight management, and address specific health concerns. This drives the need for specialized ingredients in pet food formulations.
4. Product innovation: Pet food manufacturers are constantly developing new and innovative products to cater to evolving consumer preferences. This drives the demand for novel and specialized ingredients that offer unique benefits, such as alternative protein sources, grain-free options, or hypoallergenic formulations.
5. Regulatory standards and safety: Stringent regulations and quality standards regarding pet food safety and labeling have created a demand for ingredients that meet these requirements. Consumers are increasingly seeking transparency and assurance about the ingredients used in pet food products.
By source, the plant derivatives segment accounts for the second-largest market share in the pet food ingredients market
By source, the plant derivatives segment accounts for the second-largest share in the pet food ingredients market. The rising trend of veganism and the adoption of more plant-based ingredients in the diets of pet animals have contributed to the growth of plant-derived ingredients in the pet food ingredients industry, due to which they account for the fastest-growing sources of pet food ingredients. The plant-derived pet food ingredients also offer a rich source of protein, omega-6 fatty acids, antioxidants, vitamin B, fibers, and minerals.
By form, wet segment is projected to witness a significant growth rate during the forecast period.
Based on form, wet pet food ingredients account for the second-fastest growing segment in the pet food ingredients market. The wet pet food ingredients offer enhanced palatability of pet food products and thus have a high acceptability rate among pet animals. Wet pet food ingredients are also effective in enhancing the overall shelf-life of pet food products, due to the presence of a significant number of antioxidants and preservatives, which contributes to their demand and market growth in the industry.
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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).