Top Driving Factors of Pet Food Ingredients Market
(I-BusinessNews.Com, May 22, 2020 ) The global pet food ingredients market is estimated to be valued at USD 37.0 billion in 2019 and is projected to reach USD 54.3 billion by 2025, at a CAGR of 6.6% from 2019 to 2025. The increase in pet adoption rate and pet expenditure are the significant factors that have driven the pet food ingredients market. The North American region is projected to hold the largest market by 2025 due to the large exporter of pet food products and increase in pet population with a substantial increase in pet food expenditure.
Among the ingredients, fats, and meat & meat product segments are projected to grow at the highest CAGRs from 2019 to 2025. Vegan and grain-free pet food have been gaining popularity in the industry. These trends are also expected to increase the popularity of different fruits in pet food to provide varied taste, texture, and flavor. Fats, which form one of the essential ingredients in pet food, form a segment that is projected to grow at a higher rate due to the functional benefits of including fish oil in pet foods and the cost-effective nature of fats such as tallow and lard. These factors are contributing to the popularity of the fruits and fats in the pet food ingredients market.
The South American region is estimated to grow at the highest CAGR between 2019 and 2025. The demand for pet food products in South America is increasing rapidly due to the increasing use of pet food ingredients, along with the growing number of pets per household. Brazil imports most of its pet food products, but it also exports most of the pet food ingredients to manufacturers in other countries. Increasing concerns about the health of their pets in Brazil has led to a high demand for healthy and high-quality pet food products.
By pet, the dog food ingredient segment is projected to account for the largest share in the pet food market
The growing demand for premium dog food products from developed as well as developing regions is one of the driving factors for the significant share of the dog segment in the pet food ingredient market. Growing concerns about pet health and the rising cognizance about the benefits of commercially manufactured dog food have led to tremendous growth in this market, globally.
By ingredient, the meat & meat product segment accounted for the largest market size in the pet food ingredients market during the forecast period
Based on the ingredient, the market has been segmented into cereals, meat & meat products, vegetables, fruits, fats, and additives. The meat & meat products segment accounted for the largest share, followed by the cereals segment, in 2018. meat & meat products are obtained at a relatively lower cost, as the majority of these ingredients are byproducts of food products manufactured for human consumption. Thus, it serves as an economical solution for pet food manufacturers. Along with being cost-effective, meat & meat products enhance the palatability and acceptability of pet food. Within meat and meat products, meat meal and deboned meat are projected to grow high rates.
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 2018, followed by the liquid 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.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Industry resource center today to browse our selection of 600+ complimentary Industry magazines, white papers, webinars, podcasts, and more. Get popular titles including: