Pet Food Flavors and Ingredients Market to Perceive – GlobeNewswire

January 24, 2023 01:19 ET | Source: Data Bridge Market Research Data Bridge Market Research
Pune, INDIA
Brisbane, Jan. 24, 2023 (GLOBE NEWSWIRE) — “Pet Food Flavors and Ingredients Market” is the title of a new report from Data Bridge Market Research. Key growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis, and competitive environment are all dissected in detail in the research. To uncover general market conditions and tendencies, Pet Food Flavors and Ingredients market research report acts as a perfect source. The report helps in developing a successful marketing strategy for the business. This market research report is a proven source of information that offers a telescopic view of the current market trends, situations, opportunities, and status. This industry report has strategically analyzed market research analysis and perceptive business insights into the relevant markets of clients. In the large-scale Pet Food Flavors and Ingredients market report, a thorough SWOT analysis & investment analysis is provided which forecasts imminent opportunities for the market players.
Data Bridge Market Research analyzes that the global pet food flavors and ingredients market is expected to reach the value of USD 83,973.14 million by 2030, at a CAGR of 10.8% during the forecast period. Product type accounts for the largest type segment in the market due to an increase in pet adoption and the rising high quality of pet foods for pets globally. This market report also covers pricing analysis, patent analysis, and technological advancements in depth.
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Pet food is special food for domestic animals or food designed to meet their nutritional needs. Pet food is a plant or animal product, such as meat, that is used to feed pets. Fruits and vegetables, animal products, grains and oilseeds, vitamins, and minerals are all included in pet food. Pet food ingredients are high in vitamins, fiber, protein, carbohydrates, and calcium. Grains and vegetables are usually used especially for dog food. Each component is crucial to enrich the animal’s body. The protein content of meat is generally considered high, and it also adds flavor to food. Many ingredients, such as meat, poultry, and grains, are believed to be safe and do not require premarket approval. Omega-3 and omega-6 fatty acids are also produced, which are essential for animal metabolism and digestion. Pet food manufacturers use different ingredients to balance pet nutrition. In addition to acting as preservatives, conditioners, emulsifiers, stabilizers, and color or flavor substitutes, they are also used in pet food.
The cost of owning pets and purchasing pet food has increased significantly in recent years, which is a major driver of the Global pet food flavors and ingredients market. As pet owners spend more money on different types of pet food, the global pet food market has also grown with the increase in the number of pets. Some of the major drivers of the market are the growing adoption of dogs and cats and the growing emphasis on improving productivity and health. Due to affordability and availability, the safest pet foods are currently made with synthetic substances. In addition, overall demand has been boosted by a marked shift in consumer demand for grain-free and vegan pet foods. The industry is expected to continue to grow as pet food is readily available on multiple platforms, including retail stores, supermarkets, and online stores.
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The Pet Food Flavors and Ingredients Market is Dominated by Firms Such as
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Recent Developments
Opportunities for Key Players:
A safe and well-processed cannabinoid derived from hemp, CBD pet supplements support pet health by working with their endocannabinoid systems. Some of the main reasons many pet owners turn to CBD pet food are that it supports healthy joints, helps promote cardiovascular function, and prevents the spread of heartworms. In 2020, U.S. pet sales were nearly USD 800 million, and consumers are willing to pay more for pet health services. CBD pet supplements offer a number of claims, including wheat, corn, and soy free, which means they are all-natural and contribute to market growth.
Moreover, growing consumer awareness of nutritional advantages associated with hemp derivatives and increasing production of industrial hemp have directed the growth of the market for hemp derivatives. CBD foods are expected to last longer than traditional pet foods.
Thus, increasing demand for cannabidiol pet food is expected to act as an opportunity for market growth
Key Market Segments Covered in Pet Food Flavors and Ingredients Industry Research
BY PRODUCT TYPE
BY PET FOOD TYPE
BY SOURCE
BY FORM
BY FUNCTIONALITY
BY CATEGORY
BY DISTRIBUTION CHANNEL
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Key Industry Drivers:
The global pet food flavor ingredients market is poised to show strong growth due to increased adoption of pets, rising expenditure on pet care, increasing demand for insect-based pet food, and a booming pet food market. The pet industry has grown exponentially in recent years. According to the American Pet Products Association, about 85 million households have a pet, and pet ownership has increased from 56 percent to 68 percent over the past 30 years. The introduction of technology and online shopping has contributed to some of the changes in pet ownership. Due to the effects of COVID-19, many people have been forced to stay at home for long periods, either due to shelter-in-place orders or due to work-from-home advice. Soon after, the amount of time spent at home increased, and adoptions and fosters were registered at pet shelters. Since the outbreak of the COVID-19 pandemic, the number of pets around the world has increased significantly. Also, emerging pet food ingredients market trends, such as the increasing popularity of premium foods across the country, are driving the growth of the pet food flavors and ingredients market, and this trend is expected to continue during the forecast period.
Thus, the surge in pet adoption rate and the growing popularity of premium pet foods around the globe are expected to act as an opportunity for the market’s growth.
Pet owners are adopting the mindset that personalization is right, not a privilege, and the ability for pet owners to have input in what they buy has impacted the pet food industry. Pet owners are now willing to pay more for customized pet food products that satisfy their pet’s particular dietary needs. When generational differences among pet owners are considered, young pet owners are expected to pay more for customized treats/pet foods than older pet owners. This shows that the trend toward customization is expected to continue to grow as younger shoppers start their pet parenting journey and gain more buying power.
Pet Food Flavors and Ingredients Market Regional Analysis/Insights:
The countries covered in this Pet Food Flavors and Ingredients market report U.S., Canada, Mexico, Germany, U.K., Italy, France, Spain, Switzerland, Netherlands, Belgium, Russia, Turkey, Denmark, Sweden, Poland, Norway, Finland and Rest of Europe, Japan, China, South Korea, India, Australia, New Zealand, Hong Kong, Taiwan, Singapore, Thailand, Indonesia, Malaysia, Philippines, Rest of Asia-Pacific, South Africa, UAE., Saudi Arabia, Egypt, Oman, Qatar, Bahrain, Kuwait, Rest of the Middle East and Africa, Brazil, Argentina, and Rest of South America.
U.K. dominates the Europe region due to the mass production of pet food flavors and ingredients and increasing demand from emerging markets, and expansion of pet food industries. China dominates the Global region due to a rapid rise in pet owners and health awareness of pets.
The investment made in the study would provide you access to information such as:
Table of Contents:
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