Pet Food Ingredients Market worth $44.5 billion by 2027 – Exclusive Report by MarketsandMarkets – GlobeNewswire

October 10, 2022 06:43 ET | Source: MarketsandMarkets Research Pvt. Ltd. MarketsandMarkets Research Pvt. Ltd.
SEZ Magarpatta City, INDIA
Chicago, Oct. 10, 2022 (GLOBE NEWSWIRE) — The Pet Food Ingredients Market is estimated to be valued at USD 32.2 billion in 2022. It is projected to reach USD 44.5 billion by 2027, with a CAGR of 6.7%, in terms of value between 2022 to 2027, according to a new report by MarketsandMarkets™. The reasons that are driving the growth of the pet food ingredients market are rising focus on the health and nutrition of pet animals and increased spending on health-focused pet food ingredients. Pet food ingredients enhance the nutritional profile and offer a range of health benefits in terms of supporting the immunity and gut health of pet animals, along with enhancing the palatability of the products, contributing to higher feed intake due to which they are in significant demand across the pet food industry.
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Browse in-depth TOC on “Pet Food Ingredients Market”
327 – Tables
45 – Figures
278 – Pages
Meat & meat products account for the largest market share in the pet food ingredients market
Based on ingredients, meat & meat products account for the dominant share in the pet food ingredients market. Meat & meat products are associated with a range of health benefits that are critical for the growth and development of pet animals such as effectively supporting the gut health of pet animals due to their higher amino acid content and immunity boosting properties due to which they are increasingly used in pet food products. Meat & meat products also have higher acceptability among pet animals, which increases their feed intake, owing to which they are preferred by pet owners, which also contributes to their demand.
The dog segment is projected to account for the largest market share in the pet food ingredients market
Based on pets, the dogs segment is projected to account for the largest market share in the pet food ingredients market. Some of the reasons boosting the growth of this category are the increased adoption of dogs around the world, which is increasing the business opportunities for pet food ingredient manufacturers. The increased usage of health-focused ingredients in dog food due to their varied nutritional requirements has significantly contributed to the growth of this segment. Pet food ingredients such as colors and flavors are also used extensively in dog food products to enhance their palatability and feed intake. The high adoption rates of dogs around the globe and the wide applicability of pet food ingredients in dog food is likely to present significant business opportunities for the pet food ingredients industry over the forecasted period.
The animal-based segment is projected to retain its position as the dominant segment in the pet food ingredients market during the forecast period
Based on source, the animal-based segment is expected to retain its position as the dominant and the fastest-growing segment during the forecasted period. The animal-based pet food ingredients witness significant demand from pet owners owing to their increased acceptability among pet animals, which contributes to higher feed intake. Animal-based pet food ingredients are also associated with a range of health benefits in terms of enhancing the skin and coat of pet animals, offering improved cognitive health benefits in older pets, and effectively supporting the gut health and digestion of pet animals which is likely to drive their demand over the forecasted period.
The dry segment is projected to account for the largest market share and also for the fastest growing segment in the pet food ingredients market
Based on form, the dry segment is projected to account for the dominant and fastest-growing segment over the forecasted period. The dry pet food ingredients offer desirable characteristics such as a rich nutrition profile and are also cost-effective in nature. They also offer a higher level of convenience during the processing and storage process owing to which they are in significant demand in the industry and are also likely to retain their position as the dominant segment over the forecasted period.
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North America is projected to be the largest market for the pet food ingredients market during the forecast period
Based on region, North America region is projected to be the largest market for pet food ingredients industry during the forecast period. This growth of the pet food ingredients industry in the region is supported by factors such as increased adoption of pet animals in the region and the rising pet humanization trend which has contributed to a higher level of awareness regarding the health and nutrition of pet animals. The region also has a significant number of pet food ingredient manufacturers and well-established markets for pet products. The pet owners in the region demonstrate a higher level of consciousness with regard to the quality of pet food ingredients. The large pet population and increased spending on health-focused pet food ingredients are likely to drive the market growth of the pet food ingredients industry in the region.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as 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).
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Browse Adjacent Reports: Feed and Animal Nutrition Market Research Reports & Consulting
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