DUBLIN--(BUSINESS WIRE)--The "Pet Food Ingredients Market by Type (Meat & Poultry, Fish, Maize, Wheat, Additives, Novel Ingredients), Application (Pet Meals {Dry Meal}, Pet Treats, Pet Snacks, Veterinary Diet), Pet Type (Dog, Cat, Birds, Ornamental Fish) - Global Forecast to 2031" report has been added to ResearchAndMarkets.com's offering.
The pet food ingredients market is projected to reach $73.3 billion by 2031, at a CAGR of 8.5% from 2024 to 2031. In terms of volume, the pet food ingredients market is projected to reach 63,537.9 thousand tons by 2031, at a CAGR of 8.4% during the forecast period of 2024-2031.
The report provides an in-depth analysis of the pet food ingredients market across five major geographies, current market trends, size, and recent developments, and the forecast for 2031.
The growth of the pet food ingredients market is driven by the rising pet population coupled with increasing expenditure on pet food, the growing demand for premium pet food, and an increasing focus on pet health and wellness. However, the stringent regulatory structures and fluctuating raw material prices restrain the growth of this market.
Furthermore, the increasing availability and growing acceptance of novel pet food ingredients and the proliferation of direct-to-consumer (D2C) brands and start-ups in the pet food category are expected to generate growth opportunities for the stakeholders in this market. However, the risk of counterfeit products is a major challenge impacting the growth of the pet food ingredients market. Moreover, the rising demand for customized pet food is a prominent trend in the pet food ingredients market.
Latin America is expected to witness significant growth during the forecast period of 2024-2031, mainly driven by the rising awareness about pet health and nutrition, increasing spending on pet food products, increase in per capita disposable income and rapid urbanization, and rising trend of nuclear families. Moreover, in Latin America, Brazil is slated to register the highest CAGR during the forecast period of 2024-2031.
Market Segmentation
Based on type, the global pet food ingredients market is segmented into animal-based ingredients, plant-based ingredients, additives, and novel ingredients. The novel ingredients segment is projected to register the highest CAGR during the forecast period of 2024-2031 due to the growing acceptance of novel ingredients in pet foods, their easy availability, and health benefits.
Moreover, the fast growth of this market is further supported by a growing number of novel food ingredient manufacturers, increasing R&D investments from pet food ingredients manufacturers to develop novel ingredients, rising demand for premium pet food products, and growing consumer interest in sustainable pet food sources.
Based on application, the global pet food ingredients market is segmented into pet meals, treats & snacks, veterinary diets, and other applications. In 2024, the pet meals segment is expected to account for the largest share of the global pet food ingredients market. The large market share of this segment is attributed to the increasing demand for convenient and nutritionally balanced pet meals catering to the specific dietary needs of pets. Moreover, the cost-effectiveness, ease of storage, and high energy content of pet meals, the increased spending on premium meals, and the growing demand for customized meals also contribute to the segment's large market share. Further, the pet meals application is segmented into dry meals and wet meals.
Based on pet type, the global pet food ingredients market is segmented into dogs, cats, birds, ornamental fish, and other pet animals. In 2024, the ornamental fish segment is projected to register the highest CAGR during the forecast period of 2024-2031 due to the rising disposable incomes and growing consumer interest in aquarium fish, growing awareness of the therapeutic benefits of keeping fish, the hospitality sector's demand for ornamental fish to enhance aesthetics, and rising adoption and ownership of ornamental fish.
Key Questions Answered in the Report:
- What is the value of revenue generated by the pet food ingredients market?
- At what rate is the global demand for pet food ingredients projected to grow for the next 5-7 years?
- What is the historical market size and growth rate for the pet food ingredients market?
- What are the major factors impacting the growth of this market at global and regional levels?
- What are the major opportunities for existing players and new entrants in the market?
- Which type, application, and pet type segments create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the pet food ingredients market?
- Who are the major players in the pet food ingredients market? What are their specific product offerings in this market?
- What recent developments have taken place in the pet food ingredients market? What impact have these strategic developments created on the market?
Market Insights
Factors Affecting Market Growth
- Rising Pet Population, Coupled with Increasing Expenditure on Pet Food, Fueling the Demand for Pet Food Ingredients
- Rising Demand for Premium Pet Food Supporting the Market's Growth
- Rising Focus on Pet Health and Wellness Driving the Market's Growth
- Stringent Regulatory Structures Hindering the Market's Growth
- Fluctuating Raw Material Prices Restraining the Market's Growth
- Increasing Availability and Growing Acceptance of Novel Pet Food Ingredients Accelerating Market Expansion
- Proliferation of Direct-to-Consumer (D2C) Brands and Start-Ups in the Pet Food Category Creating Market Growth Opportunities
- Risk of Counterfeit Products Poses a Significant Challenge to the Market's Growth
Key Trends
- Rising Demand for Customized Pet Food
Company Profiles: Overview, Financials, Product Portfolio, Strategic Developments
- Cargill
- Ingredion Incorporated
- Darling Ingredients Inc.
- Kemin Industries Inc.
- Archer-Daniels-Midland Company
- Omega Protein Corporation
- Roquette Freres
- BASF SE
- Protix B.V.
- Duynie Ingredients
- Chr. Hansen Holding A/S
- DSM-Firmenich AG
- Symrise AG
- IQI b.v.
- KAGOME Australia Pty Ltd
Scope of the Report:
Global Pet Food Ingredients Market Assessment - by Type
- Animal-based Ingredients
- Meat & Poultry
- Fish
- Plant-based Ingredients
- Cereals & Grains
- Corn/Maize
- Wheat
- Rice
- Other Cereals & Grains
- Oilseeds & Pulses
- Fruits & Vegetables
- Carrot Residue
- Other Fruits & Vegetables
- Other Plant-based Ingredients
- Additives
- Novel Ingredients
Global Pet Food Ingredients Market Assessment - by Application
- Pet Meals
- Dry Meals
- Wet Meals
- Treats & Snacks
- Veterinary Diets
- Other Applications
Global Pet Food Ingredients Market Assessment - by Pet Type
- Dogs
- Cats
- Birds
- Ornamental Fish
- Other Pet Animals
Global Pet Food Ingredients Market Assessment - by Geography
-
North America
- U.S.
- Canada
-
Europe
- Germany
- France
- U.K.
- Spain
- Poland
- Italy
- Rest of Europe
-
Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
-
Asia-Pacific
- China
- Japan
- Australia
- India
- Rest of Asia-Pacific
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/8ysamc
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