Pet food Ingredients Market size to exceed $920mn by 2026
Published Date: November 3, 2020 Authors: Kunal Ahuja, Kritika Mamtani
Pet Food Ingredients Market size is set to surpass USD 920 Million by 2026, according to a new research report by Global Market Insights, Inc
Steady increasing product penetration of pet food ingredients coupled with increasing government policies to boost livestock productivity have stimulated the market growth of pet food ingredients. Moreover, rising consumer preference toward healthy and premium food consumption along with favorable government standards will drive the industry outlook. Pet owners have become increasingly conscious about the health of their pets. This is one of the significant reasons behind increasing spending on healthy pet foods. Consumers, opting for more high nutritional and clean label product for their pets, causing an upsurge in the global production of pet food. Consumes now-a days are more aware about intolerance, allergies, and nutritional requirements of their pets.
Furthermore, industry players are incorporating essential vitamins, specialty proteins and other ingredients through inclusion of dehydrated of fruits, vegetables, meat, and chunks which are some of the major factors supporting the of pet food ingredients market demand.
Pet food ingredients industry from fish segment is anticipated to surpass USD 260 million by 2026 owing to increasing demand for aqua feed. Ingredients such as acidifiers, specialty protein, vitamins offer an adequate diet to the pet and supports their growth. For instance, amino acid is highly preferable in fish, since it consist of high antioxidant properties and low metal concentration, that indicates they have high potential for use in fish feed. Amino acid is also an essential additive in fish feed which used for metabolic purposes and growth. Lysine, threonine, methionine, and tryptophan are key amino acids used in aquaculture feed and concurrently boost the industry demand for the pet food ingredients.
MEA pet food ingredients market is set to register over 3.6% CAGR between 2020 and 2026 owing to emergence of clean label product. The consumers awareness towards food that they offer to their product are currently moving to the idea of deep- seated transparency. They are increasingly become conscious about the amount of nutrition they offering to the pet. In addition, to these increasing technologies, consumers have access to smart labels, and other required opting for products with the clean labelling. Thus, the manufacturers are specifically concentrating of label claims and pet food ingredient product poses as a very striking products for these claims.
COVID -19 to impact market growth
Pet food ingredients market is expected to slow down in many of the countries due to imposed of lockdown. Furthermore, trade disruption, supply chain disruption is one of the major reasons hindering the growth. Quarantine and border closure are limiting consumer’s access to their daily essential goods easily which are some of the reasons restraining the market trends. The COVID-19 pandemic resulted in a varied impact on the supply of raw materials. The increased necessity of social distancing protocols and government-imposed lockdowns in early 2020 reduced labor availability at farms thereby hampering the production of corn, wheat molasses and starch. However, the market is anticipate to recover by the 1st quarter of 2021.
Browse key industry insights spread across 230 pages with 181 market data tables and 35 figures & charts from the report, Pet Food Ingredients Market Size by Ingredients (Amino acids, Phosphates, Vitamins, Acidifiers, Specialty Proteins, Carotenoids), By Animal (Dog, Cat, Fish), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2026” in detail along with the table of contents:
Increasing consciousness of pet wealth & well- being creates lucrative growth opportunities in Asia pacific region and fuel the market demand for pet food ingredients.
The gradually increasing demand for the protein and nutrition rich product has shown noticeable difference in the pet food industry. As it offers excellent microbes which influence the internal gut health of the pet. Additionally, technological improvement in hydrolysis method and rendering technology should drive industry outlook. Further, pet food ingredient sourced from plants are also gained traction. Thereby, protein ingredients such as soy-based meals are source of protein in pet food. As it contains over 60% proteins and essential amino acids required for pet animals and other livestock
Pet food ingredients market form acidifiers is anticipated to register over 3.7% CAGR through 2026. Acidifiers has wide range of application in animal feed, since it is used as preservatives, reduce pathogen impacts and improve feed conversion rate. Including organic acids and salt in feed, organic acid performs as preservatives and improves performance in pet animals. It performs in three mechanisms in the feed, in the gastro-intestinal tract of the fish and its metabolism. Acidifiers is also inhibiting in microbial and other pathogenically growth. Since, it helps to reduce pH of the feed and function as conserving agent. Hence, these multiple benefits of acidifiers are fueling the market landscape.
APAC pet food ingredients market should grow substantially owing to ever increasing livestock and pet ownership growth in countries like China, India, Thailand, Malaysia, and South Korea. The gradually rising livestock and pet ownership also led to increase in the demand for high premium food or feed. Thereby, consumers are opting for clean label product. In addition, to these increasing technologies, consumers have access to smart labels, and other required opting for products with the clean labeling. Clean-label products are those whose ingredients are understandable to read or recognize. The rise in the demand for transparency and rising diseases have increased the demand for label on the products; thus, manufacturers are specifically concentrating on label claims. This has poses to be a very striking product for these claims and supports market trends.
“Pet food ingredients market from pet food is likely to register over 8.5% CAGR through 2026, owing to heightened demand for nutritious food and increasing individual spending on high quality and premium pet food across the globe”
Market players in pet food ingredients industry are also investing in research and development activities in order to offer adequate protein, vitamins and nutrition to healthy pet growth. Koninklijke DSM N.V., Lallemand, Diana Pet Food, Pancosma, DuPont Nutrition & Health, BHJ A/S, American Dehydrated Foods Inc., Muenster Milling Company, Biorigin, Vitiva, AFB International, Kemin Industries, Inc., Archer Daniels Midland Company, Novus International, Hebei Donghua Chemical Group and others.
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