Meticulous Research®, a renowned global market research firm, released a study called ‘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’.
Based on Meticulous Research’s recent report, the pet food ingredients market is anticipated to achieve a value of $73.30 billion by 2031, with a compound annual growth rate (CAGR) of 8.5% spanning from 2024 to 2031. The market's expansion is fuelled by factors such as the escalating pet population, higher spending on pet food, increased demand for premium pet nutrition, and a growing emphasis on pet health and well-being. Nevertheless, regulatory constraints and fluctuating prices of raw materials pose challenges to the market's growth.
Moreover, the rise in novel pet food ingredient options and the expanding embrace of these alternatives, along with the emergence of direct-to-consumer (D2C) brands and startups within the pet food sector, are poised to offer lucrative prospects for stakeholders involved in this market. Nonetheless, the significant hurdle of counterfeit products poses a considerable challenge to the market's advancement.
Additionally, there is a notable trend of increasing demand for personalized pet food within the pet food ingredients market.
Key Players
The competition in the pet food ingredients market is moderate, attributed to the participation of numerous large and small-scale players on a global, regional, and local scale. Key participants in this market includes BASF SE (Germany), Darling Ingredients Inc. (U.S.), Cargill, Incorporated (U.S.), Kemin Industries, Inc. (U.S.), Ingredion Incorporated (U.S.), Archer-Daniels-Midland Company (U.S.), Roquette Frères (France), Protix B.V. (Netherlands), Duynie Ingredients (Netherlands), Chr. Hansen Holding A/S (Denmark), Omega Protein Corporation (U.S.), DSM-Firmenich AG (Switzerland), KAGOME Australia Pty Ltd (Australia), Symrise AG (Germany), IQI b.v. (Netherlands).
Based on type, the global pet food ingredients market is segmented into animal-based ingredients, plant-based ingredients, additives, and novel ingredients. In 2024, the animal-based ingredients segment is expected to account for the largest share of the global pet food ingredients, mainly due to the widespread adoption of animal by-products in pet food manufacturing, considering their high protein content, balanced amino acid profiles, better digestibility, and palatability.
Based on application, the global pet food ingredients market is divided into segments including pet meals, treats & snacks, veterinary diets, and other applications. By 2024, it is projected that the pet meals segment will hold the largest portion of the market. This is primarily driven by the rising demand for convenient and nutritionally balanced pet meals that cater to specific dietary requirements. Factors such as cost-effectiveness, ease of storage, and high energy content further contribute to the popularity of pet meals. Additionally, increased expenditure on premium pet meals and the growing preference for customized options bolster the segment's dominance. Within the pet meals application, segmentation includes both dry and wet meals.
Based on pet type, the global pet food ingredients market is categorized into segments consisting of dogs, cats, birds, ornamental fish, and other pet animals. By 2024, it is anticipated that the dogs’ segment will hold the largest portion of the global market. This is primarily attributed to a rise in dog adoptions, heightened demand for top-quality dog food items, and an increasing recognition of the nutritional advantages offered by dog foods. Furthermore, ongoing advancements in pet food manufacturing techniques and escalating investments in dog food ingredients are bolstering the expansion of this segment.
Geographic Review
This research report conducts thorough analyses of major geographical regions, including North America (covering the U.S. and Canada), Europe (encompassing Germany, France, the U.K., Spain, Poland, Italy, and the rest of Europe), Asia-Pacific (including China, Japan, Australia, India, and the rest of Asia-Pacific), Latin America (covering Brazil, Mexico, Argentina, and the rest of Latin America), and the Middle East & Africa. By 2024, North America is predicted to dominate the pet food ingredients market, primarily driven by the increasing number of millennials becoming pet owners in the region, heightened attention to pet health and diets, and the presence of major pet food manufacturers.
Download Sample Report Here @ https://www.meticulousresearch.com/pressrelease/968/pet-food-ingredients-market-2031
Key Questions Answered in the Report:
• What is the total income generated by the market for pet food ingredients?
• What is the expected growth rate of global demand for pet food ingredients over the upcoming 5 to 7 years?
• What were the past dimensions of the market for pet food ingredients, and what is its growth rate?
• What are the primary factors influencing the expansion of this market on both a global and regional scale?
• What significant opportunities exist for both established participants and newcomers in this market?
• Which segments within types, applications, and pet types are notably attracting manufacturers' attention in this market?
• What are the main geographical patterns observed in this market? Which regions or countries are anticipated to provide substantial growth prospects for manufacturers involved in the pet food ingredients market?
• Who are the key players in the pet food ingredients market, and what specific products do they offer within this market?
• What are the latest significant advancements in the pet food ingredients market? How have these strategic developments influenced the market?
Contact Us:
Meticulous Research®
Email- [email protected]
Contact Sales- +1-646-781-8004
Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research