Pet Food Ingredients Market shall reach a value of $2x61.4 Million in 2027, growing with a CAGR of 12.13% during the forecast period of 2020 to 2027.
Pet foods are those sustenance products that are exclusively produced for the consumptions of the pets. While these are available in supermarkets and pet stores, they vary a lot depending on the type of animal to be fed. The food given to cats will differ from that given to a dog. The mean used for pet food production is mostly non-human grade meat, and hence it is not deemed fit for human consumption. These foods are made as per the nutritional needs of the animals and help to keep them healthy and active.
Growth factors and trends
The pet population has continuously been on the rise globally, and this has, in turn, led to the growth of the pet food ingredient market. Given the trends, dogs are the most adopted pets, and hence they have the maximum share in the pet food ingredient market. Pet dogs in the US are registered, and in 2018-2019 there were around 73 million. Whereas in India and China, there are around 32 million and 110 million pet dogs approximately. As per growth trends, the dry segment of the market will grow better than the wet because of its cost-effective and low moisture quality. An expected 7% CAGR is slated for the pet food ingredient market in the forecast period 2017-2025. Some of the market key players include – Blue Buffalo Co Ltd, Mars IncNestle SA, WellPet LLC and a few others! The awareness of animal well-being and its government campaigns has further boosted the adoption of pets. It will directly result in higher demand for pet food ingredients in the market!
A rise in pet population globally results in consequent expansion of the pet food ingredients industry, triggered by growth in the expenditure of pet owners on pet food products. Growing concern with regard to animal health, followed by an upward trend in domesticating pets, along with an increase in the nutrient consumption of pet feed call for high levels of demand of pet food, thus strongly fostering growth of the pet food ingredients market. Despite the Covid-19 pandemic situation having impacted businesses considerably worldwide, the plus point is that there is no noteworthy disruptive impact on the global operations and supply chains of pet food ingredients, thus ensuring stable growth in the market. Since ingredients, such as phosphate, amino acids, vitamins, specialty, and other nutritional components are incorporated in the pet food, as they improve animal immunity, metabolism, and gut health, ensuring healthy growth of pets, there is a thriving consumption of the same. As a result, high levels of consumption of pet food is projected to drive its demand across the globe. The availability of pet food at competitive prices in the market at present, thus ensuring cost-effectiveness across different income-level groups, is also an important factor influencing growth and sustenance of the pet food ingredients market.
The lack of a universal regulatory structure makes global trading challenging, as it involves multiple levels of approval across global regulatory authorities in the food industry. Updating technologies and facilities in relation to the production of pet food is quite a challenge in financial terms as pet food manufacturers require high investments of capital for installing various types of equipment and machinery which involves high costs and timely maintenance as well, thus adding to the cost. However, capital investments are considered as one-time investments which are usually offset in the long run.
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