Market Research Report
Pet Food Ingredient Market by Ingredient (Cereals, Meat & Meat Products, Vegetables, Fruits, Fats, and Additives), Source (Animal-based, Plant-based, and Synthetic), Pet (Dog, Cat, and Fish), Form (Dry and Liquid), and Region - Global Forecast to 2023
|Published by||MarketsandMarkets||Product code||298663|
|Published||Content info||177 Pages
|Pet Food Ingredient Market by Ingredient (Cereals, Meat & Meat Products, Vegetables, Fruits, Fats, and Additives), Source (Animal-based, Plant-based, and Synthetic), Pet (Dog, Cat, and Fish), Form (Dry and Liquid), and Region - Global Forecast to 2023|
|Published: May 8, 2018||Content info: 177 Pages||
The pet food ingredients market is estimated at USD 34.96 billion in 2018, and is projected to reach a value of USD 45.44 billion by 2023, growing at a CAGR of 5.4%. The market is primarily driven by factors such as increasing pet population and pet adoption. Another growth factor can be the increasing trend of pet humanization and rising focus on improving the palatability of pet food. However, limited availability of ingredients and their price sensitivity are few factors that are expected to restrict the growth of the pet food ingredients market in the long run. Vitamins and several other pet food ingredients face challenges related to raw material availability, resulting in a price increase. This high price stands to be one of the biggest limitations for the growth in the sales of pet food ingredients.
Among the various types of pets, the cat segment is projected to grow at the highest rate. The sales of premium cat food are on the rise, and its high cost has not caused any hindrance to the growth of the cat food market. The significant focus of consumers on preventive healthcare is one of the factors driving the increasing demand for expensive, high-quality cat food from the pet food industry. These factors are contributing to the popularity of the pet food ingredients in the cat segment.
One of the driving factors for the increasing use of liquid pet food ingredients is the increased palatability offered by them in wet pet food. This also helps in increasing the acceptability of pet food, along with its rising application areas. Although the market size for the liquid segment is not as large as the dry segment, it has more opportunities for growth due to the multiple advantages offered.
North America dominated the pet food ingredients market in 2017 and is projected to grow at a steady rate over the next six years. The region is characterized by matured markets for pet food ingredients such as the US. Factors such as growth in the trend of pet humanization among pet owners, availability of premium pet food, the introduction of organic pet food products, and awareness about benefits of commercially produced pet food in the North American region have led to increased demand for pet food ingredients. The US market is characterized by the established pet food industry and the largest pet population and pet ownership; these factors support the growth of the pet food ingredients market.
The key players profiled in this report are as follows:
The report segments the pet food ingredients market on the basis of source, ingredient, pet, form, and region. In terms of insights, this research report has focused on various levels of analyses-competitive landscape, end-use analysis, and company profiles-which together comprise and discuss the basic views on the emerging & high-growth segments of the pet food ingredients market, high-growth regions, countries, government initiatives, drivers, restraints, opportunities, and challenges.
*Details on Business overview, Products offered, Recent Developments, SWOT analysis, MNM view might not be captured in case of unlisted companies.