Chicago, June 24, 2024 (GLOBE NEWSWIRE) — The global pet food ingredient the market size is estimated at USD 34.2 billion in 2023 and is expected to reach USD 47.4 billion by 2028, at a CAGR of 6.8% during the forecast period. The global pet food ingredients market has witnessed remarkable growth in recent years, driven by advances in pet nutrition research that have prompted the development of specialized ingredients that address the specific nutritional needs, thus contributing to market growth. The dynamic character of the industry reflects evolving trends in pet ownership, with more individuals choosing pets and demanding premium, personalized nutritional solutions for their furry companions. Overall, the pet food ingredients sector is seeing strong growth, due to a combination of changing customer preferences, improved pet health awareness, and the ongoing trend of humanizing products. pet.
Key Market Players
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BASF SE (Germany)
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Darling Ingredients Inc (US)
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Cargill, Incorporated (US)
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Ingredients (US)
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DSM (Netherlands)
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Omega Protein Corporation (US)
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ADM (US)
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Kemin Industries, Inc. (US)
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Chr. Hansen Holding A/S (Denmark)
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By form, dry ingredients are estimated to grow at the highest rate in the pet food ingredients market.
The global pet food ingredients market is witnessing a significant surge in interest and investment, with dry ingredients emerging as a key driver of this growth. The convenience and longer shelf life of dry pet food is contributing to its popularity among pet owners, driving sustainable market expansion. Additionally, affordability and ease of storage make dry ingredients the preferred choice for both manufacturers and consumers. The suitability of dry pet food for different pet types and dietary needs is further fueling its market growth, offering versatility in catering to a wide spectrum of pets . The increase in pet ownership, coupled with the increasing demand for convenient and cost-effective pet nutrition solutions, is driving the growth of the pet food ingredients market for dry ingredients.
By meat and meat products, deboned meat is the largest segment in 2022 in terms of value
Pet owners are increasingly prioritizing premium nutrition for their animals, and deboned beef is known for its high-quality protein content, which is important for their overall health. Furthermore, the pet food business is responding to increased awareness of pet allergies, and deboned beef, as a protein source, addresses concerns about food sensitivities. . Deboned meat contains essential amino acids, which promote proper muscle development in pets. This is especially good for busy or growing animals. The protein in deboned beef is highly digestible, allowing pets to absorb and utilize it efficiently, thus benefiting their overall health.
By pet, cats are estimated to be growing at the highest rate in the pet food ingredients market.
Increasing cat ownership is driving demand for specialized and high-quality cat food components. As more families welcome cats into their homes, there is more emphasis on providing adequate nutrition to protect the health of these feline pets. Cat owners are looking for quality ingredients that reflect human food preferences, such as natural and healthy ingredients high in critical nutrients. Growing awareness of cat health and nutrition is driving market expansion, prompting pet owners to choose cat food options with quality ingredients. These factors are working together to drive the rapid growth of the cat food ingredients industry.
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The Asia Pacific region is expected to have the fastest growth in terms of value
The pet food ingredients market in the Asia Pacific region is experiencing steady growth driven by several key factors. The region is experiencing increased demand for premium and nutritionally advanced pet food ingredients. Additionally, the cultural shift toward the humanization of the pet is influencing consumer preferences, with pet owners looking for quality ingredients that reflect their own food choices. . Furthermore, growing awareness of pet health and nutrition is a driving force, leading to increased demand for specialty and natural pet food ingredients. Consumers in Asia Pacific are increasingly prioritizing the welfare of their pets, resulting in a preference for products rich in essential nutrients, vitamins, and minerals. This trend is in line with a broader global movement toward natural and sustainably sourced pet food options. According to Alltech data, the region’s pet food production climbed 1.65% in 2022, reaching 2.48 million tons, up from 2.27 million tons in 2021.
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