The global Pet Food Ingredients Market is growing at a rapid pace; mainly due to the improving economic conditions, worldwide. Rising income levels of individuals are increasing the demand for pet food ingredients leading to increasing the number of pet adoption. The market is projected to continue to grow during the forecast period.
According to Market Research Future (MRFR), the global Pet Food Ingredients Market Size will perceive colossal accruals by 2023. In its recently published research analysis, MRFR also asserts that the market is expected to register a phenomenal CAGR throughout the forecast period (2018 to 2023). The market is thriving with the rise in the number of pet ownership and the overall boosting spending.
The trend of nuclear families and an increase in the middle-income group has resulted in increased adoption of pets among families in families with average income as well. Increased awareness of animal cruelty has also influenced people awareness and ideologies towards animals. As a result, the Pet Food Ingredients Market Size is witnessing huge accruals on the global platform.
There has been a constant rise in pet ownership and expenditures over the past couple of decades. According to the American Pet Products Association reports, the overall household pet ownership has been growing phenomenally, years by years. Pet owners are spending more per pet, insisting that their pets should lead the same healthy lifestyles as they do.
Global Pet Food Ingredients Market - Segments
The report is segmented into five key market dynamics to widen the scope of understanding,
By Ingredient : Meat & Meat Products, Cereals, Vegetables, Fats, and Additives, among others.
By Pet : Dog, Cat, and Fish, among others.
By Form : Dry and Liquid Ingredients.
By Source : Animal-based, Plant-based, and Synthetic, among others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Pet Food Ingredients Market - Regional Analysis
North America region is to retain its dominating position in the global Pet Food Ingredients Market Size with a significant market share. Growing demand for the quality food ingredients for pets led by the rapidly increasing number of pet owners substantiates the regional market growth. Also, factors such as to the rising health concern among pets, high living standards, and pet humanization in the US and Canada have led to increasing the size of the market.
The Pet Food Ingredients Market Size in the European region is another lucrative market globally. High adoption of pets has been a key driver for the Pet Food Ingredients Market in the region. Moreover, rising pet humanization and increasing awareness of pet food through the internet and other media boost the growth of the regional market. The region is to demonstrate healthy growth throughout the review period. Furthermore, the increased expenditures on the upkeep of pets foster the Pet Food Ingredients Market in the region.
The Asia Pacific Pet Food Ingredients Market is emerging as a promising market, globally. Rising numbers of pet owners and pet lovers in the region, alongside, the funding support from government and private organizations boost the market demand in the region. The rise in spending power of the pet owners is spending more on their pet nutrition, thereby increasing the regional Pet Food Ingredients Market Size. Japan is the largest market for pet food ingredients. Other local players in developing countries offer pet food ingredients at the lowest prices, thereby creating more demand in the regional market.
Global Pet Food Ingredients Market - Competitive Analysis
Highly competitive, the Pet Food Ingredients Market Size appears to be fragmented characterized by the presence of numerous big and small-scale players. Well-established players incorporate strategic initiatives such as acquisition, collaboration, expansion, and product launch to gain a competitive advantage in the market.
International players try to increase their footprint in the developing economies. This is making it further difficult for regional players to compete with them, in terms of product portfolio, product differentiation, quality, and pricing. Manufacturers operating in the market strive to strengthen their supply chain to suffice the growing demand.
Players leading the global Pet Food Ingredients Market include DSM NV (The Netherlands), Archer Daniels Midland Co. (US),Cargill, Inc. (US), Ingredion, Inc. (US), BASF SE (Germany), Roquette Frères (France), DowDuPont, Inc. (US), SunOpta (Canada), Omega Protein Corp. (US), and John Pointon & Sons Ltd. (UK), among others.
Innovation/Industry/ Related News:
July 22, 2019 --- Zoetis Inc. (the US), leading global producer of medicine and vaccinations for pets and livestock announced the acquisition of Platinum Performance (the US), a nutrition-focused animal health company and a wholesale distributor of veterinary-developed supplements and vitamins for equine nutrition for pets.
The acquisition of animal health and premium animal food business will further strengthen Zoetis’ portfolio in the equine and pet care markets. The deal will add high-quality, nutritional products, and expertise to the firm’s diverse portfolio and team. In addition to expanding its footprints, Zoetis will be able to accelerate the growth of its pet care product formulas with veterinarians and pet owners through Platinum’s digital marketing capabilities and evaluate international expansion opportunities over the long term.
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