Novel Proteins Market Trends and Forecast 2018 - 2028 : Forces defining present and estimated future state of the competitive landscape
Novel proteins are pet food ingredients made of exotic sources that differ from the stable pet food ingredients, such as tuna, pork, beef, and poultry. Novel proteins are derived from unusual sources, such as rabbit, duck, elk, kangaroo, bison, ostrich, or venison, which are usually not fed to pets. Novel proteins are fed to pets to determine the allergies and food sensitivities or intolerances in pets.
Novel proteins are simply new proteins that have not been fed to pets previously and are added to pets’ diets; novel proteins are uncommon ingredients added to pet foods. Although novel proteins are used to figure out pet allergies and sensitivities, not all the pet foods with novel proteins can serve the purpose. Manufacturers in the novel proteins market label pet food products with novel proteins as “limited ingredient” foods, consuming which can only eliminate all the proteins that may be responsible for various pet allergies or intolerances.
Manufacturers in the novel proteins market make use of various, unusual sources to introduce high-quality novel proteins. Novel protein market players are launching innovative products and focusing on making available various types of over-the-counter novel protein products. Leading players in the novel protein market are also introducing new grain-free protein variants that pet have never been exposed to before to diversify their product range in the novel proteins market.
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Novel Protein Market Dynamics
Rapidly Increasing Pet Population Worldwide Complements Growth of the Novel Proteins Market
The population of pets in the world has surged rapidly in the past few years, which is an important factors to influence growth prospect of the novel proteins market. According to a study published by an American nongovernmental organization – Insurance Information Institute, nearly 60.2 million households adopted dogs, 47.1 households adopted cats, and over 2.6 million adopted horses in the U.S. Another study conducted by the Japan Pet Food Association, more than 8.92 million households adopted dogs and 9.52 million adopted cats in Japan in 2017. Increasing concerns about pet health along with the speedily increasing pet population around the world is expected to create positive opportunities for players in the novel proteins market.
Rise of the Trend of ‘Pet Parenting’ Worldwide will Drive Growth of the Novel Proteins Market
With a mounting number of young-adults and the millennial population preferring to own a pet instead of having children, the trend of ‘pet parenting’ has witnessed tremendous growth. Pet health and wellness is among the biggest concerns for pet parents, which drives pet owners’ purchase-related decision, boosting sales of pet food and pet care products. Willingness of pet owners to spend hundreds of dollars per pet every year on pet health, grooming, and medical expenses to ensure their pet’s health and activity levels is expected to remain the primary driving engine for the novel proteins market in the upcoming years.
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Emergence of Novel Proteins can Mitigate Environmental Impact of Poultry Productions
Increasing growth of the poultry industry is mainly attributed to the rise in demand for inexpensive supply of meat and eggs, which is mainly driven by needs for high-protein sources. Health-conscious consumers are modifying their dietary habits and increasing protein intake, primarily to accelerate weight loss, which has spurred poultry production across the world, resulting in severe environmental problems.
Increasing poultry production is mainly responsible for environmental impacts related to a variety of pollutants, including ammonia, nutrients (specifically nitrogen and phosphorus), oxygen-demanding substances, solids, pathogens, antibiotics, trace elements, hormones, pesticides, along with other airborne emissions. Growing environmental awareness about the pollution caused due to ever-growing poultry production is triggering adoption of novel proteins, thereby, complementing growth of the novel proteins market.
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Even though novel proteins are more commonly used in pet food products, a mounting number of leading players in the novel proteins market are introducing novel proteins suitable for humans to mitigate environmental impacts of poultry production.
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