Pet Food Ingredients Market is Projected to Reach $47.4 billion by 2028

According to a recent research report titled "Pet Food Ingredients Market" by MarketsandMarkets, the global market for pet food ingredients is experiencing substantial growth. The market, estimated at USD 34.2 billion in 2023, is projected to reach USD 47.4 billion by 2028, with a compound annual growth rate (CAGR) of 6.8% during the forecast period.

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Driving Factors

The remarkable growth in the global pet food ingredients market can be attributed to several key factors:

Advancements in Pet Nutrition: Ongoing research in pet nutrition has led to the development of specialty components catering to specific dietary needs, driving market expansion.

Changing Pet Ownership Trends: With an increasing number of individuals choosing to own pets, there is a growing demand for premium and personalized nutrition solutions for furry companions.

Evolving Customer Preferences: Pet owners are becoming more conscious about the health and well-being of their pets, leading to a preference for high-quality ingredients in pet food.

Key Insights

Dry Ingredients Dominance: Dry ingredients are witnessing the highest growth rate in the pet food ingredients market due to their convenience, longer shelf life, affordability, and suitability for various pet types and dietary needs.

Deboned Meat Significance: Deboned meat, particularly deboned beef, holds a significant share in the market owing to its high-quality protein content, suitability for pets with food sensitivities, and digestibility, promoting proper muscle development.

Rapid Growth in Cat Food Ingredients: Cats are driving significant growth in the pet food ingredients market due to rising cat ownership, increased emphasis on providing quality nutrition, and growing awareness of cat health and nutrition among pet owners.

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Asia Pacific Emergence: The Asia Pacific region is poised for the fastest growth in the pet food ingredients market, driven by increasing pet ownership, a cultural shift towards humanizing pets, and rising awareness of pet health and nutrition.

Key Market Players

Prominent players in the global pet food ingredients market include BASF SE, Darling Ingredients Inc, Cargill, Incorporated, Ingredion, DSM, Omega Protein Corporation, ADM, Kemin Industries, Inc, Chr. Hansen Holding A/S, Roquette Frères, The Scoular Company, Symrise, Mowi, Lallemand Inc., and Phileo by Lesaffre. These companies play a crucial role in shaping the dynamics of the market through innovation and product development.

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This release was published on openPR.