Pet Food Ingredients Market to be Worth $55.89 Bn at a CAGR of 2030 7.3%

According to this latest publication from Meticulous Research®, the pet food ingredients market is expected to record a CAGR of 7.3% from 2023 to 2030 to reach $55.89 billion by 2030. The growth of this market is driven by the rising pet population coupled with increasing pet food expenditure, rising demand for premium pet foods, and a rise in focus on pet health and wellness. Additionally, the increasing availability and growing acceptance of novel pet food ingredients and the rising number of pet D2C brands and start-ups offer significant growth opportunities for pet food ingredient manufacturers. However, stringent regulatory structures and fluctuating raw material prices restrain the market's growth.

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Key Players

The key players operating in the pet food ingredients market are Cargill, Incorporated (U.S.), Archer-Daniels-Midland Company (U.S.), International Flavors & Fragrances, Inc. (U.S.), Roquette Frères (France), Omega Protein Corporation (U.S.), Bluestar Adisseo Co., Ltd. (China), Ingredion, Incorporated (U.S.), Alltech Inc. (U.S.), Darling Ingredients Inc. (U.S.), BASF SE (Germany), Kemin Industries, Inc. (U.S.), Protix B.V. (Netherlands), Tyson Foods, Inc. (U.S.), Brf S.A. (Brazil), and Chr. Hansen Holding A/S (Denmark).

The Rising Pet Population, Coupled with Increasing Pet Food Expenditure, Drives the Market for Pet Food Ingredient

Animals are domesticated for various reasons, including food, protection, safety, and companionship. In the modern age, several animals are adopted and domesticated solely for companionship. There has been tremendous growth in pet adoption due to the rising demand for companionship by the adult & senior population, rising disposable income, rapid urbanization, and rising nuclear families. Animals, such as cats, dogs, and birds, are widely adopted. According to the American Pet Products Association (APPA) report (2023-2024), 66% of U.S. households own a pet, which equates to 86.9 million households. Demographically, in the U.S., millennial pet owners are 32%, whereas baby boomers are 27% and Gen X is 24%. Also, according to the European Pet Food Industry, in Europe, there were around 340 million pets in 2022, an increase from 305 million in 2021.

The pet food ingredients market is segmented based on ingredient type, application, pet type, and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

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Based on ingredient types, the pet food ingredients market is segmented into animal-based ingredients, plant-based ingredients, additives, novel ingredients, and other ingredient types. In 2023, the animal-based ingredients segment is expected to account for the largest share of the pet food ingredients market. The large market share of this segment is attributed to the widespread adoption of animal by-products in pet food manufacturing, considering their high protein content, balanced amino acid profiles, better digestibility, and palatability. However, the novel ingredients segment is expected to register the highest CAGR during the forecast period.

Based on application, the pet food ingredients market is segmented into pet meals, treats and snacks, and supplements. In 2023, the pet meal segment is expected to account for the largest share of the pet food ingredients market. However, the supplements segment is expected to register the highest CAGR during the forecast period due to the increasing need and demand for health-oriented pet food products, specialized pet food products for different breeds, and products specifically formulated for pets of different ages and physiological needs.

Based on pet type, the pet food ingredients market is segmented into dogs, cats, birds, fish, and other pet types. In 2023, the dog segment is expected to account for the largest share of the pet food ingredients market. The large market share of this segment is attributed to the increased number of dog adoptions, growing demand for high-quality dog food products, and the humanization of dogs. Moreover, this segment is also expected to register the highest CAGR during the forecast period due to rising household expenditure towards healthy dog food.

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North America: The Dominating Regional Market

Based on geography, in 2023, North America is expected to account for the largest share of the pet food ingredients market. North America's major market share is attributed to the rising number of millennials as pet owners, the growing focus on the health and diets of pets, and the presence of major pet food manufacturers in North America. However, the Asia-Pacific region is expected to register the highest CAGR during the forecast period due to rising awareness about pet health and nutrition, increasing spending on pet food products, increase in per capita disposable income and rapid urbanization, and rising trend of nuclear families.

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This release was published on openPR.