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Animal Derivatives Market Growth, Trends & Forecast 2024-2033
Animal Derivatives Market Growth
According to The Business Research Company's, The animal derivatives market size has grown strongly in recent years. It will grow from $11.85 billion in 2023 to $12.66 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to traditional use in food industry, growing global population, rising disposable income, cultural and dietary preferences, nutritional content and protein demand..
The animal derivatives market size is expected to see strong growth in the next few years. It will grow to $16.04 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to continued population growth, rising urbanization and westernization, expanding middle-class consumers, shift towards health and wellness, diversification in product offerings.. Major trends in the forecast period include expansion of plant-based alternatives, innovation in processing technologies, integration in functional foods, global regulatory developments, growth of e-commerce and direct-to-consumer models..
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Market Drivers and Trends:
The increased spending on pet foods is expected to propel the growth of the animal derivatives market going forward. Pet food is commercially prepared food specifically formulated and manufactured for domesticated animals' dietary needs and consumption. Animal derivatives are commonly used in pet foods as a source of proteins and other nutrients. For instance, in March 2023, according to the pet ownership and spending data released by the American Pet Products Association (APPA), a US-based non-profit industry association, spending on pet foods in the US increased by 16.2% in 2022 to reach $58.1 billion as compared to 2021. Therefore, the increased spending on pet foods drives animal derivatives.
Product innovations are a key trend gaining popularity in the animal derivatives market. Major companies in the market are introducing innovative products such as PureeX® to sustain their position in the market. For instance, in April 2023, Protix, a Netherlands-based manufacturer of ingredients for food supplements, launched PureeX insect meat. The new product is freshly extracted from insects and is a very nutritious and appetizing ingredient to be used in pet foods. It also has a low carbon footprint, high antioxidant levels, and antimicrobial activity.
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Major Key Players of the Market:
ANZCO Foods Ltd.; Rocky Mountain Biologicals Inc.; Auckland BioSciences Ltd.; LAMPIRE Biological Laboratories Inc.; Proliant Biologics LLC; Sigma-Aldrich Co.; Thermo Fisher Scientific Inc.; Kedrion Biopharma Inc.; LFB S.A; Octapharma AG; Takeda Pharmaceuticals Company; Sanofi S.A.; Grifols S.A.; Bayer AG; Commonwealth Serum Laboratories; Fusion Health Care Pvt. Ltd.; Nippi Inc.; Tessenderlo Group; Kewpie Corporation; Pure Ingredients; Ewald-Gelatine GmbH; Kerry Group; Darling International Inc.; Gelken Gelatin Co. Ltd.; Foodmate Co. Ltd.; Weishardt Group; Trobas Gelatine BV; Nitta Gelatin Ltd.; Gelita AG; Kraeber & Co. GmbH
Animal Derivatives Market 2024 Key Insights:
• The animal derivatives market will grow to $16.04 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Increased Spending On Pet Foods Drives Growth In Animal Derivatives Market
• Innovative Products Drive Momentum In Animal Derivatives Market
• North America was the largest region in the animal derivatives market in 2023
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