Pet Food Ingredient Market Trends, Top Companies, Share, Growth And Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Pet Food Ingredient Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The pet food ingredient market size has grown strongly in recent years. It will grow from $31.44 billion in 2023 to $33.72 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The growth in the historic period can be attributed to introduction of commercial pet foods, emergence of nutritional science, industrialization of pet food production, veterinary recommendations and guidelines, innovations in processing techniques, introduction of specialized diets..

The pet food ingredient market size is expected to see strong growth in the next few years. It will grow to $43.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to rising pet ownership, health-conscious consumer behavior, premiumization and humanization, e-commerce and direct-to-consumer channels, sustainability and ethical sourcing.. Major trends in the forecast period include natural and clean label ingredients, sustainable sourcing, functional and nutritional additives, alternative protein sources, grain-free and limited ingredient diets..

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Market Drivers and Trends:

The increasing pet adoption rates are expected to propel the growth of the pet food ingredient market. Pet adoption refers to taking over the care of an animal that was previously owned by someone else, such as a person, shelter, or rescue group. Pet animals are the main consumers of pet food ingredients. They require a wide variety of nutrients to maintain healthy body function, and it helps them maintain muscular tone, build and repair muscles, teeth, and bones, conduct regular daily activities easily, or fight off infection, and these factors will boost the pet food ingredient market. For instance, in November 2022, according to a national survey of pets and people published by Animal Medicines Australia (AMA), an Australia-based industry body representing the leaders of the animal health industry in Australia, about half of Australian households have at least one dog, making them the most common pet. In 2022, 48 percent of households had dogs. Moreover in Australia, 37 percent of dogs and 40 percent of cats have been obtained since the pandemic started, which is close to 2 out of 5 canines. Therefore, the increasing pet adoption rates are driving the growth of the pet food ingredient market going forward.

Major companies operating in the pet food ingredient market are innovating new products to sustain their position in the market. For instance, in February 2021, Cargill Inc., a US-based food corporation, launched The Chompery, a new brand of butcher-quality dog treats that are all-natural and made from a single, simple ingredient. There are bones, ribs, windpipes, and jerky in the product lineup, and that is easy to digest. Moreover, it gives animals an energy boost, which makes them more active, and it makes them tasty to eat, which provides them with nourishing food.

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Major Key Players of the Market:

BASF SE; Darling Ingredients Inc.; Cargill Inc.; DSM Nutritional Products AG; Omega Protein Corporation; Archer-Daniels-Midland Company; Kemin Industries Inc.; Chr. Hansen A/S; Roquette Freres SA; Ingredion Incorporated; DuPont Nutrition Inc.; Lallemand Inc.; SunOpta Inc.; AFB International Inc.; American Dehydrated Foods Inc.; APS Phoenix LLC; Biorigin Company; Nutreco NV; SARIA International GmbH; The Scoular Company; Fusion Tech Integrated Inc.; Scansteel Foodtech; Jinan Bright Machinery Co. Ltd.; N.A. Buffen Company Inc.; General Mills Inc.; Mars Inc.; Nestlé SA; Hill's Pet Nutrition Inc.; Petcare Holdings Inc.; Del Monte Foods Inc.; H.J. Heinz Company; Colgate-Palmolive Company; Procter & Gamble Company

Pet Food Ingredient Market 2024 Key Insights:

• The pet food ingredient market will grow to $43.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Surging Pet Adoption Rates Fueling Growth In The Pet Food Ingredient Market
• Major Players In The Pet Food Ingredient Market Introduce Novel Products For Sustained Market Presence
• North America was the largest region in the pet food ingredient market in 2023

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