Excerpt from press release
A new market research report published by Meticulous Research predicts the pet food ingredients market to reach USD 73.3 billion by 2031, growing at a CAGR of 8.5% from 2024 to 2031.
According to the report, the growth of the pet food ingredients market is driven by the growing pet population and rising spending on pet food, growing demand for premium pet foods, and growing focus on pet health and wellness. That's what he said. However, strict regulatory structure and fluctuations in raw material prices will restrain the growth of this market.
This report highlights key trends creating growth opportunities for pet food marketing, including the increasing availability and acceptance of new pet food ingredients, and the proliferation of direct-to-consumer (D2C) brands and startups in the pet food space. I pointed it out. . The report points out that the risk of counterfeit products will be a challenge impacting the growth of the pet food ingredients market.
While North America remains a hotspot for pet food ingredients, Brazil and Latin America are regions to watch as the pet population continues to grow significantly.
Key findings in the global pet food ingredients market
The animal-derived ingredients segment is expected to account for the largest share (72%) of the global pet food ingredients market. This can be attributed to the widespread adoption of animal by-products in pet food manufacturing due to their high protein content, balanced amino acid profile, easy digestibility and palatability. The new raw materials segment is projected to register the highest CAGR during the forecast period 2024. It’s coming in 2031 because of its increasing acceptance, availability, and health benefits. The rapid growth of this market is driven by an increase in the number of novel food ingredient manufacturers, increased R&D investment by pet food ingredient manufacturers to develop new ingredients, rising demand for premium pet food products, and consumption towards sustainable pet food sources. This is further supported by the growing interest of the public. Among all the applications studied in this report, health-oriented pet food products, specialty pet food products for different breeds, dog segment in 2024 among all the pet types studied in this report. is expected to hold the largest share of the pet food ingredient market. This segment is projected to reach USD 52 billion by 2031. However, the ornamental fish segment is projected to register the highest CAGR of over 10% during the forecast period 2024-2031 due to rising disposable income and rising consumer interest. In the field of ornamental fish, these include increasing awareness of the therapeutic benefits of keeping fish, hospitality industry demand for ornamental fish to enhance aesthetics, and increased adoption and ownership of ornamental fish.
Latin America will grow significantly
Based on geography, the global pet food ingredients market is mainly segmented into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
In 2024, North America is expected to account for the largest share (32%) of the pet food ingredients market. The North American pet food ingredient market is estimated to be worth USD 13.4 billion in 2024 due to the increasing number of millennials owning pets in the region, the presence of numerous pet food manufacturers, and growing interest in health and diet. It has been. The Latin American pet food ingredients market is expected to witness significant growth during the forecast period 2024-2031 due to the region's growing awareness towards pet health and nutrition. Spending on pet food, rising per capita disposable income, rapid urbanization, and trends toward nuclear families. Brazil is expected to record the highest CAGR during the forecast period from 2024 to 2031. Brazil currently ranks second in the world for the number of pet dogs. In 2022, there will be approximately 54.2 million dogs and her 23.9 million cats in this country. Brazil's middle class has grown significantly in recent years, resulting in an increase in pet ownership in the country, which is expected to drive pet food growth. Domestic food market.
Download a free sample of the report here.