Global Pet Food Ingredients Market Shows Strong Growth: Insights and Projections

A recent research report by MarketsandMarkets sheds light on the flourishing pet food ingredients market, indicating a steady rise from USD 34.2 billion in 2023 to an estimated USD 47.4 billion by 2028, with a compound annual growth rate (CAGR) of 6.8%. The surge is attributed to advancements in pet nutrition research, leading to the development of specialized components tailored to specific nutritional needs. This growth is further fueled by evolving pet ownership trends, with more individuals opting for pets and demanding premium, personalized nutrition solutions.

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Key Market Dynamics and Trends

The pet food ingredients industry witnesses dynamic shifts driven by changing consumer preferences, heightened awareness of pet health, and the ongoing trend of humanizing pets. Dry ingredients, in particular, are experiencing a surge in demand, thanks to their convenience, longer shelf life, affordability, and suitability for various pet types and dietary requirements.

Insights into Ingredient Categories

Among meat and meat products, deboned meat stands out for its high-quality protein content, addressing concerns about food sensitivities and promoting proper muscle development in pets. In terms of pets, cats are projected to exhibit the highest growth rate, reflecting a growing emphasis on providing quality nutrition to feline companions.

Regional Growth Trends

The Asia Pacific region emerges as a hotspot for pet food ingredients market growth, driven by a rising demand for premium and nutritionally advanced ingredients, coupled with a cultural shift towards pet humanization. Increasing awareness of pet health and nutrition further propels the demand for specialized and natural pet food ingredients in the region.

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Key Market Players

Leading 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.

In summary, the pet food ingredients market is poised for substantial growth, driven by a combination of factors such as evolving consumer preferences, increased pet ownership, and a growing focus on pet health and nutrition.

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This release was published on openPR.