Pet Food Ingredients Market to Reach $73.30 Billion by 2031

According to this latest publication from Meticulous Research^®, the pet food ingredients market is projected to reach $73.30 billion by 2031, at a CAGR of 8.5% from 2024 to 2031.The growth of the pet food ingredients market is driven by the rising pet population coupled with increasing expenditure on pet food, the growing demand for premium pet food, and an increasing focus on pet health and wellness. However, the stringent regulatory structures and fluctuating raw material prices restrain the growth of this market.

Furthermore, the increasing availability and growing acceptance of novel pet food ingredients and the proliferation of direct-to-consumer (D2C) brands and start-ups in the pet food category are expected to provide growth opportunities for the stakeholders operating in this market. However, the risk of counterfeit products is a major challenge impacting the growth of the pet food ingredients market.

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Moreover, the rising demand for customized pet food is a major trend in the pet food ingredients market.

Key Players

The pet food ingredients market is moderately competitive due to the presence of many large and small-sized global, regional, and local players. The key players operating in the pet food ingredients market are Cargill, Incorporated (U.S.), Ingredion Incorporated (U.S.), Darling Ingredients Inc. (U.S.), Kemin Industries, Inc. (U.S.), Archer-Daniels-Midland Company (U.S.), Omega Protein Corporation (U.S.), Roquette Frères (France), BASF SE (Germany), Protix B.V. (Netherlands), Duynie Ingredients (Netherlands), Chr. Hansen Holding A/S (Denmark), DSM-Firmenich AG (Switzerland), Symrise AG (Germany), IQI b.v. (Netherlands), and KAGOME Australia Pty Ltd (Australia).    

The pet food ingredients market is segmented by type (animal-based ingredients {meat &poultry and fish}, plant-based ingredients {cereals & grains[corn/maize, wheat, rice, and other cereals & grains], oilseeds & pulses, fruits & vegetables [carrot residue and other fruits & vegetables], and other plant-based ingredients}, additives, and novel ingredients), application (pet meals {dry meals and wet meals}, treats & snacks, veterinary diets, and other applications), pet type (dogs, cats, birds, ornamental fish, and other pet animals), and geography (North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on type, the global pet food ingredients market is segmented into animal-based ingredients, plant-based ingredients, additives, and novel ingredients. In 2024, the animal-based ingredients segment is expected to account for the largest share of the global pet food ingredients, mainly due 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.

Based on application, the global pet food ingredients market is segmented into pet meals, treats & snacks, veterinary diets, and other applications. In 2024, the pet meals segment is expected to account for the largest share of the global pet food ingredients market, owing to the increasing demand for convenient and nutritionally balanced pet meals catering to the specific dietary needs of pets. Moreover, the cost-effectiveness, ease of storage, and high energy content of pet meals, the increased spending on premium meals, and the growing demand for customized meals also contribute to the segment’s large market share. Further, the pet meals application is segmented into dry meals and wet meals.

Based on pet type, the global pet food ingredients market is segmented into dogs, cats, birds, ornamental fish, and other pet animals. In 2024, the dogs segment is expected to account for the largest share of the global pet food ingredients market, mainly due to the increased number of dog adoptions, the growing demand for high-quality dog food products, and increasing awareness about the nutritional benefits of dog foods. Moreover, continuous innovation in pet food production and increasing investments in dog food ingredients are supporting the growth of this segment.

Read Blog: https://meticulousblog.org/top-10-companies-in-pet-food-ingredients-market/

Geographic Review

This research report analyzes major geographies and provides comprehensive analyses for North America (U.S. and Canada), Europe (Germany, France, U.K., Spain, Poland, Italy, and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and the Middle East & Africa. In 2024, North America is expected to account for the largest share of the pet food ingredients market due to the rising number of millennials as pet owners in the region, the growing focus on the health and diets of pets, and the presence of major pet food manufacturers in the region.

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