Pet Food Ingredients Market to Reach $73.30 Billion by 2031 - Exclusive Report by Meticulous Research®

REDDING, Calif., May 6, 2024 /PRNewswire/ -- According to a new market research report titled, 'Pet Food Ingredients Market by Type (Meat & Poultry, Fish, Maize, Wheat, Additives, Novel Ingredients), Application (Pet Meals {Dry Meal}, Pet Treats, Pet Snacks, Veterinary Diet), Pet Type (Dog, Cat, Birds, Ornamental Fish) - Global Forecast to 2031,' published by 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.

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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 generate growth opportunities for the stakeholders in this market. However, the risk of counterfeit products is a challenge impacting the growth of the pet food ingredients market.

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

Pet food ingredients refer to the ingredients used in the formulation of pet food products. Plant-based ingredients are gaining traction in the pet food industry due to rising awareness among pet owners about these benefits, leading them to seek out pet foods that incorporate plant-based ingredients. These ingredients provide healthy and balanced diets and also align with ethical and environmental considerations.

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 report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years (2021–2024). The pet food ingredients market has witnessed several partnerships, agreements, collaborations, mergers, and acquisitions in recent years. 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).

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Key Findings in the Global Pet Food Ingredients Market Study:

Among all the types studied in this report, in 2024, the animal-based ingredients segment is expected to account for the largest share of 72% of the global pet food ingredients market. The large market share of this segment can be attributed to the widespread adoption of animal by-products in pet food manufacturing due to their high protein content, balanced amino acid profiles, easy digestibility, and palatability.

However, the novel ingredients segment is projected to register the highest CAGR during the forecast period of 2024–2031, owing to the growing acceptance of novel ingredients in pet foods, their easy availability, and health benefits. Moreover, the fast growth of this market is further supported by a growing number of novel food ingredient manufacturers, increasing R&D investments from pet food ingredients manufacturers to develop novel ingredients, rising demand for premium pet food products, and growing consumer interest in sustainable pet food sources.

Among all the applications studied in this report, the veterinary diets segment is projected to register the highest CAGR during the forecast period of 2024–2031, owing to the increasing demand for health-oriented pet food products, specialized pet food products for different breeds, and products specifically formulated for pets of different ages and physiological needs.

Among all the pet types studied in this report, in 2024, the dogs segment is expected to account for the largest share of the pet food ingredients 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 more than 10% during the forecast period of 2024–2031, owing to the rising disposable incomes and growing consumer interest in aquarium fish, increasing awareness of the therapeutic benefits of keeping fish, the hospitality sector's demand for ornamental fish to enhance aesthetics, and rising adoption and ownership of ornamental fish.

Based on geography, the global pet food ingredients market is majorly segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of 32% of the pet food ingredients market. The North America pet food ingredients market is estimated to be worth USD 13.4 billion in 2024. The large share of this market is mainly attributed to the rising number of millennials as pet owners in the region, the presence of a large number of pet food manufacturers, the growing focus on the health and diets of pets, and the presence of major pet food manufacturers in the region.

However, Latin America pet food ingredients market is expected to witness significant growth during the forecast period of 2024–2031, mainly due to the region's rising awareness about pet health and nutrition, increasing spending on pet food products, increase in per capita disposable income, and rapid urbanization, and rising trend of nuclear families. Moreover, in Latin America, Brazil is slated to register the highest CAGR during the forecast period of 2024–2031. Currently, Brazil ranks second in the pet dog population in the world. The country had approximately 54.2 million dogs and 23.9 million cats in 2022 (Source: HealthforAnimals). Moreover, in the past few years, the middle class in Brazil has grown significantly, which has resulted in increased pet ownership in the country. Furthermore, this increased pet ownership is further driving the demand for pet food in the country, which is ultimately expected to drive the growth of the pet food ingredients market in Brazil.

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Scope of the Report:

Global Pet Food Ingredients Market Assessment—by Type

• Animal-based Ingredients
  • Meat & Poultry
  • Fish
• Plant-based Ingredients
  • Cereals & Grains
    • Corn/Maize
    • Wheat
    • Rice
    • Other Cereals & Grains
  • Oilseeds & Pulses
  • Fruits & Vegetables
    • Carrot Residue
    • Other Fruits & Vegetables
  • Other Plant-based Ingredients
• Additives
• Novel Ingredients

Global Pet Food Ingredients Market Assessment—by Application

• Pet Meals
  • Dry Meals
  • Wet Meals
• Treats & Snacks
• Veterinary Diets
• Other Applications

Global Pet Food Ingredients Market Assessment—by Pet Type

• Dogs
• Cats
• Birds
• Ornamental Fish
• Other Pet Animals

Global Pet Food Ingredients Market Assessment—by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Spain
  • Poland
  • Italy
  • Rest of Europe
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Asia-Pacific
  • China
  • Japan
  • Australia
  • India
  • Rest of Asia-Pacific
• Middle East and Africa

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