PUNE, India, May 8, 2018 /PRNewswire/ --
The report "Pet Food Ingredient Market by Ingredient (Cereals, Meat & Meat Products, Vegetables, Fruits, Fats, and Additives), Source (Animal-based, Plant-based, and Synthetic), Pet (Dog, Cat, and Fish), Form (Dry and Liquid), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the market is estimated at USD 34.96 Billion in 2018 and is projected to reach a value of USD 45.44 Billion by 2023, at a CAGRs of 5.4%. The market is driven by factors such as increasing pet population and pet humanization. The major players in the food industry are investing in research & development activities to develop innovative pet food ingredients, along with engagement in expansion activities of their production facilities and geographic expansion through strategic acquisitions to strengthen their production capabilities and increase their product portfolio.
Browse 95 market data Tables and 47 Figures spread through 176 Pages and in-depth TOC on "Pet Food Ingredient Market"
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The meat & meat products segment accounted for the largest share of the Pet Food Ingredients Market in 2017.
On the basis of the ingredient, meat & meat products accounted for the largest share of the Pet Food Ingredients Market in 2017, followed by cereals. Meat & meal products form a key source of proteins, which are an essential nutritional requirement in the development of pets. Majority of meat & meat products are by products of food products manufactured for human consumption, and thus prove to be an economical solution for pet food manufacturers. Along with being cost-effective, meat & meat products enhance the palatability and acceptability of pet food. These factors have fueled the growth of this segment.
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The dog segment accounted for the largest market share in the Pet Food Ingredients Market in 2017.
Among all the pets, the dog segment accounted for the largest market share in 2017. The growing demand for dog food in developed as well developing countries such as China is one of the driving factors for the large market share of the dog segment. Emerging markets such as China present a positive outlook for the dog food market, with the dog population outnumbering the cat population, the rise in popularity of dogs as pets, the established e-commerce sector, and high dog ownership rates in the urban cities of China. A majority of European and North American countries have been following the premiumization trend and are feeding their dogs with high-quality dog food. With multinational dog food manufacturers capitalizing on this trend and strengthening their presence in emerging markets such as China and Brazil, the market for dog food ingredients is projected to grow at a steady rate. These factors have accelerated the growth of this segment.
The dry segment accounted for the larger market share among the two forms of pet food ingredients in 2017.
On the basis of form, the dry form of pet food ingredients accounted for a larger market share. Dry ingredients are used in pet food on a large scale, and their popularity can be attributed to their cost-effective nature and low moisture content, which facilitates convenient handling during processing and storage. As opposed to animal-based ingredients such as fresh meat, which have a higher moisture content, meat meal, being dehydrated, is more concentrated and economical than the former. Due to these factors, the market for the dry form of pet food ingredients accounted for the larger share.
North America dominated the Pet Food Ingredients Market in 2017.
North America accounted for the largest market share in 2017. The Pet Food Ingredients Market is consolidated in North America and dominated by several companies such as ADM, Cargill, Ingredion, SunOpta, DowDuPont, Darling Ingredients, and Kemin. In North American countries such as the US and Canada, the Pet Food Ingredients Market is driven by the expansion of production plants of leading companies and acquisitions to meet the rising demand from the pet food industry. These factors have fueled the growth of the Pet Food Ingredients Market in the North American region.
This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies. It includes profiles of leading companies such Archer Daniels Midland Company (US), Koninklijke DSM N.V. (Netherlands), Cargill, Incorporated (US), BASF SE (Germany), Ingredion Incorporated (US), Roquette Frères (France), SunOpta (Canada), Darling Ingredients Inc. (US), Omega Protein Corporation (US), DowDuPont Inc. (US), Kemin Industries, Inc. (US), InVivo (France), and John Pointon & Sons Ltd. (UK).
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