DUBAI, U.A.E, Aug. 6, 2020 /PRNewswire/ -- The global pet milk replacers market will hold major sway throughout the 2020-2030 forecast period, according to Future Market Insights.
Growing ownership of pets across continents has augmented expenditure on their food and healthcare. Pet milk replacers play a pivotal role in supplementing pups and kittens with essential micronutrients in their very initial stages of life. Furthermore, rising prices of conventional milk is compelling owners to switch to milk replacers.
Recent fads such as vegetarianism, keto-diet and gluten-free food consumption is prompting vendors to develop pet milk replacer products imbued with the aforementioned formulae. As newborn off-springs have very rudimentary digestive systems, consuming such enhanced milk replacers proves beneficial to them. Based on these trends, the market is registering a positive growth curve.
"Influx of multiple pet milk replacer market players due to heightening pet ownership is compelling vendors to streamline their R&D capabilities to launch innovative new products, helping them remain afloat," says the FMI analyst.
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Key Takeaways from FMI's Pet Milk Replacers Market Study
- Dog-based milk replacers will gain major traction due to increasing ownership of puppies
- Powder-grade pet milk replacers shall remain the most preferred option, attributed to easy digestibility
- Non-medicated products will remain the vanguard of the global pet milk replacers market from 2020-2030
- Asian markets shall generate lucrative growth opportunities for pet milk replacers players
Pet Milk Replacers Market- Key Trends
- Growing adoption of orphaned pups and kittens has accelerated spending on pet milk replacers
- Expenditure on medicated products is rising as most younglings suffers from deficiencies or illnesses
- Demand shall remain afloat despite the COVID-19 pandemic, attributed to an overall increase in healthcare expenditure
- Expensive production costs shall dent growth prospects by reducing profit margins
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Pet Milk Replacers Market- Region-wise Analysis
- North America will claim suzerainty over the global pet milk replacers market, with 7 out of 10 households owing pets
- UK, Germany & Russia to pivot European pet milk replacers market growth, with nearly 40% households owing pets
- Rising disposable incomes combined with rising pet-humanization trends is generating green spaces for manufacturers in East & South Asia
Pet Milk Replacers Market- Competitive Insights
The global pet milk replacers market is highly competitive due to the presence of a wide array of players. Their primary strategies consist of mergers & acquisitions and product portfolio expansion. Some players include PetAg Inc., Nature's Farmacy, Naturally for Pets, CHS Inc., Beaphar Group and Land O'Lakes among others.
PetAg Inc., for instance, offers the Esbilac Puppy Replacement Powder & Fluid, the PetLac Powder for Puppies and the Esibilac Emergency Feeding Kit to assist in the proper growth of puppies. It also offers similar products for kittens, goat & livestock and birds, reptiles & small animals.
On the acquisition front, Land O' Lakes has collaborated with the Royal Agrifirm Group with the objective of initiating a dairy animal feed unit in China to assist dairy farmers across the East Asian giant. This new venture has been christened Agrilakes.
Players such as Beaphar Group are manufacturing products from skimmed milk such as Lactol Puppy Milk to offer high protein content.
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Pet Milk Replacers Market Taxonomy
- Rest of Latin America
- Nordic Countries
- Rest of Europe
- South Korea
- Rest of South Asia
- New Zealand
- South Africa
- Rest of MEA
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Know More about Pet Milk Replacers Market
A new market research report published by Future Market Insights (FMI) on the global pet milk replacers market offers comprehensive insights into the market demand trends and analysis of opportunities over the forecast period, 2020-2030. The report examines the pet milk replacers market through four different segments – pet category, product, form, and region. The report also provides extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the manufacturing of pet milk replacers and product adoption across several end-use industries.
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