New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pet Food Ingredient Global Market Report 2023" - https://www.reportlinker.com/p06466458/?utm_source=GNW
, Chr. Hansen A/S, Roquette Freres, Ingredion Incorporated, DuPont Nutrition Inc., Lallemand Inc., SunOpta Inc., AFB International Inc., American Dehydrated Foods Inc., APS Phoenix LLC, Biorigin, Nutreco N.V., Saria A/S GmbH & Co. KG, The Scoular Company, and DowDuPont Inc.
The global pet food ingredient market is expected to grow from $29.29 billion in 2022 to $31.44 billion in 2023 at a compound annual growth rate (CAGR) of 7.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pet food ingredient market is expected to reach $40.98 billion in 2027 at a CAGR of 6.8%.
The pet food ingredient market consists of sales of rice bran, poultry meal, seafood, feed grains, soybean meal, and beet pulp.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Pet food ingredients refer to components added to pet food products to increase their nutritional value and help pets satisfy their needs for proteins, carbs, fatty oils, vitamins, minerals, and other nutritional and energy sources.
North America was the largest region in the pet food ingredient market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the pet food ingredient market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of ingredients used in pet food ingredient are meat and meat products, cereals, vegetables and fruits, fats, and additives.Meat and meat products refer to items made from animal tissues that are consumed as food and go through a procedure like cooking.
They come from organic and inorganic natures, and are available in dry and wet forms, and include several sources such as animal-based, plant derivatives, and synthetics. These are commonly used in dogs, cats, fish, and other pets.
The increasing pet adoption rates are expected to propel the growth of the pet food ingredient market.Pet adoption refers to taking over the care of an animal that was previously owned by someone else, such as a person, shelter, or rescue group.
Pet animals are the main consumers of pet food ingredients.They require a wide variety of nutrients to maintain healthy body function, and it helps them maintain muscular tone, build and repair muscles, teeth, and bones, conduct regular daily activities easily, or fight off infection, and these factors will boost the pet food ingredient market.
For instance, in November 2022, according to a national survey of pets and people published by Animal Medicines Australia (AMA), an Australia-based industry body representing the leaders of the animal health industry in Australia, about half of Australian households have at least one dog, making them the most common pet.In 2022, 48 percent of households had dogs, up from 40 percent in 2019.
Moreover in Australia, 37 percent of dogs and 40 percent of cats have been obtained since the pandemic started, which is close to 2 out of 5 canines. Therefore, the increasing pet adoption rates are driving the growth of the pet food ingredient market going forward.
Product innovations are a key trend gaining popularity in the pet food ingredient market.Major companies operating in the pet food ingredient market are innovating new products to sustain their position in the market.
For instance, in February 2021, Cargill Inc., a US-based food corporation, launched The Chompery, a new brand of butcher-quality dog treats that are all-natural and made from a single, simple ingredient. There are bones, ribs, windpipes, and jerky in the product lineup, and that is easy to digest. Moreover, it gives animals an energy boost, which makes them more active, and it makes them tasty to eat, which provides them with nourishing food.
In August 2021, Kainos Capital., a US-based middle market private equity firm, acquired Muenster Milling Co. Inc., for an undisclosed amount. With this acquisition, Kainos Capital aims to grow and further professionalize Muenster’s manufacturing capabilities while also creating a larger platform in the pet food and ingredient market. Muenster Milling Co. Inc. is a US-based pet food and ingredient manufacturer primarily for dogs, cats, and horses.
The countries covered in the pet food ingredient market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The pet food ingredient market research report is one of a series of new reports that provides pet food ingredient market statistics, including pet food ingredient industry global market size, regional shares, competitors with a pet food ingredient market share, detailed pet food ingredient market segments, market trends and opportunities, and any further data you may need to thrive in the pet food ingredient industry. This pet food ingredient market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466458/?utm_source=GNW
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