Meticulous Research Report: Pet Food Ingredients Market to Reach $73B by 2031
According to a new market research report published by Meticulous Research, the pet food ingredients market is projected to reach $73.30 billion by 2031, at a CAGR of 8.5 percent from 2024 to 2031. According to the report, 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. Stringent regulatory structures and fluctuating raw material prices, however, will restrain the growth of this 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 report noted key trends that will generate growth opportunities for the pet food marketing, including 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 space. The report noted the risk of counterfeit products will be 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.
Key findings in the Global Pet Food Ingredients Market Study include:
Among all the types studied in this report, the animal-based ingredients segment is expected to account for the largest share of 72 percent 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 to 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 to 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.
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 and Africa. In 2024, North America is expected to account for the largest share of 32 percent of the pet food ingredients market. The North America pet food ingredients market is estimated to be worth $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.
Latin America pet food ingredients market is expected to witness significant growth during the forecast period of 2024 to 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 to 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.
Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
