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PRZOOM - /newswire/ -
San Antonio, CA, United States, 2021/10/13 - The humanization of pets trend is becoming more relevant globally, with more pet owners treating their pets as a part of their family and wanting to provide them with superior products and experiences equivalent to humans.
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Growing consciousness of pet health and wellness pushes the growth of functional and specialized ingredients
Frost & Sullivan’s recent analysis of the global pet food ingredients industry finds that pet owners’ growing emphasis on the quality of their pet’s diet is inflating the demand for premium pet food. This is driving the global pet food ingredients market, which is expected to reach $1.21 billion in revenue by 2026, up from $818.9 million in 2020, at a compound annual growth rate of 6.6%. However, with the COVID-19 pandemic and its impact on the industry’s growth, there will likely be significant short-term disruptions in production, consumption, and trade for the next five years, with a possible recovery by the end of 2021.
Developed economies, such as North America and Europe, witnessed increased pet adoption in 2020 to combat loneliness amid lockdown measures. This boosted the demand for premium pet foods and pet food ingredients. However, a few countries in Asia-Pacific, including China, Malaysia, and Singapore; Latin America; and the Middle East and Africa, witnessed increased cases of pet abandonment, which affected the market growth of pet food ingredients in these regions.
“On a macro level, the humanization of pets trend is becoming more relevant globally, with more pet owners treating their pets as a part of their family and wanting to provide them with superior products and experiences equivalent to humans,” said Nimisha Dhomne, Chemicals, Materials & Foods Research Analyst at Frost & Sullivan. “As a result, pet owners are paying more attention to their pet’s joint health, immunity and digestive health, and general wellness. This is driving demand for functional and specialized ingredients such as probiotics, glucosamine, and omega-3 fatty acids.”
Dhomne added: “By market segmentation, dog food applications dominate the global pet food ingredients market due to higher market penetration than food for cats and other types of pets.”
The pet food ingredients market is highly fragmented. To tap into the growth opportunities, market participants need to focus on:
Meeting the rising demand for premium pet food: Ingredient manufacturers need to broaden their pet food-specific portfolio to meet the growing industry demand.
Serving the needs of emerging economies with increasing pet ownership: Manufacturers should establish their presence through expansions, partnerships, and mergers and acquisitions.
Adopting micro-encapsulation technology to boost probiotics market growth: Probiotics manufacturers should focus on increasing the cost-effectiveness of probiotics strains for pet food applications.
Global Pet Food Ingredients Growth Opportunities is the latest addition to Frost & Sullivan’s Chemicals, Materials & Foods research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Global Pet Food Ingredients Growth Opportunities / K627
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