A new market research report released by Meticulous Research has projected significant expansion for the pet food ingredients market, with an anticipated valuation of US$73.3 billion by 2031. This growth trajectory, expected to sustain at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031, is attributed to various factors outlined in the report.
The report underscores several key drivers propelling the growth of the pet food ingredients market. These include the burgeoning pet population worldwide, accompanied by an upsurge in expenditure on pet nutrition. Additionally, the escalating demand for premium pet food and a heightened focus on pet health and wellness are identified as pivotal factors fueling market expansion. However, the report also highlights potential constraints such as stringent regulatory frameworks and fluctuations in raw material prices that could impede market growth.
Identified within the report are discernible trends offering growth opportunities in the pet food market landscape. Notably, the increasing availability and acceptance of novel pet food ingredients, alongside the proliferation of direct-to-consumer (D2C) brands and startups within the pet food domain, are poised to shape market dynamics. Nevertheless, the report acknowledges the challenge posed by counterfeit products, which may hinder market growth.
Geographically, while North America remains a focal point for pet food ingredients, the report identifies Brazil and Latin America as burgeoning regions to monitor. Latin America, in particular, is projected to witness substantial growth fueled by factors such as heightened awareness of pet health, increased expenditure on pet food, and the burgeoning middle class.
Key findings within the global pet food ingredients market indicate the dominance of the animal-based ingredients segment, projected to account for 72% of the market share. This dominance is attributed to the widespread adoption of animal byproducts owing to their nutritional value and palatability. Moreover, the report forecasts robust growth in the novel ingredients segment, driven by factors such as growing consumer interest in sustainable pet food sources and increased research and development investments.
Among the various applications studied, the veterinary diets segment is anticipated to register the highest CAGR, underpinned by the rising demand for health-oriented pet food products tailored to specific breeds and age groups. Notably, while the dog segment is expected to command the largest market share, ornamental fish emerge as a segment with a notable growth trajectory, driven by factors such as rising disposable incomes and growing consumer interest in aquarium fish.
In conclusion, the pet food ingredients market presents significant growth prospects, propelled by evolving consumer preferences and market dynamics. With regions such as Latin America poised for exponential growth, stakeholders in the pet food industry are encouraged to capitalize on emerging opportunities while navigating potential challenges to ensure sustainable market expansion.
