Pet Food Ingredient Market size is forecast to reach $ 53.7 Bn by 2025, growing at a CAGR of 6.72% during the forecast period 2020-2025. Pet food is plant or animal material intended for consumption by pets. Typically sold in pet stores and supermarkets, it is usually specific to the type of animal, such as dog food or cat food. The pet food ingredients are specifically formulated and intended for consumption of pets. Pet Owner buy high quality of food products for their pets to provide nutrition and variety in their foods. The constituents include many essential micronutrients such as proteins, fats, carbohydrates. Increasing demand in the worldwide adoption of pets is leading the growth of Pet food ingredient market during the forecast period 2020-2025.
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Form – Segment Analysis
Based on Form Pet Food Ingredient Market is segmented into Dry, Wet and Mixture. Dry Form is set to be the fastest growing segment with a highest CAGR during the forecast period 2020-2025. This is owing to properties such as cost-effective nature, low moisture content and its convenience of feeding and storage of pets. Dry form is widely used in pet foods and owing to this it also holds largest share by form in Global pet food ingredients Market.
Pets – Segment Analysis
Based on Pet Types Pet Food Ingredient Market is segmented into Dogs, Cats, Fish, Bird, Rabbit and Other. Dogs are set to be the fastest growing CAGR of 6.1% during the forecast period 2020-2025. This is owing to demand of dog food products from developed and developing regions. Also, with increasing in the adoption of dogs as pets is increasing the demand of Dogs as a Pet type during the forecast period 2020-2025.
Geography – Segment Analysis
Based on Geography, Pet Food Ingredient Market is segmented to North America, Europe, Asia Pacific, and Rest of the World. North America dominated the market in 2019 with share of 41.8%. This is owing to rising trends for pet humanization and pet adoption in countries such as U.S and Canada. Also, with an increasing awareness of the benefits of high-quality pet food is leading to demand of Pet food ingredients in this region. Asia Pacific is set to be fastest growing segment during the forecast period 2020-2025 owing to increase in pet adoption in countries such as India. Rising demand of pets in this region is also owing to increasing young generation compassion of pets and social status.
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Drivers – Pet Food Ingredient Market
67% of U.S households i.e. about 85 million families own a pet in which 63.4% consist of Dogs. An increase in the number of households with more than one pet has played a key role in maintaining the size of the pet population over the past decade. An increase in number of pet owners in the western world seeks insurance. Pet parents are seeking up healthy foods with proactive ingredients for their pets. This in thus is driving the growth of Pet food ingredient Market during the forecast period 2020-2025
Challenges – Pet Food Ingredient Market
The Growing demand for pet food ingredients along with sustainable production is major challenges for manufacturers along with presence and availability of global brands and their challenges faced owing to large or scarce competition. Infection and disease transmitted from pet animals is also restraints for the growth of Pet Food Ingredients Market.
Pet Food Ingredient Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Pet Food Ingredient market. In 2019, Pet Food Ingredient Market share is consolidated by the top ten players present in the market. Pet Food Ingredient, top 10 companies are Cargill Incorporated, Archer Daniels Midland Company, BASF SE, DowDuPont Inc, Darling Ingredients, Omega Protein Corporation, SARIA Group, Nutreco N.V., The Scoular Company, and Ingredion Incorporated, among others.
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