Pet Food Ingredients Market is anticipated to grow at a CAGR of 6.4% from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Pet Food Ingredients Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global pet food ingredients market is estimated to be over US$ 36.0 billion in 2019. It is anticipated to grow at a CAGR of 6.4% from 2019 to 2030.
Pet humanization & increasing awareness of nutrition for pets globally is one of the major factor driving the market of pet food ingredient. Moreover, increasing pet adoption and rise in living standard are anticipated to fuel the growth of the pet food ingredient market during the forecast period. However, non-uniformity of regulations for approval of international trade are likely to hinder the market to a certain extent.
The increasing pet adoption and trend of pet humanization across the globe are driving the market growth. Moreover, increasing awareness regarding nutrition in pet and rising living standards is anticipated to further contribute to substantial growth of the global pet food ingredients market. For instance, In June 2019, according to the national survey of the American Pet Products Association (APPA) 67% of U.S. households own a pet that is around 84.9 million homes.
Rise in living standards and increasing awareness regarding nutrition are also one of the major factors that is driving the pet food ingredient market. Moreover, rise in the standard of living with high consumer income in metro cities is enriching the demand for hygienic and quality-assured pet food. In US, all combination of ingredients in pet food products is regulated by the US Food and Drug Administration (FDA) to ensure the safety and health of pets. The government in the countries like Canada, Italy and United States are also supporting the pet owners and has promoted vaccinations and spaying/neutering programs for pet owners.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Pet Food Ingredients Market by Ingredient (Cereals, Meat & Meat Products, Vegetables, Fruits, Fats, and Additives), Source (Animal-based, Plant-based, and Synthetic), Pet (Dog, Cat, and Fish), Form (Dry and Liquid), - Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/pet-food-ingredients-market/175
However, pets carry certain bacteria, viruses, parasites, and fungi that can cause illness if transmitted to humans thus they pose a risk of infection. Moreover, there is limited knowledge of the public’s pet husbandry and infection control practices. The potential risk of infection is stopping people from adopting pets may hinder the pet food ingredient market to a certain extent.
North America is estimated to witness the highest CAGR during the forecast period. Increasing demand from the pet food industry has led companies to expand their production plants and to meet this requirements & growing needs companies are also adoption strategies like acquisitions to cater the lucrative pet food ingredient market. Furthermore, pet humanization and rise in standard of living in this region have led to the high adoption of pets which presents an attractive growth prospect for the market in the coming years.
The prominent players in the global pet food ingredients market are Ingredion, The Scoular Company, SunOpta, Darling Ingredients Inc., Kemin Industries, Inc., Nutreco N.V., LALLEMAND Inc., SARIA SE & Co. KG, Chr. Hansen Holding A/S, and Cargill, Incorporated among others.
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