The Pet Food Ingredients Market is on track to reach a substantial value of £47.4 billion by 2028, as projected by a recent report from MarketsandMarkets™.
With an estimated worth of £34.2 billion in 2023, the market is set to grow at a Compound Annual Growth Rate (CAGR) of 6.8% from 2023 to 2028. The industry’s upward trajectory is attributed to significant advancements in pet nutrition research, leading to the creation of specialized components tailored to specific nutritional needs. The evolving landscape of pet ownership, characterised by an increased demand for premium and personalised nutrition solutions, contributes significantly to the market’s remarkable growth.
Dry Ingredients Drive Market Growth
In the pet food ingredients market, dry ingredients are poised to exhibit the highest growth rate. The convenience and extended shelf life of dry pet food make it a preferred choice among pet owners, fostering consistent market expansion. The affordability and ease of storage add to the popularity of dry ingredients, catering to both manufacturers and consumers. The versatility of dry pet food, suitable for various pet types and dietary requirements, further propels its growth. The surge in pet ownership, coupled with the demand for convenient and cost-effective pet nutrition solutions, positions dry ingredients as a key driver in the pet food ingredients market.
Among meat and meat products, deboned meat claimed the largest share in 2022 in terms of value. Pet owners increasingly prioritise premium nutrition, with deboned beef gaining recognition for its high-quality protein content essential for overall pet health. Responding to heightened awareness of pet allergies, deboned beef, as a single-source protein, addresses concerns about food sensitivities. The amino acids in deboned meat support proper muscle development, making it particularly beneficial for busy or growing animals. The high digestibility of protein in deboned beef enhances overall health by facilitating efficient absorption and utilisation by pets.
Asia Pacific Emerges as Fastest-Growing Region
The Asia Pacific region is poised for the fastest growth in the pet food ingredients market in terms of value. Key factors contributing to this growth include a rising demand for premium and nutritionally advanced pet food ingredients. A cultural shift towards pet humanisation is shaping consumer preferences, with a focus on high-quality ingredients mirroring human dietary choices. Increased awareness of pet health and nutrition is fuelling the demand for specialised and natural pet food ingredients. Consumers in the Asia Pacific are prioritising the well-being of their pets, driving demand for products rich in essential nutrients, vitamins, and minerals. This trend aligns with the global movement towards all-natural and sustainably sourced pet food options.
In summary, the Asia Pacific’s pet food ingredients market growth is propelled by increased pet ownership, a cultural shift towards humanising pets, and a growing emphasis on pet health and nutrition. The region is becoming a significant player in the global pet food industry, contributing to the overall expansion of the market.