Meticulous Research® has released a comprehensive market research report forecasting that the pet food ingredients market will reach £73.30 billion by 2031, exhibiting a Compound Annual Growth Rate (CAGR) of 8.5% from 2024 to 2031.
The burgeoning pet population, coupled with increased expenditure on pet food and a growing demand for premium pet products, underpins the robust growth of the pet food ingredients market. Additionally, heightened awareness surrounding pet health and wellness fuels further market expansion. However, regulatory constraints and fluctuating raw material prices pose challenges to market progression.
Emerging Opportunities and Challenges
The market presents promising opportunities with the proliferation of novel pet food ingredients and the rise of Direct-to-Consumer (D2C) brands. Yet, the threat of counterfeit products looms large, posing a significant challenge to market growth. Furthermore, the rising demand for customised pet food represents a prominent trend, shaping the industry’s landscape.
Plant-based ingredients are gaining momentum in the pet food industry, driven by heightened awareness among pet owners regarding their benefits. These ingredients offer healthy and balanced diets while aligning with ethical and environmental considerations, reflecting evolving consumer preferences.
The pet food ingredients market is segmented by type, application, pet type, and geography. Animal-based ingredients, including meat, poultry, and fish, dominate the market, accounting for 72% of the global share in 2024. However, the novel ingredients segment is poised to exhibit the highest CAGR, propelled by increasing acceptance and availability.
Key Insights and Forecasts
Among various applications, the veterinary diets segment is expected to register the highest CAGR, reflecting the growing demand for health-oriented pet food products. Similarly, the ornamental fish segment is projected to witness substantial growth, driven by rising disposable incomes and increasing awareness of the therapeutic benefits of ornamental fish.
North America leads the market, attributed to rising pet ownership among millennials and a concentration of pet food manufacturers. Conversely, Latin America is anticipated to witness significant growth, propelled by heightened awareness of pet health and nutrition and increasing disposable incomes.
The pet food ingredients market presents vast growth opportunities amidst evolving consumer preferences and market dynamics. As stakeholders navigate regulatory challenges and seize emerging opportunities, the industry is poised for sustained growth, catering to the evolving needs of pet owners worldwide.
