According to the research report pet food ingredients market is estimated at USD 34.96 billion in 2018, and is projected to reach a value of USD 45.44 billion by 2023, growing at a CAGR of 5.4%. The market is segmented on the basis of ingredient, source, pet, form, and region. The types of pet food ingredients include cereals, meat & meat products, vegetables, fruits, fats, and additives.
Browse 95 market data Tables and 47 Figures spread through 176 Pages and in-depth TOC on “Pet Food Ingredient 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), and Region – Global Forecast to 2023“
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The market has been segmented on the basis of form into dry and liquid forms. On the basis of sources the pet food ingredients market has been segmented into animal-based, plant-based, and synthetic ingredients. On the basis of key regions, the pet food ingredients market has been segmented into North America, Europe, Asia Pacific, South America and the Rest of the World (RoW).
The pet food ingredients market is driven by factors such as increasing pet population & adoption and rising trend of pet humanization.
On the basis of source, the animal-based ingredients segment is projected to grow at the highest CAGR from 2018 to 2023 for the pet food ingredients market, owing to its easy availability and lower cost. Also, animal-based pet food ingredients are used to produce a palatable and appealing product with desired textural characteristics.
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Among the ingredients, fats and fruits segments are projected to grow at the highest CAGRs from 2018 to 2023. Vegan and grain-free pet food have been gaining popularity in the industry. These trends are expected to increase the popularity of different fruits in pet food to provide varied taste, texture, and flavor. Also, fats, which form one of the essential ingredients in pet food, form a segment that is projected to grow at a higher rate due to the functional benefits of including fish oil in pet foods and the cost-effective nature of fats such as tallow and lard. These factors are contributing to the popularity of the fruits and fats in the pet food ingredients market.
The Asia Pacific region is projected to be the fastest-growing market for pet food ingredients from 2018 to 2023. Regional markets such as India, China, and Japan are projected to drive the growth of pet food ingredients in the region, owing to the increasing rate of pet adoption by the growing number of nuclear families in these countries. China, the largest market for pet food ingredients in the Asia Pacific region, is projected to dominate the region in terms of both value and volume, during the forecast period, owing to the presence of local pet food ingredient manufacturers who offer pet-food-grade ingredients at the lowest price, as compared to other countries in the region.
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