The report "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", The 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, at a CAGRs of 5.4%. The market is driven by factors such as increasing pet population and pet humanization. The major players in the food industry are investing in research & development activities to develop innovative pet food ingredients, along with engagement in expansion activities of their production facilities and geographic expansion through strategic acquisitions to strengthen their production capabilities and increase their product portfolio.
Browse 95 market data Tables and 47 Figures spread through 176 Pages and in-depth TOC on "Pet Food Ingredient Market - Global Forecast to 2023"
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On the basis of the type of pet, the cat segment is projected to be the fastest-growing in the pet food ingredients market during the forecast period
Among the various types of pets, the cat segment is projected to grow at the highest rate. The sales of premium cat food are on the rise, and its high cost has not caused any hindrance to the growth of the cat food market. The significant focus of consumers on preventive healthcare is one of the factors driving the increasing demand for expensive, high-quality cat food from the pet food industry. These factors are contributing to the popularity of the pet food ingredients in the cat segment.
The liquid segment is projected to grow at a higher rate for the pet food ingredients market during the forecast period
One of the driving factors for the increasing use of liquid pet food ingredients is the increased palatability offered by them in wet pet food. This also helps in increasing the acceptability of pet food, along with its rising application areas. Although the market size for the liquid segment is not as large as the dry segment, it has more opportunities for growth due to the multiple advantages offered.
North America accounted for the largest market share during the studied period
North America dominated the pet food ingredients market in 2017 and is projected to grow at a steady rate over the next six years. The region is characterized by matured markets for pet food ingredients such as the US. Factors such as growth in the trend of pet humanization among pet owners, availability of premium pet food, the introduction of organic pet food products, and awareness about benefits of commercially produced pet food in the North American region have led to increased demand for pet food ingredients. The US market is characterized by the established pet food industry and the largest pet population and pet ownership; these factors support the growth of the pet food ingredients market.
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