Analysis of the Global Pet Food Ingredients Market
In 2014, the global revenue of the pet food ingredients market was found to be $ million and is expected to reach million by the year 2021, with a CAGR of % from 2014 to 2021.
The market is expected to be driven mainly by the growth of specialty ingredients and emerging opportunities in the Asia-Pacific region. Also, the quest to improve the efficiency through innovation is expected to continue.
The strong growth of the pet food ingredients market is mainly attributed to increased pet ownership. Moreover, pet owners are well aware of the efficacy of retail products. Therefore, products with enhanced claims will boost growth.
Consumers are becoming more environment and pet health conscious, and products with “all natural” claims are perceived to be more efficacious. Because of this, continued growth is expected from the natural specialty ingredients. Fast growth of retail products boosts future market potential.
About this report
Most of the pet food products available in the market are similar. Innovative and multi-functional ingredients can facilitate differentiation. In mature markets like North America and Western Europe, consumers prefer premium products that act as a key for end-market growth. This trend is also related to the affordability of workers, which has increased in recent years with increased income. Pet ownership is increasing with smaller households and urbanized families. Moreover, an increase in pet food consumption has been observed in some countries.
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