The palatants market is projected to reach US$ 1,871.24 million by 2028 from US$ 1,296.57 million in 2022. It is expected to grow at a CAGR of 6.3% during 2022-2028.
Palatants are ingredients specially designed to make pet foods, treats, and supplements taste better, ensuring that pets receive the vital nutrients they need. Rising popularity of pet humanization and changing consumer perception regarding pet health are the major factors driving the market. The major players in the palatants market focus on strategies such as partnerships with distributors, project contracts, and sales & distribution channel enhancement to expand their footprint worldwide, increase their customer base, and fulfill the growing demand.
The demand for nutrient-rich, premium, and personalized pet food has increased due to the rising consumer preferences for varied food. This has led to the development of innovative, safe, and premium quality palatants. Major market players are diversifying product portfolios by including organic, natural, and phytonutrient-rich products to gain a competitive edge. In May 2022, Kemin Nutrisurance declared the launch of the PALASURANCE A DC70-380 Liquid and PALASURANCE C75-90 Dry two palatant enhancer in Europe. The palatant enhancer contains natural ingredients that help pet food manufacturers develop premium pet food products. Moreover, several players in the palatants market are engaged in the production of custom palatants. The companies are also involved in research and development activities to introduce nutrient-rich and palatable pet food products. For instance, SPF International's research and development department has focused on designing a product that can provide the optimum sensorial profile to improve the kibble’s smell while maintaining palatability. Thus, increasing product innovations and growing research are expected to provide lucrative opportunities in the palatants market during the forecast period.
Based on form, the global palatants market is segmented into dry and liquid. In 2021, the dry segment accounted for a larger revenue share. The liquid segment is expected to account for a higher CAGR during the forecast period.
Based on source, the global palatants market is segmented into plant derived palatants, meat derived palatants, insect derived palatants, and others. In 2021, the meat derived palatants segment accounted for the largest market share.
Based on region, the palatants market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2021, North America held the largest share of the market. Asia Pacific is estimated to register the highest CAGR during the forecast period. The market in Asia Pacific is subsegmented into Australia, China, India, Japan, and the Rest of Asia Pacific. Countries such as Australia, China, India, Japan, Singapore, Malaysia, and Indonesia have diverse pet food manufacturing industries. Many small and large-scale pet food manufacturing companies have a presence in India, China, and Japan. China is a major palatants market in the region. The largest population in the world, one-child policy, and youthful demographics represent a significant number of pet owners in China. The rapid adoption of the advanced technologies and processes along with research and development in the pet food and animal feed market is anticipated to increase the pet food demand.
Kerry Group Plc, Archer-Daniels Midland Co, AFB International Inc, BHJ AS, Bitek Industries Pty Ltd, Symrise AG, Innov Ad NV/SA, Kemin Industries Inc, Ohly GmbH, and Trilogy Essential Ingredients Inc are among the key players operating in the palatants market. These companies provide a wide range of products in their portfolios. They also focus on expanding their reach in developing regions alongside developing high-quality, innovative products to meet customer requirements.
The overall size of the palatants market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights into the topic. Participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants - such as valuation experts, research analysts, and key opinion leaders - specializing in the palatants market.
Palatants are ingredients specially designed to make pet foods, treats, and supplements taste better, ensuring that pets receive the vital nutrients they need. Rising popularity of pet humanization and changing consumer perception regarding pet health are the major factors driving the market. The major players in the palatants market focus on strategies such as partnerships with distributors, project contracts, and sales & distribution channel enhancement to expand their footprint worldwide, increase their customer base, and fulfill the growing demand.
The demand for nutrient-rich, premium, and personalized pet food has increased due to the rising consumer preferences for varied food. This has led to the development of innovative, safe, and premium quality palatants. Major market players are diversifying product portfolios by including organic, natural, and phytonutrient-rich products to gain a competitive edge. In May 2022, Kemin Nutrisurance declared the launch of the PALASURANCE A DC70-380 Liquid and PALASURANCE C75-90 Dry two palatant enhancer in Europe. The palatant enhancer contains natural ingredients that help pet food manufacturers develop premium pet food products. Moreover, several players in the palatants market are engaged in the production of custom palatants. The companies are also involved in research and development activities to introduce nutrient-rich and palatable pet food products. For instance, SPF International's research and development department has focused on designing a product that can provide the optimum sensorial profile to improve the kibble’s smell while maintaining palatability. Thus, increasing product innovations and growing research are expected to provide lucrative opportunities in the palatants market during the forecast period.
Based on form, the global palatants market is segmented into dry and liquid. In 2021, the dry segment accounted for a larger revenue share. The liquid segment is expected to account for a higher CAGR during the forecast period.
Based on source, the global palatants market is segmented into plant derived palatants, meat derived palatants, insect derived palatants, and others. In 2021, the meat derived palatants segment accounted for the largest market share.
Based on region, the palatants market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2021, North America held the largest share of the market. Asia Pacific is estimated to register the highest CAGR during the forecast period. The market in Asia Pacific is subsegmented into Australia, China, India, Japan, and the Rest of Asia Pacific. Countries such as Australia, China, India, Japan, Singapore, Malaysia, and Indonesia have diverse pet food manufacturing industries. Many small and large-scale pet food manufacturing companies have a presence in India, China, and Japan. China is a major palatants market in the region. The largest population in the world, one-child policy, and youthful demographics represent a significant number of pet owners in China. The rapid adoption of the advanced technologies and processes along with research and development in the pet food and animal feed market is anticipated to increase the pet food demand.
Kerry Group Plc, Archer-Daniels Midland Co, AFB International Inc, BHJ AS, Bitek Industries Pty Ltd, Symrise AG, Innov Ad NV/SA, Kemin Industries Inc, Ohly GmbH, and Trilogy Essential Ingredients Inc are among the key players operating in the palatants market. These companies provide a wide range of products in their portfolios. They also focus on expanding their reach in developing regions alongside developing high-quality, innovative products to meet customer requirements.
The overall size of the palatants market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights into the topic. Participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants - such as valuation experts, research analysts, and key opinion leaders - specializing in the palatants market.
Table of Contents
1. Introduction
3. Research Methodology
4. Palatants Market Landscape
5. Palatants Market - Key Industry Dynamics
6. Palatants - Global Market Analysis
7. Palatants Market Analysis - By Form
8. Palatants Market Analysis - By Category
9. Palatants Market Analysis - By Source
10. Palatants Market - Geographic Analysis
11. Impact of COVID-19 Pandemic on Palatants Market
12. Industry Landscape
13. Company Profiles
14. Appendix
List of Figures
Companies Mentioned
- Kerry Group Plc
- Archer-Daniels Midland Co
- AFB International Inc
- BHJ AS
- Bitek Industries Pty Ltd
- Symrise AG
- Innov Ad NV/SA
- Kemin Industries Inc
- Ohly GmbH
- Trilogy Essential Ingredients Inc
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 161 |
| Published | December 2022 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 1296.57 Million |
| Forecasted Market Value ( USD | $ 1871.24 Million |
| Compound Annual Growth Rate | 6.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
