Pet Food Ingredient Global Market Report 2024

The pet food ingredient market size has grown strongly in recent years. It will grow from $31.44 billion in 2023 to $33.72 billion in 2024 at a compound annual growth rate (CAGR) of 7.2%. The expansion observed in the historical period can be ascribed to the introduction of commercial pet foods, the emergence of nutritional science, the industrialization of pet food production, adherence to veterinary recommendations and guidelines, advancements in processing techniques, and the introduction of specialized diets.

The pet food ingredient market size is expected to see strong growth in the next few years. It will grow to $43.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period can be credited to the increasing trend of pet ownership, consumer behavior focused on health, the premiumization and humanization of pet products, the influence of e-commerce and direct-to-consumer channels, as well as a commitment to sustainability and ethical sourcing. Notable trends in the forecast period encompass the incorporation of natural and clean label ingredients, sustainable sourcing practices, the use of functional and nutritional additives, exploration of alternative protein sources, and the popularity of grain-free and limited ingredient diets.

The upward trend in pet adoption rates is anticipated to drive the expansion of the pet food ingredient market. Pet adoption involves assuming responsibility for an animal previously owned by another individual, whether it be a person, shelter, or rescue group. Pet animals constitute the primary consumers of pet food ingredients, necessitating a diverse range of nutrients to sustain healthy bodily functions. These nutrients contribute to maintaining muscular tone, building and repairing muscles, teeth, and bones, facilitating daily activities, and bolstering the immune system. The surge in pet adoption rates, exemplified by a November 2022 national survey by Animal Medicines Australia (AMA), reveals that approximately half of Australian households have at least one dog, making them the most prevalent pets. Notably, 37 percent of dogs and 40 percent of cats in Australia were acquired since the onset of the pandemic, underscoring the significant impact of increasing pet adoption rates on the growth of the pet food ingredient market.

The expanding e-commerce sector is poised to fuel the advancement of the pet food ingredients market. E-commerce, denoting the online buying and selling of goods and services, enhances accessibility and convenience for pet owners. By offering a diverse range of ingredients that cater to specific dietary needs and preferences, the burgeoning e-commerce sector enables consumers to seamlessly explore, compare, access detailed information, and make informed choices. The International Trade Administration reported in October 2021 that e-commerce for consumer goods is expected to constitute about 22% of global retail sales by 2024, growing at an average rate of over 1%. Furthermore, retail e-commerce sales are projected to experience a consistent, long-term increase of 8% in all global retail e-commerce sales through 2024. Consequently, the expanding e-commerce sector emerges as a key driver for the growth of the pet food ingredients market.

Prominent companies in the pet food ingredient market are actively innovating new products to maintain their market positions. Cargill Inc., a US-based food corporation, exemplifies this trend with the launch of The Chompery in February 2021. This new brand of butcher-quality dog treats, made from a single, simple ingredient such as bones, ribs, windpipes, and jerky, emphasizes easy digestion and provides an energy boost to make animals more active and nourished.

Innovation remains a focal point for major companies operating in the pet food ingredient market, with a particular emphasis on developing products such as functional fibers to expand customer bases, increase sales, and boost revenue. Functional fibers, a type of dietary fiber offering specific health benefits beyond basic nutrition, have become a focus for companies such as Kemin Industries. In April 2021, Kemin Industries launched Tegravia, a functional fiber for pet food sourced from cassava, known for its nutritional properties. Tegravia stands out for its prebiotic attributes, supporting intestinal health, and enhances pet food formulations by improving texture and facilitating starch gelatinization.

In August 2021, Kainos Capital, a US-based middle-market private equity firm, acquired Muenster Milling Co. Inc. for an undisclosed amount. This strategic acquisition aims to propel the growth and professionalization of Muenster's manufacturing capabilities while creating a larger platform in the pet food and ingredient market. Muenster Milling Co. Inc. specializes in pet food and ingredient manufacturing, primarily for dogs, cats, and horses.

Major companies operating in the pet food ingredient market report are BASF SE, Darling Ingredients Inc., Cargill Inc., DSM Nutritional Products AG, Omega Protein Corporation, Archer-Daniels-Midland Company, Kemin Industries Inc., Chr. Hansen A/S, Roquette Freres SA, Ingredion Incorporated, DuPont Nutrition Inc., Lallemand Inc., SunOpta Inc., AFB International Inc., American Dehydrated Foods Inc., APS Phoenix LLC, Biorigin Company, Nutreco NV, SARIA International GmbH, The Scoular Company, Fusion Tech Integrated Inc., Scansteel Foodtech, Jinan Bright Machinery Co. Ltd., N.A. Buffen Company Inc., General Mills Inc., Mars Inc., Nestlé SA, Hill's Pet Nutrition Inc., Petcare Holdings Inc., Del Monte Foods Inc., H.J. Heinz Company, Colgate-Palmolive Company, Procter & Gamble Company.

North America was the largest region in the pet food ingredient market in 2023. Asia-Pacific is expected to be the fastest-growing region in the pet food ingredient market report during the forecast period. The regions covered in the pet food ingredient market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the pet food ingredient market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of components employed in pet food ingredients encompass meat and meat products, cereals, vegetables and fruits, fats, and additives. Meat and meat products denote items derived from animal tissues that are consumed as food and undergo processes such as cooking. They originate from both organic and inorganic sources, existing in both dry and wet forms, and encompass diverse origins such as animal-based, plant derivatives, and synthetics. These ingredients find widespread use in the diets of dogs, cats, fish, and other pets.

The pet food ingredient market research report is one of a series of new reports that provides pet food ingredient market statistics, including pet food ingredient industry global market size, regional shares, competitors with a pet food ingredient market share, detailed pet food ingredient market segments, market trends and opportunities, and any further data you may need to thrive in the pet food ingredient industry. This pet food ingredient market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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