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Opportunities for High Margin Specialty Ingredients Drives Demand
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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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