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Increasing Pet Ownership in Developing Economies is Boosting the Growth of Pet Food Ingredients Globally
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Pet food ingredients are ingredients added in pet foods, supplements, and treats to imply functional benefits. This study primarily focuses on assessing the growth opportunities for the pet food ingredients market with respect to ingredients such as probiotics, prebiotics, health ingredients (glucosamine, chondroitin, melatonin, omega-3 fatty acids), and others (vitamins, organic acids, organic trace minerals, enzymes). The key driver for the global pet food ingredients market is the trend of humanization of pets, which is driving the demand for premium pet foods. Growing consciousness amongst pet owners toward their pet’s joint health, immunity and digestive health, skin health, and general wellness is driving the demand for functional and specialized ingredients, such as probiotics, prebiotics, glucosamine, chondroitin, melatonin, omega-3 fatty acids, and others.By application, the scope of the study includes dogs, cats, and other pets (ornamental birds, small mammals, aquarium, and reptiles). Dog foods dominate the global pet food ingredients market due to higher levels of incorporation than food for cats and other types of pets.The geographic scope of this study is global and includes the following regions: North America (NA), Europe, Asia-Pacific (APAC), and Rest of the World (ROW). North America dominates the global pet food ingredients market due to its high pet population and high consumer spending ability. However, increasing pet ownership in Asia-Pacific and Latin America due to rising per-capita disposable income and humanization of pets, the markets in these regions are expected to witness the fastest growth during the forecast period.The impact of the COVID-19 pandemic has been considered in this analysis. Developed economies, such as North America and Europe, witnessed increased pet adoption in 2020 to combat loneliness amid lockdown measures. This, in turn, boosted the demand for premium pet foods and resulted in increasing demand for pet food ingredients. Contrarily, a few countries of Asia-Pacific, such as China, Malaysia, and Singapore, Latin America, and the Middle East and Africa witnessed increased cases of pet abandonment, which affected the market growth of pet food ingredients in these regions.
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