As per a report by ESOMAR-certified consulting firm Future Market Insights (FMI), the quillaia extract market grew at a CAGR of 3.3% between 2016 and 2020, underpinned by the surging demand for pet food with immunity boosting ingredients.
Demand for nutritional and plant-based ingredients in pet food from the pet owners is pushing the production adoption of quillaia extract, widening growth opportunities for the manufacturers. Increasing awareness about the pet's food safety have increased the consumption of ingredients that boosts the metabolism, such as quillaia extracts. Hence, accelerating the adoption of it in the manufacturing.
Emergence of clean label movement and demand for clean label pet food products, especially among dog owners, have propelled the market demand. Quillaia extract being naturally derived from plants, manufacturers have increased the adoption of it in the manufacturing process, necessitating the requirement of clean label product.
Extensive research & development activities for the appropriate usage of ingredients like quillaia extract in pet food is accelerating the demand. With surging initiatives of adopting various dog breeds across U.S., India, France, Spain and UK, the demand for natural ingredient pet food have augmented.
Thus, facilitating huge customer base to cater the unique breed's requirement and aiding the increased demand for natural pet food, manufacturers are anticipated to witness lucrative growth opportunities in the upcoming decade.
As per FMI's analysis, the global quillaia extract market is poised to expand at a CAGR of 4.5% during the forecast period of 2021 and 2031.
"Increasing need for sustainable and economical solutions for power generation within various end-use sectors such as food & beverage, oil & gas and transportation are providing expansion prospects for market players," says the FMI analyst.
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Key Takeaways from FMI's Quillaia extract Market Study
· In terms of animal type, dogs segment accounts for a lion's share of 30.7% in the global quillaia
Increasing emphasis on export to expand their global reach seems to be one of the core strategy of leading players, forecasts Future Market Insights. Penetration of online retail distribution channel and increased spending on e-commerce have fostered the sales, amplifying the revenue of market players.
In addition to this, market players are reliant on other strategies such as collaborations and mergers to maintain the competitive edge.
In October 2020, a leading player, Sunshine Mills Inc. announce the expansion of previously voluntary recall of pet food products due to potentially elevated levels of aflatoxin.
Some of the key players profiled by Future Market Insights include:
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More Insights on the Global Quillaia extract Market
In its latest report, FMI offers an unbiased analysis of the global quillaia extract market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of:
Key Questions Covered in the Report
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