Global pet food ingredients market projected for high growth

Industry is expected to reach USD 47.4 billion by 2028.

The global pet food ingredients market, valued at USD 34.2 billion in 2023, is set to reach USD 47.4 billion by 2028, with a projected CAGR of 6.8%. This surge is fueled by a paradigm shift in pet nutrition trends, driven by a rising emphasis on health and wellness mirroring human food trends.

Key Highlights:

  1. Pet Ownership Boom and Premiumization:

    • The surge in pet ownership, especially in urban areas, has transformed pet nutrition trends
    • Pet owners increasingly consider pets as integral family members, driving demand for higher-quality and diverse pet food ingredients
    • Growing willingness to invest in premium and specialty pet foods with innovative and superior ingredients
  2. Plant Derivatives and Ethical Sourcing:

    • In 2022, plant derivatives emerged as the second-largest segment in pet food ingredients by source
    • Pet caregivers prefer plant-based ingredients to address potential allergies and sensitivities
    • Ethical considerations drive a shift towards plant-derived sources, influencing consumer preferences
  3. Meat and Meat Products Dominance:

    • Within the ingredients segment, Meat and Meat Products hold the largest share
    • Meat's rich composition of essential nutrients makes it a popular choice, aligning with pets' dietary preferences and nutritional needs
  4. European Market Growth:

    • The European pet food ingredients market is anticipated to experience consistent growth, reflecting robust pet ownership trends
    • FEDIAF reports a significant rise in pet-owning households (46% of European households), contributing to the market's value of USD 30.60 billion euros

The global pet food ingredients market is witnessing a transformative phase, driven by a demand for premiumization, ethical sourcing and a shift towards healthier pet nutrition. The European market, in particular, showcases a positive trajectory with sustained and healthy growth.

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