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:
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
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
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
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.
