The pet food ingredients market is gaining momentum and this trend is projected to continue. The pet food ingredients market was valued at USD 28.6 billion in 2014 and is projected to reach USD 37.3 billion by 2020, at a CAGR of 4.5% from 2015 to 2020. The market is driven by factors such as increase in global pet population, improved distribution network worldwide, increase in pet acquisition and pet adoption, increasing trend of pet humanization, and increased palatability of pet food. The high growth potential in developing markets, advanced technology, and increase in the demand of pet food ingredients provides opportunities for emerging market players.
By animal, the dog segment dominated the pet food ingredients market and was valued at USD 10.0 billion in 2014. By source, the animal derivatives segment in pet food ingredients dominated the market; and accounted for a share of about 48.7% in 2014. The pet food ingredients market is an emerging market with key market players driving the growth with new product developments, expansions, acquisitions, and investments to develop their position in the pet food ingredients market. The market is competitive with the leading players being involved in the research & development of various pet food products to bring sustainability.
The pet food ingredients market is segmented on the basis of animals. The animals considered for the research are dog, cat, bird, fish, and others. Sources of pet food ingredients which are used to manufacture pet food for these animals are also classified in the segmentation. The key players in this market are BASF SE (Germany), Archer Daniels Midland Company (U.S.), E.I. du Pont de Nemours and Company (U.S.), Koninklijke DSM N.V (The Netherlands), and Ingredion Incorporated (U.S.).