Global Palatants Market is valued approximately at USD xx Billion in 2020 and is anticipated to grow with a healthy growth rate of more than xx% over the forecast period 2021-2027. Palatants are pet food components used to enhance the flavor of food. The global Palatants market is being driven by growing pet population around the world. For instance, according to Statista, in 2018 population of pet dogs in India was around 19.5 million and is forecasted to reach 31 million by 2023. Also, according to the same source, in 2019, approximately 67% of American households owned at least one pet. Another important driving factor is the rising consumer spending on the pet care, which includes food, flavor enhancers, medical treatments and others. For instance: According to the American Pet Productions Association (APPA), pet care spending was USD 90.5 billion in 2018, which means it saw 20% increase from 2017. Furthermore, the increasing adoption of pets in the households, advanced cost-effective pet care and increasing nutritional needs by the pets will provide new opportunities for the global Palatants market. However, high prices of products, availability of super-premium pet foods and lack of awareness regarding the use of these products may impede market growth over the forecast period of 2021-2027.
The regional analysis for the global Palatants Market is based on the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading region across the world in terms of market share due to growing pet owners, presence of large players and promptness of pet care services coupled with the well-established marketing & innovation of products in the region. Whereas Asia-Pacific is anticipated to exhibit the highest CAGR over the forecast period 2021-2027 due to rising personal disposable income, rising animal welfare awareness, increasing pet adoption growth and increasing awareness regarding the nutritional need of pets in the region.
Major market player included in this report are:
Nutriad International NV
Yingtan WingBiotechnology Co., Ltd.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Vegetable Derived Palatants
Meat Derived Palatants
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2018, 2019
Base year – 2020
Forecast period – 2021 to 2027.
Target Audience of the Global Palatants Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers