The global pet food ingredients market is estimated to be valued at USD 37.0 billion in 2019 and is projected to reach USD 54.3 billion by 2025, at a CAGR of 6.6% from 2019 to 2025. The increase in pet adoption rate and pet expenditure are the significant factors that have driven the pet food ingredients market. The North American region is projected to hold the largest market by 2025 due to the large exporter of pet food products and increase in pet population with a substantial increase in pet food expenditure.
Among the ingredients, fats, and meat & meat product segments are projected to grow at the highest CAGRs from 2019 to 2025. Vegan and grain-free pet food have been gaining popularity in the industry. These trends are also expected to increase the popularity of different fruits in pet food to provide varied taste, texture, and flavor. Fats, which form one of the essential ingredients in pet food, form a segment that is projected to grow at a higher rate due to the functional benefits of including fish oil in pet foods and the cost-effective nature of fats such as tallow and lard. These factors are contributing to the popularity of the fruits and fats in the pet food ingredients market.
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The South American region is estimated to grow at the highest CAGR between 2019 and 2025. The demand for pet food products in South America is increasing rapidly due to the increasing use of pet food ingredients, along with the growing number of pets per household. Brazil imports most of its pet food products, but it also exports most of the pet food ingredients to manufacturers in other countries. Increasing concerns about the health of their pets in Brazil has led to a high demand for healthy and high-quality pet food products.
The use of cannabis in pet food treats has gained popularity, as the regulations have become less stringent. Cannabis-based pet food is available in concentrates, isolates, and synthetic forms. In cannabis-based food products, anxiety curing products are most useful to lower down anxiety. Additionally, pet owners are also looking to CBD as an alternative to mitigate pain and allergies. The major players in the industry are focusing on new product launches, expansions, mergers & acquisitions, and agreements & partnerships to increase the global footprint in the pet food ingredients market.
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