The pet food ingredients market is poised to reach $73.30 billion by 2031, according to a new report by Meticulous Research. Factors driving this growth include the rising pet population, increased expenditure on pet food and growing demand for premium pet food. Despite challenges like stringent regulations and fluctuating raw material prices, opportunities arise from the growing availability and acceptance of novel ingredients and the emergence of direct-to-consumer brands in the pet food category. Plant-based ingredients are gaining traction due to their health benefits and alignment with ethical and environmental considerations.
The market is segmented by type (animal-based, plant-based, additives, and novel ingredients), application (pet meals, treats & snacks, veterinary diets), pet type (dogs, cats, birds, ornamental fish), and geography (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa). Key findings include the dominance of animal-based ingredients, the projected high growth of the novel ingredients segment and the increasing demand for veterinary diets.
Among regions, North America is expected to lead the market, driven by factors like the rising number of millennial pet owners and the presence of major pet food manufacturers. Latin America, particularly Brazil, is anticipated to witness significant growth due to increasing awareness about pet health and nutrition, rising spending on pet food, and rapid urbanization.
