Global pet food ingredient market valuation was around USD 28.6 billion in 2014 and is expected to grow at an estimated CAGR of around 4.5% from 2015 to 2020. Increasing pet acquisition and adoption activities, rising trend of pet humanization, and improved distribution networks are expected to drive the industry over the forecast period.
Growing demand for enhanced pet food palatability especially in emerging economies such as China and India is likely to present growth opportunities for industry participants. Rising standard of living and high disposable consumer income in urban metro cities is also a major factor fueling demand for hygienic and quality-assured pet food.
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Exponential economic growth of various developed and developing countries such as the U.S., Germany, the UK, China, India and UAE has driven concerns regarding sustainability and safety of pets and food ingredient. Rising awareness regarding health benefits of pet food and concern for health and nutrition among pet owners are other factors likely to drive market growth. Product launches and technological advances along with increasing R&D initiatives by major companies such as Mars and Unicharm Corp. owing to high demand are further expected to drive the industry.
Numerous companies are increasing their investment in production capacities or introducing new product lines to meet rising demand. However, differing regulatory structures and raw material scarcity are likely to hamper growth. Lack of product acceptance in under-developed economies owing to low consumer income is likely to challenge the industry over the forecast period.
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On the basis of ingredient type or source, the market can be segmented as animal derivatives, vegetable and fruits, grains and oilseeds, vitamins and minerals and other additives. Animal derivatives dominated the industry in terms of revenue and volume, accounting for around 48.7% share in 2014. These animal-based raw materials are generally good sources of protein, fatty acids, B group vitamins and iron, derived from lamb, beef and chicken meat. Plant derivatives such as soyabeans, fibrous plants, processed vegetables, and even residues from human foods are expected to emerge as fastest growing segment over the forecast period.
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