March 4, 2024 – The global petfood ingredient market, valued at US$34.2 billion in 2023, is set to reach US$47.4 billion by 2028, with a projected CAGR of 6.8 percent. This surge is fuelled by a paradigm shift in pet nutrition trends, driven by a rising emphasis on health and wellness mirroring human food trends.
Key Highlights:
1. Pet ownership boom and premiumisation:
- The surge in pet ownership, especially in urban areas, has transformed pet nutrition trends
- Pet owners increasingly consider pets as integral family members, driving demand for higher-quality and diverse petfood ingredients.
- Growing wellness to invest in premium and specialty petfoods with innovative and superior ingredients
2. Plant derivatives and ethical sourcing:
- In 2022, plant derivatives emerged as the second-largest segment in petfood ingredients by source
- Pet caregivers prefer plant-based ingredients to address potential allergies and sensirivities
- Ethical considerations drive a shift towards plant-derived sources, influencing consumer preferences
3. Meat and meat products dominance:
- Within the ingredients segment, meat and meat products hold the largest share
- Meat’s rich composition of essential nutrients makes it a popular choice, aligning with pets’ dietary preferences and nutritional needs
4. European market growth:
- The European petfood ingredients market is anticipated to experience consistent growth, reflecting robust pet ownership trends
- FEDIAF reports a significant rise in pet-owning households (46% of European households), contributing to the market’s value of US$30.6 billion euros
The global petfood ingredients market is witnessing a transformative phase, driven by a demand for premiumisation, ethical sourcing and a shift towards healthier pet nutrition. The European market, in particular, showcases a positive trajectory with sustained and healthy growth.