Rising adoption of pets across the globe along with the increasing pet food expenditure drives the growth of pet food ingredient market 

According to the Next Move Strategy Consulting, the Global Pet Food Ingredients Market was valued at USD 37.16 billion in 2023, and was predicted to reach USD 67.23 billion by 2030, with a CAGR of 8.4% during the forecast period, 2024–2030. In terms of volume the market size was 7,549 kilotons in 2023 and is projected to reach 11,104 kilotons in 2030, with a CAGR of 5.29% from 2024 to 2030. 

The rising number of pet owners globally is fuelling the growth of the pet food ingredients market, as more individuals look for high-quality, nutritious food options for their pets. This demand includes specialized ingredients that address different dietary needs. For instance, a 2020 report from the American Veterinary Medical Association indicated that 45% of households in the U.S. owned dogs, while the People's Dispensary for Sick Animals found that 28% of adults in the UK had pet dogs, amounting to an estimated 10.6 million.

This increase in pet ownership compels manufacturers to adapt to the changing demands and nutritional preferences of pet owners, highlighting a greater emphasis on enhancing pet care and well-being.Additionally, increasing spending on pet food is driving the growth of the pet food ingredients market, as pet owners are more willing to invest in premium, nutritious options for their pets. This trend resulted a higher demand for quality ingredients that deliver essential nutrients and cater to specific dietary needs.

In 2023, the American Pet Products Association reported that approximately USD 64.4 billion was spent on pet food in the U.S., up from USD 31.14 billion in 2022. The rising emphasis on high-quality ingredients mirrors the changing preferences of pet owners who prioritize nutrition and health when making purchasing decisions. This shift underscores a growing awareness of pet wellness, prompting manufacturers to source superior ingredients to align with consumer expectations.

However, the shortage of essential resources, such as high-quality meats, specialized grains, and plant-based proteins, significantly impedes market growth. This scarcity is due to supply chain challenges, agricultural constraints, and varying availability of both organic and inorganic materials, making it challenging for companies to fulfil the rising demand for nutritious and diverse pet food options. As pet owners increasingly seek premium and sustainable ingredients, this shortage limits the market's ability to expand and innovate, ultimately slowing overall growth in the sector.

On the contrary, the adoption of sustainable protein sources, including egg-based protein, tofu dregs, black soldier flies, and silkworms, is anticipated to generate future opportunities in the market. These alternatives are becoming increasingly popular due to their high nutritional value and lower environmental impact compared to traditional proteins such as beef and pork.

Egg-based proteins and tofu dregs provide essential nutrients while also helping to reduce food waste. Insects, including black soldier flies and silkworms, offer an efficient way to produce protein using fewer resources, making them sustainable alternatives in the pet food ingredients market.

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According to the report, leading players in the pet food ingredients market include Cargill Incorporated, BASF SE, Archer Daniels Midland Company (ADM), Koninklijke DSM N.V., Mowi ASA, Symrise AG, Darling Ingredients Inc., The Scoular Company, Sinova GmbH (Saria SE & Co. KG), Roquette Freres and others.

These market players are adopting strategies such as product launches, partnerships, business expansion, and acquisition across various regions to maintain their dominance in the pet food ingredients industry. 

For instance, in May 2024, ADM launched B2B pet wellness solutions in the EMEA region, featuring seven product formulas in the form of soft chews and supplement powders. These solutions are aimed at improving pet health and addressing the growing demand for wellness products among pet owners in Europe.

Also, in April 2024, Cargill Incorporated partnered with Nestle's Purina to promote regenerative agriculture practices within the pet food industry, with the goal of gradually reducing carbon footprints.

Furthermore, in September 2023, BASF expanded its operations by providing Product Carbon Footprints (PCFs) for its ingredients in both human and animal nutrition markets, thereby nurturing increased transparency and sustainability.

Additionally, in May 2023, Scoular acquired a fish-processing facility in Burlington, Washington, to increase its pet food production. This acquisition complements Scoular's joint venture in Oregon, improving its ability to supply high-quality, sustainable fish ingredients throughout the year.

Moreover, in January 2023, BASF SE partnered with Cargill to deliver high-performance enzyme solutions for animal protein producers in the U.S. This collaboration seeks to enhance feed efficiency, minimize nutrient waste, and support sustainability initiatives within the industry.

Key Insights from the Pet Food Ingredients Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the pet food ingredients market is provided in the report.

• The value chain analysis in the market study provides a clear picture of the role of each stakeholder.

• The market share of the global pet food ingredients market players and their competitive analysis are provided in the report.