Industry: Retail and Consumer | Publish Date: 22-Nov-2024 | No of Pages: 117 | No. of Tables: 85 | No. of Figures: 50 | Format: PDF | Report Code : RC2842
The Australia Pet Food Ingredients Market size was valued at USD 827.3 million in 2023, and is predicted to reach USD 1609.2 million by 2030, at a CAGR of 9.5% from 2024 to 2030. In terms of volume the market size was 207.95 kilotons in 2023 and is projected to reach 322.31 kilotons in 2030, with a CAGR of 6.1% from 2024 to 2030.
The pet food ingredients market refers to the production and distribution of essential raw materials used to create pet foods to meet the nutritional needs of various animal species. These ingredients that include proteins, carbohydrates, fats, vitamins, and minerals are derived from both plant and animal sources.
They undergo processing methods such as grinding and blending to improve flavour and enhance nutritional value. By utilizing high-quality components, the market supports pet health and growth, providing crucial nutrients to meet specific dietary requirements. The companies operating in this sector prioritize sourcing premium ingredients while ensuring transparency throughout their supply chains.
This strategic focus significantly drives market advancement as pet owners increasingly prioritize high-quality food options for their pets.
The growing pet ownership in Australia drives the demand for ingredients used in pet food as an increasing number of households focus on the health and nutrition of their pets. This trend results in a heightened emphasis on high-quality ingredients that encourages producers to diversify their offerings of premium pet food products.
As per the report published by the Animal Medicine Australia, the total pet household owners in Australia in 2022 was around 6.9 million. This rising pet ownership fuels the need for nutritious and high-quality food alternatives, leading to increased competition among manufacturers to innovate and expand their product lines.
The rising demand for sustainable pet food propels the growth of the pet food ingredient market as consumers become more environmentally aware, they actively seek products made from sustainably and ethically sourced ingredients.
This change in consumer preferences motivates manufacturers to innovate by incorporating eco-friendly components such as plant-based proteins and organic materials into their offerings.
For instance, in October 2024, a survey conducted by the local non-profit organization Food Frontier among 2,000 Australians revealed that 47% of dog and cat owners are willing to change their pet's diet because of ethical, health, and environmental concerns. This increasing focus on sustainability is anticipated to drive further innovation and growth within the pet food ingredient market, as manufacturers prioritize the development of eco-friendly and ethically sourced products that align with consumers desire for responsible pet care.
The restricted availability of resources limits the advancement of the pet food ingredient market as the demand for premium and sustainable ingredients grows, suppliers face challenges in obtaining adequate supplies.
The elements such as the overuse of natural resources, climate change, and disruptions in supply chains lead to deficiencies in essential ingredients such as fish and specialized grains, hinders the market's capacity to fulfill consumer requirements.
The integration of sustainable protein sources such as egg-derived proteins, tofu byproducts, black soldier flies, and silkworms is anticipated to generate new opportunities in the pet food ingredient market. These alternatives provide high nutritional value and reduced environmental footprint compared to traditional proteins such as beef and pork. Egg proteins and tofu derivatives not only offer essential nutrients but also contribute to minimizing food waste.
Additionally, insect proteins from black soldier flies and silkworms present sustainable and eco-friendly approach to protein production. These choices not only meet the dietary needs of pets but also promote the adoption of organic practices, encouraging the industry toward environmentally responsible production and long-term sustainability.
Australia Pet Food Ingredients Market Key Segments
Non-Vegan
Beef
Chicken
Fish
Others
Vegan
Soyabeans
Peas
Lentils
Others
Novel Proteins
Organic
Inorganic
Dry
Wet
Dog
Cat
Others
Online
Offline
Cargill Incorporated
BASF SE
Archer Daniels Midland Company (ADM)
Koninklijke DSM N.V.
Kemin Industries Inc.
Symrise AG
Darling Ingredients Inc.
Staughton Group
Advanced Pet Care APC
Hypro Group
REPORT SCOPE AND SEGMENTATION:
Parameters |
Details |
Market Size in 2023 |
USD 827.3 Million |
Revenue Forecast in 2030 |
USD 1609.2 Million |
Growth Rate |
CAGR of 9.5% from 2024 to 2030 |
Market Volume in 2023 |
207.95 Kilotons |
Volume Forecast in 2030 |
322.31 Kilotons |
Growth Rate (Volume) |
CAGR of 6.1% from 2024 to 2030 |
Analysis Period |
2023–2030 |
Base Year Considered |
2024 |
Forecast Period |
2024–2030 |
Market Size Estimation |
Million (USD) |
Growth Factors |
|
Companies Profiled |
10 |
Market Share |
Available for 10 companies |
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |