The global Pet Food Ingredients Market size is estimated to account for USD 38.6 billion in 2020 and is projected to reach USD 53.2 billion by 2025, recording a CAGR of 6.6% during the forecast period. The market is driven primarily by the growing concern regarding animal health, increasing trend of owing pet animals, and the demand for an increase in the nutrient uptake of pet feed.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=147
Opportunity: Use of cannabis in pet food
The Agricultural Improvement Act of 2018, passed in December 2018, took a significant step forward by separating hemp and hemp-derived CBD from marijuana-based products, thereby placing hemp-derived products under the control of the Department of Agriculture as a crop, rather than under the Justice Department as a controlled substance. The Farm Bill defines marijuana as cannabis with THC of 0.3% or greater (under the DEA), and hemp as cannabis with THC of less than 0.3%.
The use of cannabis in pet food treats has gained popularity, as the regulations have become less stringent. Cannabis-based pet food is available in concentrates, isolates, and synthetic forms. In cannabis-based food products, anxiety curing products are most useful to lower down anxiety. Additionally, pet owners are looking at CBD as an alternative to mitigate pain and allergies. Cannabis-based products were highly visible in the recent Global Pet Expo in Orlando (March 2019). Cannabis-based pet food is majorly sold through the Internet (via Amazon). Pet businesses have identified cannabis-based pet products as one of the growth areas of 2019.
The animal-based segment, by source, is projected to dominate the pet food ingreidnets market during the forecast period.
Animal-based ingredients are further segmented into meat & meat products, fats, proteins & amino acids, and others, which include flavoring agents and antioxidants. A majority of animal-based ingredients include meat & meat by-products, which provide essential protein, fatty acids, iron, and vitamins. Meat increases the palatability of the pet food, and hence, improves the digestion of pets. Fishbones are included in pet food, as they provide calcium and phosphorus. Key manufacturers are focusing on utilizing fish as animal derivatives in pet foods, as they are a rich source of vitamin A & D and omega-3. The benefits provided by omega-3 fatty acids for pets include improving the coat and skin health, regulating the immune system, improving the cognitive function in older pets, and lowering of the blood pressure.
Request for Customization @ https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=147
North America dominated the pet food ingredients market, in terms of value and volume
North America accounted for the largest market share in 2019. The pet food ingredients market is consolidated in North America and dominated by several companies such as ADM, Cargill, Ingredion, SunOpta, DuPont, Darling Ingredients, and Kemin. In North American countries such as the US and Canada, the pet food ingredients market is driven by the expansion of production plants of leading companies and acquisitions to meet the rising demand from the pet food industry. These factors have fueled the growth of the pet food ingredients market in the North American region.
This report includes a study of marketing and development strategies, along with the product portfolios of the leading companies. It includes profiles of leading companies such ADM (US), DSM (Netherlands), Cargill, Incorporated (US), BASF SE(Germany), Ingredion Incorporated (US), Roquette Frères (France), SunOpta (Canada), Darling Ingredients (US), Omega Protein Corporation (US), DuPont (US) and Kemin (US).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Media ContactCompany Name: MarketsandMarketsContact Person: Mr. Aashish MehraEmail: Send EmailPhone: 18886006441Address:630 Dundee Road Suite 430City: NorthbrookState: IL 60062Country: United StatesWebsite: https://www.marketsandmarkets.com/Market-Reports/global-pet-food-and-care-products-market-147.html