The global pet food ingredients market is gaining momentum with the number of pet-owners having significantly increased in recent years. With higher disposable incomes and strong bonds between companion animals and people, heightened spending on pets will ensure the pet food ingredients market continues growing at a steady pace.
New analysis from Frost & Sullivan, Analysis of
the Global Pet Food Ingredients Market, finds that the market earned revenues of $969.3 million in 2014 and estimates this to reach $1,426.3 million in 2021.
“Pets are considered indispensable for the well- being of aging population, thus expanding opportunities in the market,” said Frost & Sullivan Chemicals, Materials & Food Industry Analyst Dr. Nandhini Rajagopal. “Since most of the pet food in the market is similar, manufacturers should offer innovative and multi-functional ingredients to enable pet food suppliers to differentiate products from competitors. They must also develop customized formulations and natural ingredients, which owners prefer for high-breed pets.”
However, if pet food becomes contaminated during storage due to the combination of ingredients, poor downstream processing or packaging failures, product recalls and decreased consumer confidence may occur.
Contaminated pet food can cause food poisoning to owners, and thus customers are cautious when buying these products, adversely impacting opportunities for ingredient manufacturers.
Strict regulations for pet food, its ingredients, packaging, storage and labelling will curb contamination rates and sustain market growth. Once pet owners are educated on the quality of different ingredients used in pet food, manufacturers will be more likely to use high- performing ingredients sought by customers globally.
“Safety, reliability and customization are key attributes pet food manufacturers must focus on to develop product lines that will be easily accepted by the market,” noted Dr. Rajagopal. “Pet food ingredients manufacturers must thus invest in developing ingredients that can enable their customers to achieve these ends.”