Pet Food Ingredients Market to Reach $73.30 Billion by 2031 - Exclusive Report by Meticulous Research

REDDING, Calif., May 6, 2024 /PRNewswire/ -- According to a new market research report titled, 'Pet Food Ingredients Market by Type (Meat & Poultry, Fish, Maize, Wheat, Additives, Novel Ingredients), Application (Pet Meals {Dry Meal}, Pet Treats, Pet Snacks, Veterinary Diet), Pet Type (Dog, Cat, Birds, Ornamental Fish) - Global Forecast to 2031,' published by Meticulous Research, the pet food ingredients market is projected to reach $73.30 billion by 2031, at a CAGR of 8.5% from 2024 to 2031.

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The growth of the pet food ingredients market is driven by the rising pet population coupled with increasing expenditure on pet food, the growing demand for premium pet food, and an increasing focus on pet health and wellness. However, the stringent regulatory structures and fluctuating raw material prices restrain the growth of this market.

Furthermore, the increasing availability and growing acceptance of novel pet food ingredients and the proliferation of direct-to-consumer (D2C) brands and start-ups in the pet food category are expected to generate growth opportunities for the stakeholders in this market. However, the risk of counterfeit products is a challenge impacting the growth of the pet food ingredients market.

Moreover, the rising demand for customized pet food is a prominent trend in the pet food ingredients market.

Pet food ingredients refer to the ingredients used in the formulation of pet food products. Plant-based ingredients are gaining traction in the pet food industry due to rising awareness among pet owners about these benefits, leading them to seek out pet foods that incorporate plant-based ingredients. These ingredients provide healthy and balanced diets and also align with ethical and environmental considerations.

The pet food ingredients market is segmented by type (animal-based ingredients {meat &poultry and fish}, plant-based ingredients {cereals & grains[corn/maize, wheat, rice, and other cereals & grains], oilseeds & pulses, fruits & vegetables [carrot residue and other fruits & vegetables], and other plant-based ingredients}, additives, and novel ingredients), application (pet meals {dry meals and wet meals}, treats & snacks, veterinary diets, and other applications), pet type (dogs, cats, birds, ornamental fish, and other pet animals), and geography (North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa).