A new report by research firm Markets and Markets forecasts the pet food ingredients market—the foundation of pet food processing—to reach $47.4 billion by 2028, with a compound annual growth rate (CAGR) of 6.8% during that time.
The study cites evolving pet ownership demands like the availability of fresh pet food and personalized nutrition for their pets, which is turn is creating new markets that didn’t exist years ago when pet food processing was more simplified. Modern pet food processing techniques like HPP that cater to these growing niche markets using fresh, minimally processed ingredients are helping to supply that demand into the future.
While fresh pet food ingredients and processing techniques continue to gain market share, the report notes that dry ingredients are projected to grow at the highest rate over the forecast timeframe. Convenience, longer shelf life, affordability, and ease of storage make dry ingredients a preferred choice for both manufacturers and consumers.
The study highlights dry pet food’s suitability for various pet types and dietary needs, offering versatility in catering to a broad spectrum of pets. The rise in pet ownership, coupled with the increasing demand for convenient and cost-effective pet nutrition, is projected to continue propelling the dry pet food ingredients market.
The report also notes that deboned beef is a trending ingredient for pet foods due to its high protein and amino acid content, and with the increased knowledge of pet allergies today, deboned beef offers a single-source ingredient that minimizes allergy concerns.
Globally, the Asia-Pacific region is projected to see the fastest growth overall for pet food ingredients. According to data from Alltech, the region’s pet food production climbed by 1.65% in 2022, reaching 2.48 million tons, up from 2.27 million tons in 2021.
