Rising Pet Ownership Forges Fresh Opportunities for Pet Food Ingredient Manufacturers
Market participants can benefit from improved responsive care for animals
MOUNTAIN VIEW, Calif., March 10, 2015 /PRNewswire/ -- 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.
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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.
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"Pets are considered indispensable for the well-being of ageing 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."
Analysis of the Global Pet Food Ingredients Market is part of the Food & Agriculture Growth Partnership Service program. Frost & Sullivan's related studies include: United States (US) Prebiotic Ingredients Market Overview, Review of the Confectionery Product Market in the US, Review of the Dairy Products Market in the US, and Analysis of the Global Animal Feed Ingredients Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the Global Pet Food Ingredients Market
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SOURCE Frost & Sullivan
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