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The pet food ingredient market was valued at US$ 11.49 Bn in 2021 and is projected to grow at a CAGR of 5.4%, to reach a value of US$ 20.5 Bn by 2032. The market accounts for 6% of the overall pet care market which was valued at US$ 189 Bn in the year 2021.
This growth is attributed to the current trend observed among consumers, especially the younger generation on animal humanization and pet culture. This has resulted in consumers being willing to pay premium prices on nutritional food for their four-legged friends. This has subsequently helped in boosting the sales of pet food ingredients globally.
Moreover, cultural changes have influenced the rise in pet ownership are becoming increasingly popular among customers particularly among millennials and generation Z to some extent as they intend to depend on these pets for emotional support. As a result, households with younger members have a larger inclination towards pet ownership, making them an attractive demographic for the pet food industry.
Increasing consumer awareness regarding organic pet food ingredients has grabbed the attention of manufacturers and hence there is a shift of focus from artificial to natural ingredients which have acted as one of the major forces impacting the global market.
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Key Takeaways from Market Study
“Manufacturers in pet food ingredients market are currently focusing on organic market strategies such as new product innovations and launches to attract new customers and subsequently earn higher revenues globally” says a Future Market Insights analyst.
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Top players in the pet food ingredients are majorly investing in the research & development of nutritious pet food ingredients along with enhancing the quality of their products. These manufacturers are constantly updating their product lines with new launches keeping in mind the requirements of a healthy diet for an animal.
Future Market Insights, in its new report, offers an impartial analysis of the global pet food ingredient market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
Segmentation Analysis Of Global Pet Food Ingredients Market
The report covers exhaustive analysis on:
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The post Pet Food Ingredients Market to Garner US$ 11.49 Bn by 2032 at 5.4% CAGR, Says FMI appeared first on Future Market Insights.
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