The latest market report published by Credence Research, Inc. “Global Animal-Based Pet Protein Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The global animal-based pet protein market has witnessed steady growth in recent years and is expected to continue growing at a CAGR of 4.20% between 2023 and 2030. The market was valued at USD 78.2 billion in 2022 and is expected to reach USD 104.30 billion in 2030.
Animal-based pet protein market is segmented by product type, pet type, nature, packaging, distribution channel, and region. Dry animal-based pet proteins are the most popular, while wet pet food type is expected to register a high growth rate. Dog and cat pet foods are the most commonly used pet food types, and the conventional type is expected to be the most widely used. In terms of packaging, the bag segment is projected to hold the largest market share. Store-based retailing is the most popular distribution channel, but online retailers are expected to expand their operations and exhibit the highest growth rate, with Asia Pacific leading the market growth.
Animal-Based Pet Protein Market Drivers refer to the factors that are propelling the growth of this market. The increasing awareness among pet owners about the nutritional value of animal-based proteins in their pets’ diet is one such driver. As more people become conscious of their pet’s health, they are opting for premium-quality pet food that contains high levels of protein derived from animals like beef, chicken, fish, and lamb. Additionally, the growing trend of humanization of pets has resulted in a surge in demand for protein-rich diets that mimic human food. This trend has led to an increase in product innovation by manufacturers who are developing new products with improved formulations that cater to specific dietary requirements and preferences. Another significant driver is the rise in disposable income levels; as incomes rise, consumers have greater purchasing power and can afford premium-priced products that offer superior quality ingredients and better nutritional value for their furry friends.
The report highlights the main drivers of the global animal-based pet protein market, including expanding protein consumption in pet food applications and growing consumer interest in healthful eating. The use of proteins derived from insects, pulses, and microbial sources is also gaining traction. However, strict government regulations and quality standards for wet and dry animal feed present challenges to market growth.
Despite the challenges, the global animal-based pet protein market offers significant growth opportunities. The growing trend of pet humanization and the increasing need for protein-rich pet food are driving the demand for animal-based protein sources to nourish pets and boost their metabolism.
Key players in the global animal-based pet protein market include Mars Petcare Inc., Nestlé Purina Pet Care, Hill’s Pet Nutrition, The J.M. Smucker Company, Merrick Pet Care Inc., Colgate-Palmolive Company, General Mills Inc., Heristo AG, Diamond Pet Foods, WellPet LLC, Tiernahrung Deuerer GmbH, Lupus Alimentos, Total Alimentos SA, Blue Buffalo Pet Products, Inc., The Hartz Mountain Corporation, and other players. These companies focus on product innovation, expanding their distribution channels, and mergers and acquisitions to maintain their market position.
In conclusion, the global animal-based pet protein market is experiencing steady growth due to the increasing demand for pet protein consumption and consumer interest in healthful eating. Despite challenges from regulations and quality standards, opportunities for growth exist through the growing trend of pet humanization and the need for protein-rich pet food.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Animal-Based Pet Protein Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- In-depth analysis of the global market segmentation on the Distribution Channel and Product Type
- Major nations in each region with their import/export statistics
- The global Animal-Based Pet Protein Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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