The Asia-Pacific pet food flavors and ingredients market is expected to reach a value of USD 18,877.25 million by 2030, at a CAGR of 11.9% during the forecast period. Product type accounts for the largest type segment in the market due to an increase in pet adoption and rising high quality of pet foods for pets. This market report also covers pricing analysis, patent analysis, and technological advancements in depth.
The cost of owning pets and purchasing pet food has increased significantly in recent years, which is a major driver of the Asia-Pacific pet food flavors and ingredients market. As pet owners spend more money on different types of pet food, the Asia-Pacific pet food market has also grown with the increase in the number of pets. Some of the major drivers of the market are the growing adoption of dogs and cats and the growing emphasis on improving productivity and health.
Due to affordability and availability, the safest pet foods are currently made with synthetic substances. In addition, overall demand has been boosted by a marked shift in consumer demand for grain-free and vegan pet foods. The industry is expected to continue to grow as pet food is readily available on multiple platforms, including retail stores, supermarkets, and online stores.
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Some of the major players operating in the Asia-Pacific pet food flavors and ingredients market are:
Glanbia PLC, Ingredion, Barentz, Kerry Group plc., Cargill, Incorporated, ADM, BASF SE, International Flavors & Fragrances Inc., DSM, Symrise, Kemin Industries, Inc. and its group of companies, Chr. Hansen Holding A/S, Lallemand Inc., The Scoular Company, and Roquette Frères among others.
Asia-Pacific Pet Food Flavors and Ingredients Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail below:
Drivers
- Surge in pet adoption rate with the growing popularity of premium pet foods across the globe
The Asia-Pacific pet food flavor ingredients market is poised to show strong growth due to increased adoption of pets, rising expenditure on pet care, increasing demand for insect-based pet food, and a booming pet food market. The pet industry has grown exponentially in recent years. According to the American Pet Products Association, about 85 million households have a pet, and pet ownership has increased from 56 percent to 68 percent over the past 30 years. The introduction of technology and online shopping has contributed to some of the changes in pet ownership. Due to the effects of COVID-19, many people have been forced to stay at home for long periods, either due to shelter-in-place orders or due to work-from-home advice.
- Increasing demand for customized pet foods from pet owners
Pet owners are adopting the mindset that personalization is right, not a privilege, and the ability for pet owners to have input in what they buy has impacted the pet food industry. Pet owners are now willing to pay more for customized pet food products that satisfy their pet’s particular dietary needs. When generational differences among pet owners are considered, young pet owners are expected to pay more for customized treats/pet foods than older pet owners. This shows that the trend toward customization is expected to continue to grow as younger shoppers start their pet parenting journey and gain more buying power.
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Opportunity
- Increasing demand for cannabidiol (CBD) pet food
A safe and well-processed cannabinoid derived from hemp, CBD pet supplements support pet health by working with their endocannabinoid systems. Some of the main reasons many pet owners turn to CBD pet food are that it supports healthy joints, helps promote cardiovascular function, and prevents the spread of heartworms. In 2020, U.S. pet sales were nearly USD 800 million, and consumers are willing to pay more for pet health services. CBD pet supplements offer a number of claims, including wheat, corn, and soy free, which means they are all-natural and contribute to market growth.
Post-COVID-19 Impact on Asia-Pacific Pet Food Flavors and Ingredients Market
The COVID-19 pandemic has had a somewhat positive impact on the pet food flavors and ingredients market. Since the outbreak of the COVID-19 pandemic, the number of pets adopted across the globe. has increased at a significant pace. This rise in the adoption of pets is acting as a catalyst for the market’s growth.
Manufacturers are making various strategic decisions to bounce back post-COVID-19. The players are conducting multiple R&D activities and product launches, and strategic partnerships to improve the technology and test results involved in the pet food flavors and ingredients market.
Asia-Pacific Pet Food Flavors and Ingredients Market Scope
BY PRODUCT TYPE
- Flavors and palatability enhancer
- Mold inhibitors
- Carotenoids
- Trace minerals
- Antioxidants
- Mycotoxin binders
- Cocolorants
- Preservatives
- Others
BY PET FOOD TYPE
- Dog food
- Cat food
- Aqua pet food
- Birds food
- Others
BY SOURCE
- Animal based
- Plant based
- Yeast
- Others
BY FORM
- Dry
- Liquid
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