(I-BusinessNews.Com, February 05, 2020 ) The pet food ingredients market is estimated to be valued at USD 37.0 billion in 2019 and is projected to reach USD 54.3 billion by 2025, at a CAGR of 6.6% from 2019 to 2025. Factors such as rise in the disposable income of the middle-class population has led to an increase in the spending capacity on pets. Pets are treated as companions to the owners, and increasing health concerns of their pets have encouraged them to opt for premium pet food products. Pet owners prefer buying high-quality and differentiated food products for their pets to provide them nutrition and variety in pet food.
The constituents of pet food products include carbohydrates, proteins, fats, and other essential micronutrients. These constituents are derived from ingredients such as grains, vegetables, fruits, chicken meal, lamb meal, vitamins, and minerals. Other additives are also accompanied, which are used to enhance the color, flavor, and texture of the product. Furthermore, the expansion of pet superstores has made premium and super-premium pet food easily accessible. One of the emerging trends in the pet food industry is the incorporation of insects, as they are an excellent source of proteins. Additionally, vegan and grain-free pet food products have been gaining popularity in the pet food industry. These trends are expected to increase the demand of premium pet food ingredients.
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Key players such as Archer Daniels Midland Company (US), Koninklijke DSM N.V. (Netherlands), Cargill, Incorporated (US), BASF SE (Germany), and Ingredion Incorporated (US) have a strong presence in the global pet food ingredients industry.
These vendors have adopted various growth strategies such as expansion & investments, new product launches, acquisitions, agreements, collaborations, partnerships, and joint ventures, to cater to the increasing demand for pet food ingredients. Companies are focusing on increasing their product portfolios through strategic acquisitions and expanding their manufacturing capacities.
Koninklijke DSM N.V. (Netherlands) has a robust product offering in the pet food ingredient market and occupies a major share due to its extensive distribution network, strong geographical presence, and high brand value. The company operates through four business segments—nutrition, performance materials, innovation center, and corporate activities. It offers its pet food ingredients through its broad product line of the nutritional products division under its Animal Nutrition & Health business sub-segment. The nutrition division of the company comprises DSM Food Specialties and DSM Nutritional Products; DSM Nutritional Products offers pet food ingredients for the feed industry. It has been consistent in strengthening its position in the pet food ingredients market by engaging in the expansion of its production capabilities.
• In March 2015, DSM increased its production capacity of Rovimix B2 80 SD. Through this expansion, the company was able to meet the growing demand for vitamins in the animal feed industry.
Archer Daniels Midland Company (US) is a well-established manufacturer of food & beverage ingredients, animal feed & feed ingredients, biofuels, and naturally derived alternatives to industrial chemicals. The company is engaged in manufacturing products for diversified markets, which helps it minimize business risks and dependency on any particular business. The company’s key business segments are oilseed processing, corn processing, agricultural services, WILD flavors & specialty ingredients, and others. The company offers a robust range of pet food ingredients through its ADM Animal Nutrition division. Wilmar International has a strong foothold in the emerging economies in Southeast Asia, which has strengthened the company’s global position. The company has been focusing its growth through acquisitions in 2018 and 2019.
• In June 2018, ADM announced an agreement to acquire Probiotics International Limited (PIL), a UK-based provider of probiotic supplements for human, pet, and production-animal use. The acquisition was valued at around £185 million, and it will add to ADM’s extensive portfolio of products that promote health and wellness.
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• In March 2017, ADM expanded its animal nutrition business in China with the construction of a new feed premix facility in Xiangtan, in Hunan Province, central China. The company also increased its production capabilities by adding aquaculture feed production lines at its existing Nanjing complex in Jiangsu Province, eastern China. The Xiangtan plant will be involved in the production of premix, concentrate, animal-complete, and fish-complete feeds.
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