(I-BusinessNews.Com, March 04, 2020 ) The global pet food extrusion market is estimated to be valued at USD 55.21 Billion in 2017, and expected to grow at a CAGR of 5.6% to reach USD 72.64 Billion by 2022. The market for pet food extrusion is showing significant growth with a rise in the popularity of pet adoption, pet humanization, and rapid urbanization in developing economies such as China, India, Argentina, and Mexico. The growing pet population across the globe is one of the leading factors that contribute to the demand for extruded pet food products, worldwide. The need to fulfil the growing demand for pet food is simultaneously fueling the growth of the pet food equipment manufacturing industry.
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The increasing demand for extruded pet food has fueled the demand for pet food extrusion equipment as these equipment enhance the quality of pet food along with the shaping and sizing benefits, which helps meet the demand for premium and super premium food products for pets with a long shelf life and high bacterial safety. Thus, manufacturers are expanding their capabilities to meet the increasing demand for pet food. The type of extrusion equipment required depends on the extrusion process, type of pet food, ingredient type, amount, and cooking time in relation to the desired maximum capacity.
The complete diets segment is estimated to account for the largest share of the extruded pet food products market in 2017. The rapidly growing demand for nutrient-rich and balanced extruded pet food has been driving the growth of the complete diets segment. The complete diets segment is further sub segmented into dry expanded and semi-moist pet food products. Dry expanded pet foods formed the larger segment, which is projected to grow at a higher CAGR during the forecast period. The growth in demand for premium and super premium pet food products and the advantages offered by dry expanded pet food such as longer shelf life have been driving the demand for this subsegment over the past years.
During the forecast period, the single screw extruder segment is projected to grow at the highest CAGR, in the pet food extrusion equipment market, in terms of value and volume. Various benefits such as low capital cost and simplicity offered by single screw extruders have been driving the growth of this segment over the last few years. A single screw extruder offers simplicity and ease of operation, whereas a twin-screw extruder offers versatility and flexibility. Low capital cost and easy maintenance are some of the major factors responsible for the high demand for single screw extruders.
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Major players in the pet food extrusion market are making efforts to diversify their business in Asia Pacific and South American regions due to enormous growth potential in countries such as India and Argentina, where key players can explore a vast amount of ingredients such as grains and vegetables along with animal derivatives coupled with factors such as the growing pet adoption rate and increasing income levels of the population in these regions.
The market for pet food extrusion equipment is dominated by key players such as Andritz (Austria), Buhler (Switzerland), Clextral (France), Pavan (Italy), Diamond America (US), Lindquist Machine (US), The Bonnot (US), Kahl Group (Germany), Baker Perkins (UK), Coperion (Germany), Doering Systems (US), Brabender (Germany), and American Extrusion International (US) while the market for extruded pet food products is dominated by Mars (US), Nestle (Denmark), and The J.M. Smucker Company (US).
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