The meat based palatant market is estimated to grow steadily during the forecast period.
Palatants are specialty ingredients designed to enhance the taste of pet foods, treats, and supplements while maintaining a nutritional balance. Palatable and pets are designed to encourage the consumption of nutritional products that may be incompatible with the normal diet of the animal. In its latest "COVID-19 Pulse Study," the American Pet Products Association reports that 11.38 million U.S. households have acquired a new pet during the pandemic. Additionally, the human-animal bond remains strong as 3 out of 4 pet owners say they reduce their stress and increase their sense of well-being after spending time with their pets during COVID-19. The U.S. retail sale of pet food online rose 77%. Based on estimates from the American Pet Products Association, Americans are expected to spend a record $99 billion on pets including food, pet accessories, and veterinary care. Recent developments in manufacturing technologies have been made by major players. For example, AFB International's ETT (Electronic Tongue Technology) helped in the analysis of pet food smells and tastes. Pet food manufacturers have developed non-GMO, gluten-free, and low-molecular-weight pet food products, as well as high barrier films for pet food packaging in 2019, all contributing to the growth of the meat based palatants market in 2019.
A number of non-traditional meat sources have become popular because of allergies. Dry foods are made palatable by adding fats and giving them a "meatier" taste. However, wet and raw foods have a natural aroma. Pet owners across the globe are in search of healthy and delicious foods, and this is a major factor driving the global palatants market. Flavors rich in nutrients also reduce skin allergies & infections, as well as increase the life expectancy of pets. In addition, the growth of breed-specific products, age- and size-specific containers, and attractive packaging will attract new customers.
The increase in young people who are inclined to adopt pets is expected to cushion the growth of the pet food market. Market growth of meat-based palatants is forecast to be impacted by the growing demand for healthy pet food among the population. In 2020, pet ownership in the U.S. rose from 67% of households to 70%, according to American Pet Products Association (APPA). Pets have played a central role in comforting Americans during the COVID-19 pandemic. According to a survey of pet owners conducted in 2020, 35% reported spending more on their pets in the previous 12 months than in the previous year. 49-50% of Gen Z and millennial pet owners have spent more money on their pets, according to the study. The millennial segment comprised 32% of total pet owners in the U.S. Additionally, pet ownership has led to an increase in pet supply sales. For instance, PetCo announced that it will be listed on the Nasdaq again under the ticker "WOOF." Sales hit nearly $4 billion in 2020, up almost 10% from the previous year. Due to the popularity of pet ownership among the population, North America dominates the market for meat-based palatants due to love, companionship, and stress relief. Moreover, the improvement of the endurance and health of pets will boost the development of the meat based palatant market during the forecast period.
In a number of companies, customized palatants are being manufactured in response to consumer demands. A few market players are planning to launch new products in the current landscape of the palatants market. Kemin Nutrisurance, for instance, launched a new line of palatants in June 2019 called PALTEVA Natural Palatants that is aimed at satisfying the growing market demand for naturally flavored and safe meat-based palatants. There are now many players that offer different products for each animal's supplement needs. Pet food containing different bacteria levels and flavors is required for different animals. Consumer acquisition is currently increasing as manufacturers launch specific nutritional products suited for particular species of animals, such as cats, dogs, and birds. Bond Pet Foods and Because Animals plan to manufacture and sell cell-cultured meat pet foods within the coming years. Cultured meat, in theory, has a positive impact on the environment. In the U.S. alone, 163 million dogs and cats consume meat ( Source: newsroom.ucla.edu).
There has been an increase in plant-based palatants for cat and dog food in recent years due to the safety concerns associated with animal-based palatants. Due to a variety of reasons, a number of major companies are moving toward producing plant-based palatants. Due to the stringent international regulations on the import of meat-based products, meat-based palatants may also disrupt the global supply chain of palatants due to the sanitary issues they pose. Furthermore, as plant-based palatants have fewer cross-border hurdles, several companies are seeking to expand their product range. In October 2021, Kerry Inc., an ingredient provider to the pet food industry, unveiled its new plant-based palatant, PurePal, designed to satisfy both pet and pet owner needs. In the northeastern United States, Bramble Pets launched its plant-based, direct-to-consumer, fresh dog food in July 2021. The two new recipes for dog food are developed by board-licensed veterinary nutritionists and contain pea protein as well as carrots, apples, blueberries, sweet potatoes, and other nutrient-rich ingredients.
During the early part of 2020, COVID-19 lockdowns and disruptions in supply negatively affected online palatable sales. The mental health of pet owners is often improved by owning a pet. As a result of the COVID-19 pandemic, pet adoption around the world has increased and pet owners have become more concerned about pet food nutrients. Since pet owners have become more informed about the nutritional needs of their pets, Covid-19 has made a significant impact on the meat-based pet food market.
Some of the key players in the meat-based palatants market are AFB International., Kemin Industries, Inc., Diana Group, Nestlé S.A., Ohly, Innovad, BHJ, Essentia Protein Solutions, Tyson Foods, Inc., Bitek, Goutriline, Alltech, Adisseo, Pancosma.
|Growth Rate||CAGR of during the forecast period|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Pet Type, Form, And Geography|
|Companies covered||Kemin Industries Inc., AFB International, Diana Group, Trilogy Essential Ingredients Inc., Ohly (ABF Ingredients), Innovad, United Pet Food, Essentia Protein Solutions, ADM, Syndel, Kerry Inc.|
|Customization scope||Free report customization with purchase|
1.1. Market Definition
1.2. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. MEAT BASED PALATANT MARKET BY PET TYPE
6. MEAT BASED PALATANT MARKET BY FORM
7. MEAT BASED PALATANT MARKET BY GEOGRAPHY
7.2.1. United States
7.3. Europe Middle East and Africa
7.4. Asia Pacific
7.4.4. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Kemin Industries Inc.
9.2. AFB International
9.3. Diana Group
9.4. Trilogy Essential Ingredients Inc.
9.5. Ohly (ABF Ingredients)
9.7. United Pet Food
9.8. Essentia Protein Solutions
9.11. Kerry Inc.
Kemin Industries Inc.
Trilogy Essential Ingredients Inc.
Ohly (ABF Ingredients)
United Pet Food
Essentia Protein Solutions
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