The palatant market is projected to witness a compound annual growth rate of 6.94% to grow to US$1.801 billion by 2026, from US$1.126 billion in 2019. The market is expected to surge in the coming years, due to the increasing population of bovine animals, and the growing adoption of pets, worldwide. There had been an exponential surge in the adoption of companion animals, especially in the Europe and North American regions. The growing urban population and disposable income are also expected to play a major significant role in the market growth, during the forecast period. According to the World Bank, 68% of the global population is expected to reside in urban areas by the year 2050. Moreover, increasing the population of farm animals, and increasing their overall output and productivity, the farm animal owners have been using high-quality ingredients and food products for their animals.
According to the data given by the Food and Agriculture Organization, there had been around 980 million cattle population, worldwide, in the year 2020. Major companies have been making significant developments in the market, in the past few years. In July 2021, Diana Pet Food, a Symrise subsidiary, announced the opening of its novel food palatant manufacturing factory and unit in China. The novel unit has been located in Chuzhou, Anhui Province, and has been the first plant in the Asia Pacific region to host a measurement and spray dryer center for powdered palatant solutions. Other players have also been making significant developments in the market. The rise in the adoption of pets, especially in India and China is expected to play a major role in the market growth. The demand for organic palatant is also expected to surge, in the coming years, as animal owners have been providing high quality and nutritious food content to their animals. These trends and developments are expected to have a positive impact on the market growth, in the coming years.
Increasing adoption of companion animals is expected to drive the demand in the market during the forecasted period.
The market is expected to surge in the coming years, due to the rising adoption of companion animals, worldwide. According to the data given by the American Society for the Prevention of Cruelty Animals, there are around 85.8 million cats and 78 million dogs owned in the United States. Moreover, around 3.2 million shelter animals in the United States are adopted every year. According to the American Pet Products Association, pet food and treat sales in the United States surge 9.7% in the year 2020 and added US$3.7 billion for a total of around US$42 billion for the same year. Europe has also been expected to play a major role in the market growth. According to the data given by the European Pet Food Industry, there were around 88 million households that own a pet in the year 2020. Moreover, annual sales of pet food products have been around 21.8 billion euros. China has been registering significant growth in the market. For instance, according to the data given by the Chinese Government, the country had 99.15 million pets in the year 2020. Major companies have been making significant developments in the market. For instance, in October 2020, Kerry Inc. announced that its latest and novel plant-based palatant product, known as PurePal, had been designed to provide aroma and flavor to both pet and their owner's demands. The company had started their product has been making a significant impact in the market. In June 2019, Kemin Nutrisurance, announced the introduction of PALTECA, a novel line of natural dog food palatants. These developments are expected to play a major role in the market.
The COVID-19 pandemic has had a positive impact on the palatant market. The pandemic induced a chain reaction of lockdowns, restricting people’s movement and confining them to their homes. These restrictive measures were taken by the governments to contain the community spread of the COVID-19 infection. Because of people being at their homes alone for an extended period, the pet-adoption rates increased manifold in 2020.
Puppy adoption rates went up between 50 – 100% and cat adoption rates by 40% in 2020. Subsequently, the demand for pet products, especially pet food has risen during the same time. This has given rise to the sudden spike in the palatant market in 2020. However, as the impact of the pandemic subsides, the number of new pets adopted is likely to decrease again, as people won’t be confined to their homes anymore. But the new pets adopted during the pandemic are expected to create additional consistent demand for palatants in the future. As a result, the palatant market is expected to witness a moderate settling down to the pre-pandemic levels, with the gap between the COVID and no-COVID scenarios gradually declining on a year-on-year basis, in the latter half of the forecast period.
|Market size value in 2019||US$1.126 billion|
|Market size value in 2026||US$1.801 billion|
|Growth Rate||CAGR of 6.94% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Nature, Form, Source, Application, Distribution Channel, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Kemin Industries Inc., AFB International, Diana Pet Food (Syrise), Trilogy Essential Ingredients Inc., Ohly (ABF Ingredients), Innovad SA, United Pet Food, Essentia, ADM, Syndel, Kerry Inc.|
|Customization scope||Free report customization with purchase|
Key Market Segments
Frequently Asked Questions (FAQs)
Q1. What will be the palatant market size by 2026?
A1. The palatant market is expected to reach a total market size of US$1.801 billion in 2026.
Q2. What are the growth prospects for the palatant market?
A2. The global palatant market is expected to grow at a CAGR of 6.94% during the forecast period.
Q3. What is the size of the global palatant market?
A3. Palatant Market was valued at US$1.126 billion in 2019.
Q4. What factors are anticipated to drive the palatant market growth?
A4. The palatant market is expected to surge in the coming years, due to the increasing population of bovine animals, and the growing adoption of pets, worldwide.
Q5. How is the global palatant market segmented?
A5. The global palatants market has been segmented by nature, form, source, application, distribution channel, and geography.