Pet Food Preservative Market to Surge US$ 850.5 Million by 2034, Fueled by 2.70% CAGR | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The competitive landscape of the U.S. pet food industry is driving manufacturers to innovate and develop large-scale preservatives to meet modern pet owners' demands. With a remarkable CAGR of 13.20%, the U.S. is leading the way in the growing pet food preservative market. The surge in unique formulations and innovations in animal nutrition is propelling robust growth in this sector.
NEWARK, Del, April 16, 2024 (GLOBE NEWSWIRE) -- The pet food preservative market is set to be valued at US$ 650.5 million in 2024 and is expected to reach to US$ 850.5 million by 2034, expanding at a CAGR of 2.70% through 2034. Growing demand for premium and organic pet food products is flourishing in the pet food preservative market. With more pet owners opting for products that offer better shelf life and higher quality, food preservatives are becoming more important than ever.
Rise of eCommerce and online sales channels has made pet food products more accessible to consumers and boosted demand for pet food preservatives. Next key driver of the pet food preservative market is the shift towards sustainable and eco-friendly pet food products. As consumers become increasingly environmentally conscious, they are looking for products that are healthy for their pets and good for the planet. Increasing regulations for pet food safety and quality globally have pushed manufacturers to shift towards formulated product solutions.
Some challenges that need to be addressed if the pet food preservative market is to continue to grow. Perception among some pet owners that preservatives are not safe for their pets. Consumers prefer fresh and natural pet food products, leading to a decreased demand for pet food preservatives. Additionally, competition from alternative pet food preservation methods like refrigeration and freezing is seen as a more natural and healthier option, deterring the market growth for preservatives.
The limited availability of certain types of natural and organic preservatives leads to higher costs and limited market penetration, which eventually increases the cost of research for new preservatives, limiting the number of players in the market.
Key Takeaways from the Market Study
The demand for dog food accounts for a market share of 56.00% in 2024.
The pet food preservative market in the United States is estimated to rise at a whopping CAGR of 13.20% through 2034.
The pet food preservative market in China is anticipated to develop at a CAGR of 12.80% through 2034.
The market in Germany has the potential to increase at a 9.60% CAGR through 2034.
The pet food preservative market in Japan is projected to inflate at a CAGR of 4.90% through 2034.
The pet food preservative market in Australia and New Zealand is predicted to rise at a remarkable 3.20% CAGR through 2034.
“Increasing demand for sustainable and eco-friendly pet food products and ongoing competition from alternates is spurring the future clamor for pet food preservatives,” says Nandini Roy Choudhury, Client Partner at Future Market Insights.
Manufacturers should invest in research and partnerships for high-quality ingredients to meet consumer demands and regulations. Optimizing production and distribution costs can ensure affordability and accessibility, while marketing campaigns can increase consumer trust and demand for preservative products.
Some key companies like Kemin Industries, BASF SE, E.I. DuPont de Nemours and Company, etc., are expanding their product line and shifting to sustainable and organic innovations for expanding broadly in the global market.
Recent Developments
Coop Italia added over 200 new pet food options with innovative ingredients like insect flour, protein, and superfoods in February 2024.
In September and November 2023, Corbion launched a sustainable and nutrient-rich pet food product, while Bully Max unveiled a new puppy food formula with TruMune technology for better gut health and nutrient preservation
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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The global food preservatives market is estimated to attain a market valuation of US$ 2,965.62 million in the year 2023. The market is expected to register a CAGR of 6.8% to reach US$ 5,725.70 million by 2033.
The cosmetic grade preservative market to capture widespread appreciation broadening to US$ 1,166.40 million size by 2034, covering a CAGR of 6.50% through 2034.
The overall demand for plant-based preservatives is projected to increase at 6.6% CAGR between 2022 and 2032, totaling a market valuation of US$ 5.8 Billion by 2032.
The natural food preservatives market is expected to be valued at USD 435.2 Million in 2022 and is projected to reach USD 856.1 Million by 2032, growing at a CAGR of 7% from 2022 to 2032.
The bread preservatives market is estimated to secure a valuation of US$ 4.1 Billion in 2023 and is estimated to rise to US$ 7.7 Billion by 2033.
The artificial preservative market is in transit to register a CAGR of 5.80% through 2034. The market has the potential to blow up its value from US$ 29,800 million in 2024 to US$ 52,500 million by 2034.
The animal feed preservative market is poised to register at a CAGR of 5.5% through 2034. The market is penned in to increase from US$ 298.6 million in 2024 to US$ 512.2 million by 2034.
The pet food ingredients market is estimated to reach US$ 42.2 billion in 2023. It is projected to be valued at US$ 68.3 billion by 2033.
The pet food processing market is expected to be valued at US$ 6,684.4 million in 2024. In 2023, the value of the market was US$ 6,348.0 million. The market is projected to expand at a CAGR of 4.0% from 2024 to 2034.
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