Palatants Market (Nature: Organic and Conventional; End Use: Liquid Palatants and Dry Palatants; Source: Vegetable Derived Palatants and Meat Derived Palatants; and End-use Application: Bovine, Swine, Poultry, Fish/Aquaculture, and Pet Food) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030
Press Release :
Rise in Number of Pet Owners Worldwide and Advancements in Breeding Technology to Propel Market Growth
The past couple of decades have witnessed a remarkable rise in the number of pet owners, especially in urban regions worldwide. The considerable rise in the disposable income coupled with economic growth of several developing regions worldwide has led to an influx of new pet owners on a global scale. The surge in the number of pet owners has had a direct impact on the sales of pet nutrition products, pet food, and other innovative products, such as palatants. Palatants have gained considerable popularity in the past few years, owing to increasing awareness pertaining to pet palatability, innovations, research, and impactful marketing campaigns.
Palatants play an imperative role in improving the smell, taste, and texture of the pet food due to which, the demand continues to move in the upward trajectory. Several top-tier and premium players involved in the palatants market are investing a considerable amount of resources in research and development activities to evaluate and determine the most effective manufacturing and processing technique. In recent times, research and development with various flavor enhancers have increased at a rapid pace– another factor that is expected to boost the growth of the global palatants market during the forecast period.
At the back of these factors, the global palatants market is expected to reach a market value of US$ 3.7 Bn by the end of 2030.
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Entry of Plant-based Palatants on Rise in Global Market
Research and development activities are likely to play an imperative role in the development of the global palatants market. Over the past few years, a number of plant-based cat and dog food palatants have entered the market due to the growing safety concerns linked with animal-based palatants. Several major companies operating in the current palatants market are increasingly inclined toward the production of plant-based palatants due to a range of factors.
Another factor that is expected to augment the interest in plant-based palatants is the steady rise in both, human and pet population worldwide. At present, plants, insects, and algae have emerged as a viable energy resource for the large-scale production of palatants. In addition, the potential sanitary issues put forward by meat-based palatants are likely to disrupt the global supply chain of palatants due to the stringent international regulations on the import of meat-based products. In addition, as plant-based palatants are likely to face fewer hurdles in cross-border trade and transportation, several companies are increasingly working toward expanding their product portfolio.
Market Players Focus on Expanding Product Portfolio
The last few years have witnessed the entry of a range of players in the palatants market due to the increasing demand worldwide. Although the market competition has increased considerably, quality and pricing structure continue to remain some of the key differentiating factors. Sub-standard quality products have dented the overall image of the palatants industry due to which, at present, several brands are becoming more transparent and involved in the development of innovative, safe, and premium-quality palatants. In addition, several companies are also diversifying their product portfolio by including organic trace mineral and phytonutrient products to gain a competitive edge. Advancements in breeding technologies are gradually influencing operations across the palatants market, as the number of animals with high theoretical genetic potential has increased. Several companies are also working toward the production of customized palatants as per requirements of consumers. The launch of new products is one of the main strategies deployed by several market players operating in the current palatants market landscape. For instance, in June 2019, Kemin Nutrisurance launched a new product line– PALTEVA Natural Palatants that was aimed at addressing the growing demand for natural flavored, safe, and natural palatants.
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While the animal feed industry is expected to remain the primary consumer of plant and animal-based palatants, the growing demand from the aquaculture sector is expected to provide lucrative opportunities to the players operating in the palatants market in the upcoming years.
Supply Chain Barriers to Hinder Market Growth amid COVID-19 Pandemic
The onset of the COVID-19 pandemic is projected to have a short-term impact on the offline sales of palatants due to which, the market growth is likely to remain lower than that of 2019. Stringent lockdown regulations in the first half of 2020 in several regions of the world, restrictions on cross-border trade, and transportation are some of the key factors that are likely to affect the prospects of the palatants market in 2020. While the research side of operations is likely to remain unaffected, a range of innovative and premium quality products are in the pipeline. While offline sales are likely to remain low, online sales are expected to witness a steady growth amid the ongoing COVID-19 event. Moreover, given its draconian measures to curb the COVID-19 pandemic, China, a major organic soybean supplier, has created difficulties for organic feed producers globally. Moreover, the availability of containers and vessels was also affected due to logistical issues in China, along with transportation of other micro-ingredients.
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The global palatants market is expected to grow at a moderate CAGR of 3.9% during the forecast period. The market growth is primarily driven by factors, including surge in the number of pet owners worldwide, growing awareness pertaining to the benefits of palatants, entry of a number of plant-based palatants, increasing focus on research and development, and impact of online marketing campaigns. In the current scenario, market players should curate impactful digital marketing strategies to boost sales and focus on expanding their product portfolio to gain a competitive edge in the current market landscape.
- The American Pet Products Association (APPA recently said that, 39% of houses have dogs in the U.S. The increasing trend of pet ownership among the population is related to love, companionship, and stress relief. To increase the endurance and health of their pets, pet owners seek pet food with high nutrients and good palatants. Palatants are also known as palatability enhancers, and used to coat animal feed, which affects the sensorial behaviors of pets, as such, increasing feed consumption.
- In the global palatants market, the U.S. holds a major share, owing to increasing pets and pet food companies in the region. In the global pet food market, there are more than 1,200 pet food manufacturers, and more than 175 are in the U.S., thus ensuring the growth of the palatants market in the region. Increasing pet ownership and growing pet food industry has generated high demand for pet food, directly increasing the demand for palatants. In addition, many companies are investing in R&D to come up with innovative palatants, which will affect the palatability of the end products.
Increased Pet Humanization is Flourishing the Demand for Palatability Enhancers (Palatants)
- In the global pet market, pet owners treat their pets as family members, and they are more concerned about the nutrition, food, and eating habits of their companion pets. People love their pets for a number of reasons, such as they see them as a source of security and unconditional positive regard. Pet humanization, also known as anthropomorphism, has become a very popular phrase in the pet food industry, as many pet owners seek to provide human-like products to their pets. According to a 2017-2018 survey done by the American Pet Products Association (APPA), 28% dog owners have celebrated birthday parties for their pups.
- The buzz of humanization is on the rise, and some companies are investing to add vibrant palatants in pet food. Companies such as Merrick Pet Care chose gourmet, bistro, and banquet to describe their cat and dog food. In addition, AFB International has developed various palatants that make pet food more appealing to both, companion animals and their owners.
Pet Food Quality Directly Proportionate to the Frequency of Purchase - Propelling Sales of Palatants
- Consumer behavior has been primarily affected by technological proliferation into the palatants market. The frequency of purchase and the bulk volume purchased at a time are expected to be affected by the increasing palatability enhancers (palatants) in the market. Customers are more likely to purchase the product in bulk if it is more profitable. Palatants are specially designed to prepare pet food, supplements, and treats that taste better. These factors are boosting the sales of palatants around the globe.
Palatants Market: Specific Product Launch for Optimal Results
- Many players are now satisfying varying supplement demands from different animals through separate products. Different animals require different pet food containing different bacterial amounts and specific flavors. Key players are now focusing on individual species of animals such as cats, dogs, and birds, and launching products accordingly, such as adding specific nutrient and palatants, resulting in greater consumer acquisition.
Palatants Market: Increasing Consumer Awareness Regarding Claims
- In the global pet food market, many manufacturers collaborate with other research companies to develop special palatants to inculcate the diet claims in their end products. Diet claims that mainly attract pet food owners are natural, grain-free, and organic, where 'natural' is the leading claim across the pet food industry that has significantly increased the demand for natural palatants in the pet food industry. Adding high amounts of functional and specific nutrition in pet food end results in off taste end products, and to overcome this unpleasant taste, manufacturers generally use large amount of palatants in accordance with regulatory laws.
- Furthermore, pet owners are also seeking for pet food with high protein content and low fat content, thus pushing pet food manufacturers to include palatants in their end products. In addition, pet food manufacturers also include certain antioxidant protection, which will further escalate the demand for palatants in pet food in the coming years. In order to attain the utmost palatability, manufacturers are focusing on using novel technologies that ensure the overall taste and odor of the end product. Since 2007, AFB International, a leading player in pet food technology, has been using the electronic tongue and electronic nose technology to scrutinize the overall odor and palatability of pet food. These innovations have revolutionized the palatants market to an extent, and also enhanced the quality of palatants. With an increasing number of pet food manufacturers across the globe, it can be anticipated that, the demand for palatants will increase over the forecast period.
Global Palatants Market: Key Players
A few of the key players operating in the global palatants market are
- Kemin Industries
- Nutriad International NV
- Pancosma S.A.
- Frutarom Group
- Alltech Inc.
- Diana Group
- Yingtan WingBiotechnology Co., Ltd.
- Nestle S.A.
- BHJ A/S
- AFB International
- Darling Ingredients Inc., and others.
Palatants Market – Scope of the Report
Transparency Market Research (TMR) has recently published a market study on the palatants market. It provides a detailed assessment of key market dynamics, including drivers, trends, opportunities & restraints, and detailed information about the palatants market structure. The market study presents exclusive information about how the palatants market will grow during the forecast period of 2020-2030.
Key indicators of market growth, which include year-on-year (Y-o-Y) growth of the market, value chain, supply chain analysis, and compounded annual growth rate (CAGR) have been elaborated in the study in a comprehensive manner. This information is intended to help readers understand the quantitative growth prospects of the palatants market during the forecast period.
The study is intended to offer a holistic market overview to stakeholders in the palatants, including manufacturers, suppliers, distributors, and investors, and to help them develop winning growth strategies. Stakeholders in the palatants market, which include investors, industry experts, researchers, and journalists, and business researchers can leverage the information and data presented in TMR’s study.
The study also includes statistics and facts related to the macro as well as microeconomic factors that are impacting expansion of the market. It also offers actionable insights into the future trends in the palatants market. Furthermore, small businesses and new entrants in the palatants market can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Questions Answered in TMR’s Palatants Market Report
- Which region will continue to remain the most profitable regional market for palatants market players?
- Which factors will induce a change in the demand for palatants during the assessment period?
- How will the changing trends impact the palatants market?
- How can market players capitalize on the low-hanging opportunities in the palatants market in developed regions?
- Which companies are leading the palatants market?
- What are the winning strategies of stakeholders in the palatants market to catapult their position in the forefront?
Palatants Market – Research Methodology
In TMR’s study, a unique research methodology is used to conduct extensive research on the growth of the palatants market and identify future growth parameters. This research methodology is a combination of primary and secondary research, to help analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts for compiling the palatants market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Information acquired from primary resources and secondary resources has been compiled in a comprehensive manner. This also acts as a validation from companies in the palatants market, which makes TMR’s projections more accurate and reliable.
Palatants Market – Segmentation
TMR’s study on the palatants market offers information divided into important segments— nature, form, source, end-use application, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.