Pets are growing increasingly important to humans and the reasons behind this are strong and valid. Firstly, they are used for stress relief. And, as the benefits emerge, people take note. So, they are seen in not just homes but also in work places.
And, as pets make their place prominent in human lives, humans move towards better care extended towards their companions. Furthermore, this can be noted in a lot of areas related to their care, including food, where premium-ization is quickly catching on. In fact, some experts claim it to be a concept called pet humanization, which is now taking the food industry for pets by a storm.
It is worth noting here that the trend is fueled by presence of pet owners who are increasingly cautious of the kind of food, and especially if the right portions of nutrition are being consumed by their pets.
It is also worth noting here that while pet owners are conscious about providing the best to their pets, they are also super conscious about diet claims. And, that is pushing global palatants market players to stay true to any claims they make. Some of the most common ones include gluten free, fresh, non-GMO, and organic. Since, it is hard to combine food obtained from natural sources with palatability, enhancers are widely asked for.
Between 2019 and 2027, the global palatants market is expected to grow to a market worth of USD 3 billion, owing to a sturdy CAGR (Compound Annual Growth Rate) that is set to mark the period, as per a Transparency Market Research study. The growth rate, compounded annually for the global palatants market between this period is set to me 4.5%
Over this period, the only restraint that the market is set to witness is the high price associated with these products but other factors are all set to compensate for the same, contributing positively to the growth of global palatants market.
Competitive Landscape to be Fragmented and Competitive; Players to focus on Expansion of Consumer Base
The highly fragmented competitors’ landscape of global palatants market include prominent names such as AFB International, Frutarom Group, Kemin Industries, Alltech Inc., Nestlé S.A., Nutriad International NV, and others. It is also worth noting here that the companies topping the charts held USD 930 million in the year 2018. Area that market players have a keen focus on include expansion of consumer base through proper marketing tools and strategies. Besides, tapping into the demand potential of new geographical regions is also a notable strategy, allowing players to grab a larger market share.
Region-wise, North America and Europe will lead the global palatants market over the forecast period owing to high spending capacity of pet owners and possession of some of the most premium breeds of pets. However, regions such as Asia Pacific is also witnessing a growing demand for companion pets, and as the nations flanking the region do well, purchasing power increases, making affordability a non-issue – both for pets and pet food.
Global Palatants Market: Segmentation
The global palatants market has been segmented according to nature, form, source, and region.
Global Palatants Market by Nature
Global Palatants Market by Form
- Dry Palatants
- Liquid Palatants
Global Palatants Market by Source
- Meat-derived Palatants
- Vegetable-derived Palatants
Global Palatants Market by Region
- North America
- Latin America
- Rest of Latin America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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