The Global Palatants market share value is expected to grow at a CAGR of 4.62% during the forecast period 2023–2028 to reach USD 1700.01 million by 2028 from USD 1296.57 million.
Palatants are pet food and feed additives that are used to improve the taste and palatability of the food, making it attractive for animals. These additives are essential for ensuring pets and animals consume their food freely and get the desired nutrition needed for bodily functions. These plants are usually added to dry as well as wet food for animals and poultry farm animals. The main purpose of a patent is to enhance the flavor and aroma of pet food and animal feed, to make it more appetizing to consume, and it is usually added while introducing animals to new diets, or they refuse to accept certain types of feed. Palatants are made from meat or vegetables. It contains proteins, yeasts, phosphates, antioxidants, antimicrobials, processing aids, and other compounds. The most common palatable ingredient is protein, and it is derived from both animal and plant. There are numerous sources of proteins originating from plants, including corn, soy, potatoes, and specialized grains. Poultry, pork, and fish are common sources of animal proteins. A combination of ingredients is frequently used to create palatants.
The growing awareness for animal health and welfare is one of the significant driving factors that has caused the increase in palatant market share. As pet owners are becoming increasingly aware of the importance of animal health, this led to an increase in the demand for nutritious and palatable food, which therefore gave rise to the demand for palatants, which aids in adding flavor and encourages pets to eat more and maintain a healthy weight. A healthy diet is essential for animal health and its overall well-being and also reduces the risk of developing chronic diseases. These palatants play a critical role in improving the taste, smell, and texture of the pet food. Overall, the growing awareness of the importance of animal health and welfare is driving demand for palatable pet food products, fuelling the palatant market size.
Furthermore, there is an increasing number of pet households, which has also contributed to the palatant market growth. In addition, as economic stability is increasing, the rise in disposable income also contributes to the palatant market demand because of the increase in consumption of premium pet food and treats. Hence, these factors propelled the palatant's market share.
One of the major restraining factors affecting the palatants market growth is the stringent rules and regulations on palatants in various countries, which, therefore, makes it difficult for manufacturers to develop and launch new products. Manufacturers must ensure that their products comply with all applicable regulations, which can be a complex and time-consuming process. Also, the regulatory process for plants differs from country to country, which further makes the process more difficult. These stringent regulations are designed to protect consumers, but they create a barrier to palatants manufacturers to launch new products into the market. These regulations add development and marketing costs, which further increase the manufacturing cost and delay the launch of new products. Along with this, it also decreases the flexibility to innovate and develop new products. Thus, the stringent rules and regulations by the government affect and reduce the palatable market share and restrict its market growth.
The Palatants market is seeing exponential growth due to the increased humanization of pets, and therefore, this has created opportunities for the palatants market. Pet owners are spending more money on their pet's well-being and health, and as a result, it led to a rise in the demand for palatants for their pet's food and treats. This humanization of pets is mostly influenced by various factors, such as the rise in single-person households, where pets act as companions; along with this, as disposable income is rising, people are able to afford high-quality pet food and treats. Thus, the humanization of pets has created opportunities for the palatants market and increased its market share.
The outbreak of COVID-19 had both positive and negative impacts on palatant market growth; due to the implementation of lockdown and travel restrictions, many people spent their time at home alone, which led to the adoption of pets and directly caused an increase in the demand in palatants, due to rising in the purchase of pet food and treats. Moreover, because of social distancing and shutting down production units impacted the global supply chain, which made it difficult and expensive for palatants manufacturers to obtain raw materials. and the increased cost of raw materials and transportation led to higher prices for palatants. Hence, overall, the COVID-19 pandemic had both positive and negative impact on palatants market size.
Based on nature, the palatants market is divided into organic and conventional. The conventional segment dominated the market share, as conventional palatants are less expensive than organic palatants. It is more widely available and used largely in the pet food industry. The organic segment has significant market growth in the coming years due to increased demand for organic palatants, as it is made with ingredients that are grown without the use of pesticides, herbicides, and other synthetic chemicals.
Based on the form, the palatants market is divided into liquid palatants and dry palatants. The dry palatants segment dominates the market share, as they are generally less expensive than liquid palatants, more widely available, and easier to transport and store. The liquid palatants segment is expected to grow at a higher rate in the forecast period 2023-2028.
Based on the source, the palatants market is divided into vegetable-derived palatants and meat-derived palatants. The meat-derived palatants dominate the market share, as they contain a higher nutritional profile than vegetable-derived palatants. The vegetable-derived palatant market growth rate is growing at a steady pace.
The pet food segment dominates the market share due to the humanization of pets, increasing demand for premium pet food, and rising awareness of the importance of palatability in pet food. The poultry segment has a significant market growth rate due to the increasing consumption of poultry meat and the rise in the food sector.
North America has dominated the market share due to the increasing number of pet ownerships in countries like the United States and Canada. Pet owners are looking for ways to enhance the taste and flavor of pet food to increase the overall well-being of their pets. Europe has the largest market share next to North America, with the increasing prevalence of animal farming for meat and milk production. Asia Pacific has a significant market growth rate because of high animal husbandry activities, which include the rearing of poultry and cattle. Latin America, the Middle East, and Africa have a low market share as compared to other regions.
Key Players in the Market:
Major Key Players in the Global Palatants Market are
Frequently Asked Questions
Increasing adoption and humanization of pets is the major driving factor for the palatant market.
The market is estimated to register a CAGR of 4.62% during the forecast period.
The major players are Kerry Group Plc, Archer-Daniels Midland Co, AFB International Inc, Symrise AG, and Kemin Industries Inc, among others.
Stringent rules and regulations by the government are the major challenging factors affecting market growth.
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