As per a report by ESOMAR-certified consulting firm Future Market Insights (FMI), the quillaia extract market grew at a CAGR of 3.3% between 2016 and 2020, underpinned by the surging demand for pet food with immunity boosting ingredients.
Demand for nutritional and plant-based ingredients in pet food from the pet owners is pushing the production adoption of quillaia extract, widening growth opportunities for the manufacturers. Increasing awareness about the pet’s food safety have increased the consumption of ingredients that boosts the metabolism, such as quillaia extracts. Hence, accelerating the adoption of it in the manufacturing.
Emergence of clean label movement and demand for clean label pet food products, especially among dog owners, have propelled the market demand. Quillaia extract being naturally derived from plants, manufacturers have increased the adoption of it in the manufacturing process, necessitating the requirement of clean label product.
Extensive research & development activities for the appropriate usage of ingredients like quillaia extract in pet food is accelerating the demand. With surging initiatives of adopting various dog breeds across U.S., India, France, Spain and UK, the demand for natural ingredient pet food have augmented.
Thus, facilitating huge customer base to cater the unique breed’s requirement and aiding the increased demand for natural pet food, manufacturers are anticipated to witness lucrative growth opportunities in the upcoming decade.
As per FMI’s analysis, the global quillaia extract market is poised to expand at a CAGR of 4.5% during the forecast period of 2021 and 2031.
“Increasing need for sustainable and economical solutions for power generation within various end-use sectors such as food & beverage, oil & gas and transportation are providing expansion prospects for market players,” says the FMI analyst.
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Key Takeaways from FMI’s Quillaia extract Market Study
· In terms of animal type, dogs segment accounts for a lion’s share of 30.7% in the global quillaia
- extract market
- Dry food products are expected to account for 35% sales of global quillaia market through 2031
- Frozen food are poised to expand at a CAGR of over 5% throughout the forecast period
- Wet food segment is anticipated to emerge as a potential segment during the forecast period
- The U.S. is anticipated to account for over 73% of sales with North America of quillaia extract market
- Mexico’s quillaia extract market is estimated to offer lucrative opportunities for market players, accounting for over 20.4% market share in Latin America
- India will emerge as one of the lucrative market in Asia Pacific, accounting for over 15% of market share
- Spain is anticipated to register sluggish growth for a CAGR of 2.3% during the forecast period
- France is spearheading the growth of Europe’s quillaia extract market, accounting for a share of over 12% in 2021
Increasing emphasis on export to expand their global reach seems to be one of the core strategy of leading players, forecasts Future Market Insights. Penetration of online retail distribution channel and increased spending on e-commerce have fostered the sales, amplifying the revenue of market players.
In addition to this, market players are reliant on other strategies such as collaborations and mergers to maintain the competitive edge.
In October 2020, a leading player, Sunshine Mills Inc. announce the expansion of previously voluntary recall of pet food products due to potentially elevated levels of aflatoxin.
Some of the key players profiled by Future Market Insights include:
- Baja Yucca Company
- Plantae Labs
- Naturex Group
- A & Z Group Co. Ltd,
- Vyomchem Specialties,
- Unicorn Colors,
- Desert King.
- Garuda International Inc.,
- Ingredion Incorporated,
- Shaanxi Pioneer Biotech Co. Ltd.
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More Insights on the Global Quillaia extract Market
In its latest report, FMI offers an unbiased analysis of the global quillaia extract market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of:
- Wet Food
- Dry Food
- Treats and Chews
- North America
- Latin America
- Asia Pacific
Key Questions Covered in the Report
- How will the market for quillaia extract will expand through 2031?
- Which top companies are leading the global quillaia extract market?
- What are the key drivers and trends that will stimulate the quillaia extract sales?
- What are the challenges that will affect the sales of quillaia extract market?
- Which region will remain the most lucrative throughout the forecast period?
- What is the impact of Covid-19 on quillaia extract market?
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