As per Future Market Insights (FMI), the global pet milk replacers market is projected to reach US$ 192.7 Mn in 2021. New pet parents are embracing the trend of pet humanization, resulting in increasing expenditure on pet products and accessories.
Growing preference towards sustainable and nutrient-rich pet feed is propelling sales of pet milk replacers. FMI projects the market to grow at a robust 7.10% CAGR through 2031.
The advent of the novel COVID-19 pandemic led to dampened sales of pet milk replacers due to restrictions in movement and disrupted supply chains. However, FMI projects a positive demand outlook for the pet milk replacers, as the market experienced year-over-year growth by 6.30% from 2020 to 2021.
Pet milk replacers are emerging as beneficial additions to pet diets. Pet milk replacers are generally fed to puppies and kittens to meet the need for nutrition which is lacking in cow or goat milk.
Most dog breeds and feline species are allergic to cow’s milk. Having highly sensitive digestive systems, these animals are susceptible to gastrointestinal issues which can even lead to severe outcomes.
As people are getting highly conscious about pet health, sales of pet milk replacers are anticipated to continue gaining momentum throughout the assessment period. According to FMI’s market survey, non-medicated pet milk replacers will remain highly sought after through 2031.
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As per FMI’s regional analysis, sales of pet milk replacers in the U.S. are anticipated to witness an uptick in the upcoming decade. Growth in the market can be attributed to higher disposable income in the country and the penetration of leading players.
“Demand for sustainable food alternatives for animals, coupled with innovative product launches from key stakeholders to improve nutritional content in pet milk replacers will continue augmenting market growth through 2031,” says the FMI analyst.
Key Takeaways from the Pet Milk Replacers Market Survey:
- Based on product, sales of non-medicated pet milk replacers are projected to hold the lead through 2031.
- Powdered pet milk replacers will dominate the market, due to convenience in terms of transport and logistics.
- The U.S. is projected to emerge as a lucrative market, with the North America market expanding at a 4.90% CAGR.
- Germany will lead the Europe pet milk replacers market. As per the market analysis, Europe is anticipated to exhibit a steady 5.60% CAGR.
- Demand for pet milk replacers in China are expected to be positive, with increasing expenditure on pet food and accessories in the country.
- Japan and South Korea will account for 4.9% and 3.2% of the total market share respectively.
Cargill, Incorporated, Archer Daniels Midland Company, Glanbia plc, CHS Inc., Nutreco N.V., Pet-Ag, Inc., Land O’Lakes, Liprovit BV, Calva Products, LLC, and Jordan Agri Limited. are among the leading players operating in the pet milk replacers market.
As a part of their growth strategies, leading players in the market are emphasizing on product development and production facility expansions to fulfill the growing demand. Acquisitions and collaborations will hold significance among market players. For instance:
- In July 2021, Archer Daniels Midland Co. announced its plans to acquire Serbian agribusiness company Sojaprotein. The company intends to expand its diverse product portfolio with this acquisition, improving its meat alternatives, confectionery, pharmaceutical, and pet food segments.
- In April 2020, Pet-Ag, Inc. inaugurated its fully operational production and distribution facility in Hampshire, Illinois. The 157,000 square-foot building consolidated two of Pet-Ag’s production, research, and administrative locations in Kansas City.
More Insights into the Pet Milk Replacers Market Report
In its latest report, FMI offers an unbiased analysis of the global pet milk replacers 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 pets (dogs and cats), product (medicated and non-medicated), form (liquid and powder), and across seven regions (North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa).
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Key Questions Answered in the Report
- What is the current pet milk replacers market value?
The pet milk replacers market reached a valuation of US$ 192.7 Mn in 2021.
- At what rate did the pet milk replacers market grow between 2016 and 2020?
The pet milk replacers market experienced positive growth, exhibiting a 6.30% CAGR between 2016 and 2020.
- What are the key trends driving pet milk replacers sales?
Growing prevalence of pet humanization, coupled with longer shelf life and convenience of pet milk replacers are key growth accelerators in the market.
- Who are the leading players in the pet milk replacers market?
Leading players operating in the pet milk replacers market include Cargill, Incorporated, Archer Daniels Midland Company, Glanbia plc, CHS Inc. and Pet-Ag, Inc.
- What will be the demand outlook for the North America pet milk replacers market?
The North America pet milk replacers market is anticipated to grow at a steady 4.90% CAGR during the forecast period.
- At what rate will the sales of pet milk replacers grow in Europe?
The pet milk replacers market in Europe is expected to exhibit a healthy 5.60% CAGR through 2031.
- What is the market share of leading players in the pet milk replacers market?
The top 5 players in the pet milk replacers market collectively account for approximately 15-25% of the global market share in 2021.
- Which are the top countries driving the sales of pet milk replacers?
Top countries in driving the pet milk replacers market sales are the U.S., France, Germany, China, and Brazil.
- What is the current market share of Japan and South Korea in the global pet milk replacers market?
Japan and South Korea will account for 4.9% and 3.2% of the total market share respectively.