As per a recent market analysis by Future Market Insights (FMI), the global pet milk replacers market reached US$ 192.7 Mn in 2021. Growing prevalence of pet humanization trends across the globe is a key factor bolstering consumers’ expenditure on high-quality pet milk replacers.
With a favorable demand outlook, FMI projects the market to grow at a robust 7.10% CAGR through 2031. After countering the initial impacts of COVID-19, sales are anticipated to recover significantly. Product innovations by leading players are on the cards, which will further foster growth in the pet milk replacers market.
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.
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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.
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.
Competitive Landscape
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.
Pet Milk Replacers Market by Category
By Pet Type:
- Dogs
- Cats
- Others
By Product Type:
- Medicated
- Non-medicated
By Form Type:
- Liquid
- Powder
By Region:
- North America
- Latin America
- Eastern Europe
- Western Europe
- Asia Pacific Excluding China (APEC)
- China
- Middle East & Africa (MEA)
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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 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.
About FMI:
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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