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(Health-NewsWire.Net, September 07, 2022 ) According to a new market research report titled “Europe Pet Food Protein Ingredients Market by Source (Animal Byproducts, Feed Grains, Soybean Byproducts, Novel Protein), Application (Dry Foods, Wet Foods, Veterinary Food, Treats, and Snacks)- Forecast to 2028”, published by Meticulous Research®, the European pet food protein ingredients market is anticipated to grow at a CAGR of 14.7% from 2021 to 2028 to reach $2.85 billion by 2028.
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Pet food manufacturers use various nutrients, including proteins, carbohydrates, fats, vitamins, and minerals, during pet food production to offer appropriate and balanced nutrition required by pets at various stages of life. Among these nutrients, protein plays a crucial role due to its multiple functions, including delivering amino acids that help build muscle, repairing tissues, creating enzymes and hormones, transporting oxygen and iron through blood, and supporting immunity.
In addition, proteins are also a source of energy and a major component of hair, skin, nails, ligaments, tendons, and cartilage.
The growth of the European pet food market is mainly driven by factors such as increased pet population with a significant rise in pet expenditure, growing concerns relating to obesity in pets, the rising demand for premium pet foods, and the availability of pet foods through a diverse variety of distribution channels. However, stringent feed regulatory compliances and reductions in free trade restrict the growth of this market to some extent.
In addition, the threat from counterfeit products and huge capital investments in pet food manufacturing are challenging the pet food market in Europe. Further, the dominance of this region in the global pet food protein ingredients market is mainly attributed to the high-protein trend in the pet feed food market for enhancing health performance, improved immune systems, and healthy growth of animals.
The European pet food protein ingredients market is segmented based on source, application, and country/region. The study also evaluates industry competitors.
Impact of COVID-19 on the Europe Pet Food Protein Ingredients Market
The COVID-19 pandemic has been a considerable disruptor for the pet food supply chain in Europe. This pandemic affected the pet food protein ingredients sector by affecting production, disrupting the supply chain, and impacting the investment sector. On the positive side, pet food in Europe was experiencing greater demand during the COVID-19 pandemic. According to European Pet Food Industry Federation, the European pet food market grew by 10.2% in 2020 from 2019. This market growth was mainly due to a rise in pet ownership, pet humanization, a consistent increase in spending per pet, and an increase in the pet food market. To address this demand, the players in the market shifted their focus from retail stores to e-commerce platforms by increasing their investments.
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Some online retailers reported strong sales figures in the recent earnings releases. For instance, in 2020, Zooplus (Germany) reported a 21% rise in sales from 2019 due to increased demand from existing customers and a stable inflow of new customers. For Nestlé, pet care was the best-performing product category, with sales growing by close to 14% in 2020 from 2019, contributing to around half of the group’s organic sales growth. Thus, these increased sales of pet food are expected to increase the demand for protein ingredients in the upcoming years, thereby propelling the growth of the pet food protein ingredients market in Europe.
Key Findings in the Pet Food Protein Ingredients Market Study
Based on source, the pet food protein ingredients market is segmented into animal byproducts, feed grains, soybean and soybean byproducts, and novel protein sources. In 2021, the animal byproducts segment is estimated to account for the largest share of the European pet food protein ingredients market. The segment's large share is mainly attributed to the widespread adoption of animal byproducts in pet food manufacture, considering their high protein content, balanced amino acid profiles, better digestibility, and palatability.
Based on application, the pet food protein ingredients market is segmented into dry pet foods, wet pet foods, veterinary diets, treats and snacks, and others. In 2021, the dry pet foods segment is estimated to account for the largest share of the European pet food protein ingredients market. The segment's large share is mainly attributed to the dry pet foods' long shelf life, cost-effectiveness, ease of storage, and high energy content. However, the veterinary diets segment is expected to register the highest CAGR during the forecast period 2021–2028.
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Based on country, in 2021, France is estimated to account for the largest share of the overall European pet food protein ingredients market. This country’s prominent position in this market is primarily attributed to the well-established pet food manufacturing sector, increasing demand for novel protein, and increased product launches. However, Germany is expected to grow at the highest CAGR during the forecast period. The rapid growth of this country is mainly attributed to the growing popularity of adopting a high protein diet for pets, increasing demand for functional pet food, and rising demand for vegan pet food.
The key players operating in the European pet food protein ingredients market are Cargill, Incorporated (U.S.), Roquette Frères Le Romarin (France), DuPont de Nemours, Inc. (U.S.), Kerry Group plc (Ireland), Ingredion Incorporated (U.S.), Archer Daniels Midland Company (U.S.), Enterra Feed Corporation (Canada), Protix B.V. (Netherlands), Alltech (U.S.), BHJ A/S (Denmark), Symrise AG (Germany), Omega Protein Corporation (U.S.), SARIA A/S GmbH & Co. KG (Germany), Darling Ingredients Inc. (U.S.), and BENEO GmbH (Germany) among others.
The key players operating in the European pet food market are Mars, Incorporated (U.S.), Nestlé S.A. (Switzerland), Tiernahrung Deuerer GmbH (Germany), Affinity Petcare S.A. (A Part of Agrolimen SA) (Spain), Colgate-Palmolive Company (U.S.), The J.M. Smucker Company (U.S.), Monge & C. S.p.a. (Italy), Versele-Laga (Belgium), heristo aktiengesellschaft (heristo AG) (Germany), United Petfood (Belgium), Partner in Pet Food (A Part of Cinven) (Hungary), Farmina Pet Foods Holding B.V. (Netherlands), and Vafo Group a.s. (Czech Republic).
Meticulous Research™
chhagan yadav
+91 744-7780008
chhagan.y@meticulousresearch.com
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