Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Pet Milk Replacers market.
Trusted Business Insights presents an updated and Latest Study on Pet Milk Replacers Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Pet Milk Replacers market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Pet Milk Replacers Market
The global pet milk replacers market size was valued at USD 173.2 million in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2027. The rising number of household pets among the consumers is the key factor for the market growth. Moreover, the growing requirement for the nutritious and whole-food for pets is expected to fuel the market growth.
Over the past few years, the trend of household pets has significantly increased among consumers across the globe. The number of pets is substantially increasing across the globe, thus creating a growth opportunity for various companies. As households adopt more cats and dogs, demand for industry goods, such as milk replacement products, medicine, foods, and accessories, has been increasing. According to the American Pet Product associations, an average cat or dog owner spends about USD 200 to USD 300 on pet food, including milk replacements, for young animals annually.
These milk replacers play a integral role in enhancing as well as maintaining the health of various animals, especially puppies and kittens in their early stages. This nutritional food item offers a wide range of micronutrients, including minerals and vitamins, which is essential for the growth, development, and well-being of commercial pets, such as kittens and puppies.
It is a convenient way to feed infant animals as this is cost-effective compared to normal milk. They consist of the same ingredients that are present in mothers milk and are primarily fed to young animals. A few vitamins and minerals that are not present in a mothers milk can be incorporated into these pet milk replacers and delivered to various animals as per their requirements. These factors are expected to have a positive impact on industry growth over the next few years.
Rising prices of milk are responsible for increasing demand for milk replacers among consumers in various regions. Enhanced nutritional value, coupled with their low cost, is expected to fuel consumption of these pet milk replacers. Furthermore, the pet milk replacers market growth is supported by rising adoption of a gluten-free diet among various animals.
In the start of the year 2020, the world has witnessed a pandemic COVID-19, which resulted in the countrywide lockdown in almost every country across the globe. This has led to the restriction for going outside houses. These panic times are propelling the demand for these pet milk replacers, which are full of nutrition and pets can consume it on a daily basis. These global market trends are anticipated to fuel demand in the year 2020. Pet Category Insights
The dogs category segment accounted for the largest revenue share of 51.4% in 2019 and is expected to maintain the lead over the forecast period owing to the large adoption of puppies among the customers across the globe. Shifting trend towards dog adoption as a companion in families is expected to have a positive impact on the segment growth. Additionally, increasing spending power among pet owners has resulted in improvement, particularly in the emerging economies, such as India, China, Brazil, and Japan.
The cats category is anticipated to be the fastest-growing segment over the forecast period owing to rising popularity among young consumers to prefer cat as a companion animal. For instance, France has numerous households who prefer having cats as pets as opposed to dogs as people in the country are cat lovers.
Product Insights: Pet Milk Replacers Market
The non-medicated segment accounted for the largest share of more than 70.0% in 2019 and is expected to maintain the lead over the forecast period owing to the large adoption of puppies by the customers across the globe. Non-medicated milk replacers have widely been used to replace whole milk for cats, dogs, and calves. The product is produced using various vitamins, coccidiostats, ionophores, and probiotics as additives to support the growth of an animal immensely. These factors are expected to have a positive impact on segment growth over the next few years.
The medicated products are anticipated to be the fastest-growing segment over the forecast period 2021-2027. Medicated milk replacers are given to pets only if they are born with illnesses or deficiencies. These replacers are, however, not given to healthy puppies and kittens owing to the presence of numerous antibiotics as the digestive system of a newborn pet may not be compatible with the product.
Form Insights: Pet Milk Replacers Market
Powder form accounted for the largest revenue share of 90.1% in 2019 and is anticipated to maintain its lead over the forecast period. Powder form of the product is widely used by consumers on account of their longer shelf life, easy transportation, storage, and handling. In addition, products have the same nutritional content as that of regular milk and are cost-effective as opposed to liquid milk replacers.
Continuous R&D by various companies to expand the products application scope and introduce new and innovative products is expected to open new avenues for the industry over the forecast period.
The liquid form of the product is anticipated to be the fastest-growing segment over the forecast. Demand for liquid milk replacers is driven by factors, such as rising consumption of dairy products as well as the development of various precision nutrition techniques. However, preservation and logistical advantages of the dry form of milk replacers may hinder the segment growth over the forecast period.
Regional Insights: Pet Milk Replacers Market
North America accounted for the largest revenue share of exceeding 35.0% in 2019. The increasing trend of pet adoption among consumers in the U.S. is expected to fuel the demand for pet milk replacers over the forecast period. In addition, a rising number of animal shelters for unclaimed animals, including puppies and kittens, is anticipated to boost the demand for pet milk replacers.
Over the past few years, owners have been treating pets as family, and hence they provide them with expensive natural and organic kind of milk replacers. This trend, combined with the high disposable income of consumers, particularly in North America and Europe, is expected to have a positive impact on the market growth over the next few years.
Asia Pacific is anticipated to be one of the fastest-growing regional markets over the forecast period. The growing trend of humanization of pets and increase in disposable income in countries, including China, Japan, India, and South Korea, have emerged as the significant factors boosting consumer spending on pet care. This, in turn, is expected to have a positive impact on the market over the forecast period.
Key Companies & Market Share Insights: Pet Milk Replacers Market
The global market is slightly consolidated owing to the presence of strong players. However, many other companies are expanding their product portfolio in order to serve the lucrative market of milk replacer. These manufacturers are adopting various marketing strategies, including new product launch, expansion of product portfolio, and merger & acquisition.
Major players in the animal nutrition and supplement market such as CHS Inc. are making changes in their top management in order to explore the untapped market across the globe. For instance, in May 2017, CHS Inc. appointed Jay Debertin as the new President and CEO of the company. With this appointment, the company aimed to expand its product portfolio and service offerings and achieve operational excellence.
Key manufacturers including CHS Inc.; Cargill, Incorporated; PetAg Inc.; and Liprovit BV are adopting marketing strategies, such as the expansion of distribution channel, in order to expand their customer base across the globe. For instance, in March 2019, CHS Inc. announced to acquire West Central Distribution, LLC, a full-service wholesale distributor of agronomy products. With this acquisition, the company aims to expand its product portfolio, services, and technologies cooperatives. Some of the prominent players in the pet milk replacers market include:
Key companies Profiled: Pet Milk Replacers Market Report
- CHS Inc.
- Pet-Ag, Inc.
- Cargill, Incorporated
- Archer Daniels Midland Company
- Land OLakes
- Glanbia plc
- Liprovit BV
- Calva Products, LLC
- Jordan Agri Limited
- Nutreco N.V.
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global pet milk replacers market report on the basis of pet category, product, form, and region:
Pet Category Outlook (Revenue, USD Million, 2016 – 2027)
Product Outlook (Revenue, USD Million, 2016 – 2027)
Form Outlook (Revenue, USD Million, 2016 – 2027)
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