Palatants enhance the taste of cat and dog foods, supplements, and treats. They ensure the consumption of food by the pets, thus, facilitating the adequate reception of nutrients contained in food. Pet food is expected to have an appealing taste. Pet food manufacturers provide distinct pet foods considering the demand from pet customers. Rising disposable income and growing awareness regarding pet food have further created opportunities for the major market players to develop innovative pet food products. The pet food manufacturers aim to formulate products that resonate with the buyers’ beliefs, as well as ensure the pets’ enthusiasm for their respective pet food.
In 2021, North America held a significant share of the global palatants market. Asia Pacific is estimated to register the highest CAGR in the market during the forecast period. The market in Asia Pacific is further segmented into China, India, Australia, Japan, and the Rest of Asia Pacific. Many small and large-scale pet food manufacturing companies have a presence in India, China, and Japan. The pet food manufacturing sector in Asia Pacific is rapidly adopting state-of-the-art technologies and processes, which are considered innovation accelerators. All these factors contribute to the palatants market growth in the region.
During the COVID-19 outbreak, the shutdown of manufacturing units in industries such as pet care and nutrition led to a decline in demand for palatants. During the initial stages of the COVID-19 pandemic, palatants manufacturers were forced to scale back or halt production temporarily. However, businesses gained ground as the governments of various countries eased the previously imposed restrictions. Moreover, the food & beverages, pet care and nutrition sectors witnessed a growth in demand for their offerings post-pandemic recovery.
Palatants are the ingredients responsible for enhancing the flavors and palatability of the pet food. The increase in pet ownerships globally has led to rise in demand for healthy and palatable pet food. The nutrient rich pet food has various benefits such as preventing infections and increasing the life expectancy of pets. The recent trend in the pet food industry involves development of products that are nutritionally enriched and enhance the health of animals such as poultry, swine, and livestock. The demand for personalized pet food and animal feed has increased in developed countries such as the US, and Germany, in recent years. The pet owners are becoming conscious about the ingredients used in the pet food as well as the brands and companies offering customized pet food products. Customized pet food efficiently addresses the conditions such as dry skin and obesity in pets. The usage of palatants in pet food, treats, and supplements enhance the taste, thereby ensuring that pets receive the required vital nutrients. Thus, the growing consumer perception toward pet health is bolstering the growth of the palatants market.
Based on form, the palatants market is segmented into dry and liquid. In 2021, the dry segment accounted for the largest revenue share. The liquid segment is expected to register the highest CAGR during the forecast period.
Kerry Group Plc, Archer-Daniels Midland Co, AFB International Inc, BHJ AS, Bitek Industries Pty Ltd, Symrise AG, Innov Ad NV/SA, Kemin Industries Inc, Ohly GmbH, and Trilogy Essential Ingredients Inc are among the players operating in the market. These companies have broad product portfolios to cater to their clientele from different developed and developing countries. They also focus on developing high-quality, innovative products to meet customer requirements.
The "Palatants Market Analysis to 2028" is a specialized and in-depth study of the food & beverages industry with a special focus on trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The market has been analyzed on the basis of form, category, source, and geography. Based on form, the market is segmented into dry and liquid. Based on category, the market is segmented into organic, and conventional. Based on source, the market is segmented into plant derived palatants, meat derived palatants, insect derived palatants, and others. Based on geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
The regional trends and factors influencing the Palatants Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Palatants Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 1.3 Billion |
| Market Size by 2028 | US$ 1.87 Billion |
| Global CAGR (2022 - 2028) | 6.3% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Form
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Palatants Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Palatants Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The rising popularity of pet humanization and growing consumer awareness toward pet health, are some of the key driving factors for the palatants market.
Based on category, organic is the fastest-growing segment. The increasing awareness about pet health and wellness along with shifting consumer preferences towards organic products is boosting the popularity of organic pet food ingredients, such as organic palatants. This factor is driving the segment’s growth.
North America accounted for the largest share of the global palatants market due to the increasing popularity of pet ownership among people relating to companionship, and stress relief, along with the rising humanization of pets.
Based on form, the dry segment accounted for the largest revenue share. The low water activity of dry palatants controls microbial growth. Moreover, bulk bags are used for the packaging and shipment of dry palatants. These are the few reasons driving the segment growth.
The rising consumer preference and demand for nutrient rich, and custom pet food has increased product innovations by the manufacturers, including the development of innovative, and premium quality palatants. This is expected to provide lucrative growth opportunities to the key players operating in the global palatants market over the forecast period.
The major players operating in the global palatants market are Kerry Group Plc; Archer-Daniels Midland Co; AFB International Inc; Symrise AG; and Kemin Industries Inc among others.