The palatant market is expected to grow at a CAGR of 6.61%, from a valuation of US$1.303 billion in 2021 to US$2.041 billion by 2028.
The palatant market is expected to grow at a CAGR of 6.61%, from a valuation of US$1.303 billion in 2021 to US$2.041 billion by 2028.”— Knowledge Sourcing IntelligenceNOIDA, UTTAR PRADESH, INDIA, August 8, 2023/EINPresswire.com/ — According to a new study published by Knowledge Sourcing Intelligence, the palatant market is projected to grow at a CAGR of 6.61% between 2023 and 2028 to reach US$2.041 billion by 2028. The prime factor driving the Palatant Market growth is the demand for high-quality and nutrient-rich pet food.
The palatant market is a critical part of the pet food business, with the goal of improving the flavour and palatability of pet food products. Palatants are natural or synthetic additives that are added to pet food to make it more attractive to pets. The need for high-quality palatants has increased as pet owners place greater empasis on the nutritional quality and flavour of pet food. This industry is critical in ensuring that dogs receive nutritious and pleasurable meals that are in line with the changing tastes of both pet owners and their furry friends.
The palatable market is expanding rapidly as a result of several factors impacting the pet food business and changing consumer tastes. For starters, the expanding worldwide pet population, as well as the developing affinity between pets and their owners, has increased demand for high-quality pet food. As a result, there is a growing emphasis on palatability as a significant element in selecting pet food items. Second, pet owners are increasingly looking for nutrient-rich, well-balanced meals for their dogs, which is driving demand for palatants that improve the flavour and scent of pet food without sacrificing nutritional value. Third, as people become more health-conscious, they want their dogs to be as well. Palatants are important in encouraging pets to bsorb necessary nutrients, which benefits their general health and well-being.
Furthermore, the humanization movement has caused a shift in pet food preferences. Pet owners are increasingly searching for pet food that is similar to human food in terms of ingredients, flavour, and quality. In May 2022, for example, Kemin introduced two new products to the market: Palasurance A D370-380 liquid and Palasurance C75-90 dry. The A DC70-380 is a salmon-based liquid canine and feline palatability enhancer designed to improve dog and cat performance, while the other product is designed specifically for cat diets and treats. Furthermore, the growth of premium and specialty pet food categories, driven by pet owners eager to spend in higher-quality goods, has greatly increased demand for palatants that improve overall pet food palatability. The increasing rise of e-commerce and online pet food selling has also created a platform for producers to advertise their palatant-enhanced goods more succesfully to a larger customer base. In summary, factors such as rising pet ownership, increased emphasis on pet health and wellness, evolving consumer preferences for nutritious and tasty pet food, the influence of humanization, and the expanding premium pet food segment all contribute to shaping the future of the pet food industry.
Access sample report or view details:
https://www.knowledge-sourcing.com/report/palatant-market
The palatant market has been categorized based on nature, form, source, application, distribution channel, and geography. The market has been segmented based on nature into organic, and conventional. Form is further classified into dry, liquid, and powdered.
By region, North America is the dominant region in the palatable market. The region’s supremacy can be linked to high pet ownership rates, high spending income, and a growing tendency of pet humanization. North American pet owners desire high-quality and attractive pet food products, with a strong emphasis onpet health and wellness. As a result, there is an increased need for palatants that improve the flavour and palatability of pet food. Furthermore, North America’s well-established pet food sector, which includes luxury and specialised pet food categories, adds to the region’s leadership position in the worldwide palatant market.
As a part of the report, the key companies operating in the palatant market that have been covered include Kemin Industries Inc., AFB International, Diana Pet Food (Syrise), Trilogy Essential Ingredients Inc., Ohly (ABF Ingredients), Innovad SA, Essentia, ADM, Syndel, and Kerry Inc. among others.
The market report segments the palatant market on the following basis:
• By Nature
o Organic
o Conventional
• By Form
o Dry
o Liquid
o Powdered
• By Source
o Meat Based
o Vegetable Based
o Others
• By Application
o Animal Feed
• Poultry
• Cattle
• Swine
• Others
o Pet Food
• By Distribution Channel
o Online
o Offline
• By Geography
o North America
• Unted States
• Canada
• Mexico
o South America
• Brazil
• Argentina
• Others
o Europe
• Germany
• France
• UK
• Spain
• Others
o Middle East and Africa
• Saudi Arabia
• South Africa
• Others
o Asia Pacific
• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others
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Ankit Mishra
Knowledge Sourcing Intelligence
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info@knowledge-sourcing.com
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