During the projection period, it is anticipated that the market for Pet Milk Replacers should expand at a steady 7.9% CAGR. The market is expected to generate US$ 480 million in sales by 2033, with a share of US$ 225 million in 2023.
Alternatives to pet milk are growing in popularity as a result of consumer desire for pet food that is high in nutrients and produced sustainably. FMI predicts that the market will grow at a robust CAGR of 7.10% through 2031.
Pet milk replacer sales fell as a result of the unique COVID-19 outbreak’s disruption of supply chains and travel restrictions. Despite this, FMI predicts a sizable demand for pet milk alternatives due to the market’s anticipated 6.30% annual increase for 2020 to 2021.
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Pet milk alternatives are becoming more and more popular as useful complements to pet diets. To make up for the nutritional void left by cow or goat milk, puppies and kittens are frequently given pet milk replacements.
The majority of cat and dog species are allergic to cow’s milk. These animals are prone to digestive problems that may even have serious consequences because of their extremely sensitive digestive systems.
Sales of pet milk replacers are predicted to continue increasing over the evaluation period as pet health is becoming a major concern for humans. The market study conducted by FMI predicts that through 2031, non-medicated pet milk replacers will continue to be in high demand.
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.
“Demand for sustainable food alternatives for animals, coupled with innovative product launches from key stakeholders to improve nutritional content in pet milk replacers will continue augmenting market growth through 2031,” says the FMI analyst.
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.
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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
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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 market share of leading players in the pet milk replacers market?
The top 5 players in the pet milk replacers market collectively account for approximately 15-25% of the global market share in 2021.
Which are the top countries driving the sales of pet milk replacers?
Top countries in driving the pet milk replacers market sales are the U.S., France, Germany, China, and Brazil.
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 Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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