Global Palatants Market Forecasted to Expand at a 5.1% CAGR, Surpassing USD 4.6 Billion by 2031 | TMR

Global Palatants Market poised for growth, fueled by rising demand in pet food and beverages.

WILMINGTON, DE, UNITED STATES, December 16, 2024 /EINPresswire.com/ -- The global palatants market, valued at USD 2.9 billion in 2022, is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.1% from 2023 to 2031, reaching an estimated USD 4.6 billion by the end of the forecast period. This growth is primarily driven by rising demand for pet food, the need for nutritional delivery solutions, and an increase in research and development (R&D) activities in the field. Palatants play a critical role in enhancing the flavor and aroma of pet food and animal feed, helping animals consume their meals willingly while providing essential nutrients for their health and well-being.

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Competitive Landscape

Leading players in the palatants market include Kemin Industries, Société des Produits, Nestlé, AFB International, BHJ, Sensient Technologies Corporation, Yingtan Wing Biotechnology Co., Ltd., GA Pet Food Partners, Darling Ingredients International Holding B.V., NutriScience Technologies, Inc., Alltech Inc., Pancosma SA, Frutarom Group, and Nutriad International NV. These companies are investing heavily in R&D to develop new and innovative palatants that meet the evolving demands of pet owners.

Rise in Demand for Pet Food Augmenting Market Development

The global trend of humanizing pets has had a transformative effect on the palatants market. As pets are increasingly viewed as family members, pet owners are more willing to spend on premium products that support their pets' well-being. This humanization trend has become particularly evident in developed economies, where consumers seek high-quality pet food and supplements that contribute to health and longevity.

In 2022, Americans spent a total of USD 136.8 billion on their pets, with USD 58.1 billion allocated to pet food and treats. The American Pet Products Association (APPA) reports that most U.S. households own pets, with dogs being the most common, followed by cats. This rising pet population, along with the humanization trend, is expected to drive the demand for palatants, particularly in the North American market.

Growth in Research and Development Activities

The surge in demand for palatable and nutritionally enriched pet food has fueled significant R&D activities in the palatants sector. Companies are developing innovative products to meet the growing consumer demand for plant-based palatants, especially for vegetarian pet diets, and products targeted at premium dog and cat treats.

In May 2022, Kemin introduced two products, Palasurance A D370-380 liquid and Palasurance C75-90 dry, aimed at improving palatability in pet food. These products cater to the specific needs of pets, such as the salmon-based liquid enhancer designed to improve dog and cat performance, while the dry product targets cat foods and treats. This highlights how R&D is becoming a key driver of growth and innovation within the palatants market.

Market Segmentation

The palatants market can be segmented based on product type, application, and region:

Product Type:

Animal-Based Palatants (e.g., poultry, pork, fish)
Plant-Based Palatants (e.g., corn, soy, potatoes, specialized grains)

Application:

Pet Food (dogs, cats, and other pets)
Animal Feed (livestock, poultry, aquaculture)

Region:

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

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Regional Outlook

North America held the largest share of the global palatants market in 2022, driven by increased pet ownership and rising demand for high-quality pet food products. The U.S. pet industry is robust, with 66% of households (86.9 million homes) owning pets as of 2024. With pets being considered family members, the demand for palatable, nutritious, and premium pet food is expected to continue driving market growth in North America.

Asia Pacific is anticipated to record significant growth during the forecast period. The rise in disposable income, expansion in e-commerce, and a growing number of pet owners in countries like China and India are key factors contributing to the market's growth in the region.

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