Global Palatants Market Size, Share, Growth, Industry Trends and Forecast 2020-2030

The Global Palatants Market size was valued at USD 2.5 billion in 2020 and expected to reach around USD 3.5 billion by 2030 with the CAGR of 3.40% during the forecast period.Palatants basically means a flavoring substance that makes the food tasty or palatable. The substances that increase palatability includes items such as fat, salt, proteins, yeasts or other added flavors like chicken, beef, or lamb. Increasing the palatability of pet food also involves oxidation, mold control and selection of a good and appropriate flavoring product. It is important to add these substances in the pet food as dogs and cats require eating adequate amounts of the food to meet their calorie and nutrient needs. Therefore, they are likely to enjoy a more palatable item and reject or ignore a less palatable one. Palatability is determined by a number of factors, such as taste, texture in the mouth, smell and visual appearance. Nowadays, there has been an increase in the use of non-traditional meat sources because of allergic reasons. Wet and raw food has a natural smell, whereas, in dry foods, palatability is added through the use of fats and to give it a “meatier” taste. Plant based flavouring sources are also used in increasing palatability of the food by a large number of manufacturers. Owing to the increasing use of pet food by a large number of owners worldwide.
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Market Dynamics and Factors:
Increasing demand of healthy and palatable food by pet owners across the globe is a major driving factor of the global palatants market. Nutrient rich flavors also help in combating skin allergies & infections and increase the life expectancy of pets. Moreover, growth in the breed, age and size specific products and appealing packaging in smaller, disposable, single-serve containers is likely to attract more customers. The high cost of premium and super premium pet food products and palatants used to manufacture them are a major restraining factor. However, government regulations and increasing awareness to develop ingredients that are produced without the use of pesticides, synthetic fertilizers, hormones or antibiotics is anticipated to create a positive impact in the market growth. This is coupled with the recent developments in the manufacturing technologies. For instance, ETT (Electronic Tongue Technology) by AFB International was a major development which helps in analyzing the smell and taste of pet food. Innovations like the formulation of non-GMO, gluten-free, and low-molecular weight pet food products in 2010, and the development of high barrier film applications for pet food packaging in 2019 have added to the revenue growth of the palatants market.
Market Segmentation:
Global Palatants Market – By Type
Organic
Conventional
Liquid Palatants
Dry Palatants
Global Palatants Market – By Source
Vegetable Derived Palatants
Meat Derived Palatants
Global Palatants Market – By Geography
North America
U.S.
Canada
Mexico
Europe
U.K.
France
Germany
Italy
Rest of Europe
Asia-Pacific
Japan
China
India
Australia
Rest of Asia Pacific
ROW
Latin America
Middle East
Africa
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Geographic Analysis:
North America is currently dominating, owing to increasing pets and pet food companies in the region. Out of 1,200 global pet food manufacturers, more than 175 are in the U.S., thus enhancing the growth of the palatants market in the region. According to a recent research by APPA (American Pet Products Association), 39% of houses in the U.S. which causes owners to seek pet food with high nutrients and good flavors. Growing urbanization, rise in disposable income, and increasing awareness among the pet owners, Asia pacific is expected to witness a significant increase in the market growth in the upcoming years. As per research, plant based palatants production in Asia Pacific has increased around 13%, where Thailand, China, and Taiwan are primary contributors. Latin America and Europe have experienced a significant market growth of around 15% and 17% in the recent years. These factors result in the increased sales for palatable pet feed, thereby contributing to revenue generation and palatants market growth.
Competitive Scenario:
Major players in the palatants market are Kemin Industries, Pancosma S.A., Alltech Inc., Nestle S.A., AFB International, Yingtan Wing Biotechnology Co., Ltd., Darling Ingredients Inc., Frutarom Group.
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How will this Market Intelligence Report Benefit You?
The report offers statistical data in terms of value (US$) as well as Volume (units) till 2030.
Exclusive insight into the key trends affecting the Global Palatants industry, although key threats, opportunities and disruptive technologies that could shape the Global Palatants Market supply and demand.
The report tracks the leading market players that will shape and impact the Global Palatants Market most.
The data analysis present in the Global Palatants Market report is based on the combination of both primary and secondary resources.
The report helps you to understand the real effects of key market drivers or retainers on Global Palatants Market business.
The 2021 Annual Global Palatants Market offers:
100+ charts exploring and analysing the Global Palatants Market from critical angles including retail forecasts, consumer demand, production and more
15+ profiles of top producing states, with highlights of market conditions and retail trends
Regulatory outlook, best practices, and future considerations for manufacturers and industry players seeking to meet consumer demand
Benchmark wholesale prices, market position, plus prices for raw materials involved in Global Palatants Market type
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