Analysis points to opportunity in the pet food market

A new study from Frost & Sullivan is highlighting significant growth opportunity in the pet food market -- provided manufacturers understand how to capitalize on it.

With the number of pet owners on the rise -- plus higher disposable incomes, says the company -- the market could rake in $1.4 billion in revenues in 2021, compared to the $969.3 million it earned in 2014.

"Analysis of the Global Pet Food Ingredients Market" also highlighted the importance of delivering high-quality ingredients and minding the shelf-life of the product.

"Pets are considered indispensable for the well-being of ageing population, thus expanding opportunities in the market," said Frost & Sullivan Chemicals, Materials & Food industry analyst Dr. Nandhini Rajagopal. "Since most of the pet food in the market is similar, manufacturers should offer innovative and multi-functional ingredients to enable pet food suppliers to differentiate products from competitors. They must also develop customized formulations and natural ingredients, which owners prefer for high-breed pets."

Rajagopal pointed out that pet food can become contaminated as a result of storage practices, downstream processing and packaging. Additionally, pet owners will help drive a global demand for high-quality ingredients once they learn more about them.

"Safety, reliability and customization are key attributes pet food manufacturers must focus on to develop product lines that will be easily accepted by the market," said Dr. Rajagopal. "Pet food ingredients manufacturers must thus invest in developing ingredients that can enable their customers to achieve these ends."