Pet milk replacement products market is estimated to witness growth due to rising pet ownership and growing preference for natural ingredients
The Pet Milk Replacement Products Market is estimated to be valued at USD 204.4 million in 2024, exhibiting a CAGR of 6.1% over the forecast period (2024-2031). Pet ownership has been increasing steadily over the years owing to rising disposable income and growing urbanization. Furthermore, the demand for natural and organic products for pets is also on the rise.
Rising pet ownership has been a major driver contributing to the growth of the pet milk replacement products market. As more people are opting to own pets such as dogs and cats for companionship, the demand for high-quality pet food and nutrition products has increased significantly. Another key growth driver is the growing preference among pet owners and breeders for natural and organic products that are free from artificial preservatives, colors, and flavors. Pet parents are increasingly concerned about the ingredients and nutritional value of pet food. This has propelled the demand for milk replacement products that contain natural ingredients and nutrients to support the growth and development of puppies and kittens. Brands are also launching new variants made from ingredients like goat milk, coconut, and almond to cater to the changing preferences.
Rising Adoption of Pets Across Households Globally
The adoption of pets like dogs and cats as companions has seen significant rise globally in recent years. More people are choosing to own pets due to changing lifestyles and growing disposable incomes. This has led to increased demand for high-quality pet food products including milk replacement products for puppies and kittens. As the pet population grows steadily, it is estimated to positively impact the sales volumes and revenues in the pet milk replacement products market over the forecast period.
Growing Preference for Natural and Organic Ingredients in Pet Food
Pet owners are increasingly concerned about the ingredients used in pet food products and their impact on pet health. This has fueled the demand for natural, organic, and clean label pet food products. Milk replacement products made using natural and organic ingredients like milk proteins, vitamins, and prebiotics are gaining wide acceptance. Key players are introducing innovative products made from high-quality natural ingredients to cater to this demand. The emphasis on naturalness is expected to drive market opportunities in the coming years.
High Cost of Premium and Specialized Pet Food Products
While pet adoption is on the rise, many pet owners view high-priced specialty pet food and treats as unnecessary luxuries. Milk replacement formulas, dry food varieties and canned wet foods made with premium animal-sourced proteins and natural ingredients come at significantly higher price points compared to regular pet food. This price sensitivity acts as a major restraint, especially in price-sensitive and low-income markets.
Threat of Substitute Products in the Market
The pet milk replacement products market faces stiff competition from a plethora of substitute products available for pet feeding and nutrition. Alternatives like cooked meat or fish, boiled eggs, yogurt and cheese are commonly used by pet owners instead of store-bought milk formulas. Some pet owners also choose economical do-it-yourself homemade recipes. The easy availability of substitutes poses a constant threat to commercial milk replacers.
Growing E-commerce Platforms for Pet Care Products
The flourishing e-commerce industry has opened new doors for pet product sales worldwide. Major players are collaborating with leading online retailers to strengthen their digital presence and reach more customers directly. Marketing pet milk replacers through diversified e-commerce channels can help cast a wider net as millennials and Gen Z continue driving online pet food shopping. Leveraging digital platforms will remain an influential opportunity area.
Increasing Demand from Emerging Economies
Emerging Asian economies like India and China that are witnessing exponential pet adoption present huge untapped potential. As disposable incomes rise and awareness about specialized pet nutrition spreads in developing nations, their pet care markets will substantially expand in the coming decade. Making inroads into high-growth developing regions through strategic foreign partnerships could yield worthwhile returns for industry frontrunners.
Link - https://www.coherentmarketinsights.com/market-insight/pet-milk-replacement-products-market-3335
Key Developments
- In 2021, Pet-Ag, Inc. introduced its new liquid milk replacer, Goat's Milk Esbilac, through its distributor and retailer network. This new ready-to-use liquid formula complements the existing powdered GME product that requires reconstitution. The launch of the liquid Goat's Milk Esbilac provides added convenience and more options to cater to the evolving needs of pet owners and professionals, as the demand for such products continues to grow.
- In 2021, Royal Canin North America, a subsidiary of Mars, Inc. and a prominent leader in pet health nutrition, announced a significant investment of $390 million to construct a new factory in Lewisburg, Ohio. This facility aims to address the growing demand for Royal Canin's premium pet nutrition products. The expansion is expected to create 224 new jobs and will include the production of various cat and dog food product lines.
- In 2020, Grober Nutrition Inc., a company with over 40 years of experience in milk replacer manufacturing, leveraged its expertise to launch a new pet milk replacement product line called Grober Pets. The company expanded into the companion animal market, producing milk replacer products specifically formulated for puppies and kittens. Grober Nutrition Inc. introduced this new product line to offer powdered milk replacers for puppies and kittens in smaller retail packaging sizes, catering to the needs of pet owners.
Key Players
Pet-Ag Inc., The Hartz Mountain Corporation, Beaphar B.V., Petlife International Ltd., Royal Canin, Toplife Formula, GNC Holdings Inc., Grober Nutrition Inc, Versele-laga, Manna Pro Products LLC., CHS Inc., Cargill, Incorporated, Archer Daniels Midland Company, Land O’Lakes, Glanbia plc, Liprovit BV, Calva Products, LLC, Jordan Agri Limited, and Nutreco N.V.
