Palatants Market - Forecast(2023 - 2028)

Report Code: FBR 26941 Report Format: PDF + Excel

Palatants Market Overview

Palatants Market size is estimated to reach $2.1 billion by 2027, growing at a CAGR of 4.1% during the forecast period 2022-2027. Palatants fall under the category of palatability enhancers. These are used worldwide in pet food and highlight or improve the taste and aroma that makes food more aesthetically palatable. The simple purpose behind introducing them in pet nutrition products is to entice the pet to fulfill their nutritional needs by consuming the food. Palatants come in two main forms: liquid palatants and dry palatants; moreover, they are produced from plants and meat. Swine, poultry, and aquaculture are the primary source of animal-based palatants. Augmenting number of pet owners across the globe, soaring disposable incomes, rapid urbanization, heightening trend of nuclear families, budding incidences of stress and depression, better retail infrastructure in low-income nations, and increasing living standards are factors set to drive the growth of the Palatants Market for the period 2022-2027.

Palatants Market

Report Coverage

The report: “Palatants Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Palatants Market.

By Nature: Organic and Conventional.
By Source: Meat (Poultry, Bovine, Swine, and Fish) and Plants Derived.
By Form: Dry and Liquid.
By Distribution Channel: Offline and Online.
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of World (the Middle East and Africa).

Key Takeaways

  • Geographically, the North America Palatants Market accounted for the highest revenue share in 2021. The growth is owing to a large number of players operating in the region, rising pet adoption, high consciousness regarding pet health, and high disposable incomes.
  • Mounting mergers and acquisition activities, growing research and development for innovative alternatives, rising incidences of stress and depression, augmenting trend of nuclear families in developing nations like India, China, and Indonesia, and soaring GDP per capita incomes in low-income nations are said to be preeminent driver driving the growth of Palatants Market. 
  • Strangled production activities, broadening campaigns and efforts by animal welfare organizations to stop animal cruelty, and a surge in inflation rates worldwide are said to reduce the market growth.Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Palatants Market report. 

Palatants Market Share, By Region (%) in 2021


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Palatants Market Segment Analysis-By Nature

The Palatants Market based on the nature type can be further segmented into organic and conventional. The conventional segment held the largest share in 2021. The growth is owing to hassle-free process, no requirement of strict manufacturing rules and regulations, comprehensive availability, and cost-effective nature. The conventionally manufactured palatants comes from plants grown with the help of pesticides; whereas, animal-based palatants comes from poultry raised by using growth hormones and antibiotic with an aim to enhance the overall meat yield. Therefore, owing to augmenting safety concerns associated with the quality of conventionally produced palatants among pet owners, the organic segment is estimated to be the fastest-growing with a CAGR of 5.6% over the forecast period 2022-2027. The chemical fertilizers are extensively taken into account during conventional farming of plants being used in palatants which may expose pet animals to greater health hazards; as a result, the demand for the organic option is broadening.

Palatants Market Segment Analysis-By Distribution Channel

The Palatants Market based on distribution channels can be further segmented into offline and online. The offline segment held the largest share in 2021. The growth is owing to a higher number of retail outlets and most importantly their all-encompassing presence as compared to e-commerce platforms. A report claimed that in 2021 around 13 percent of sales in the U.S. happened through online mediums while more than 90 percent transpired through offline mediums. Moreover, the upsurge in up-to-the-minute retail outlets such as supermarkets/hypermarkets especially in developing countries, and the convenience of such facilities as they extend the one-stop solution to busy consumers are the prime factor behind the growth of the offline segment. However, the online segment is estimated to be the fastest-growing segment with a CAGR of 5.8% over the forecast period 2022-2027. This growth is owing to technological revolutions, wide-scale digitalization, and government support through friendly business propositions to lure businesses. On another hand, expanding competition in the telecom sector results in cheaper access to the internet which can be a potent factor in expanding the presence of online platforms even in pastoral areas.

Palatants Market Segment Analysis-By Geography

The Palatants Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share with 36% of the overall market in 2021. The growth in this segment is owing to the factors such as high disposable income levels, the high presence of several market players, and awareness regarding the well-being of animals. The region is known to have over 1200 companies that manufacture pet food. Also, the trend of adopting dogs from shelters is enlarging in the U.S.; with a 5 percent hike, the frequency of adoption has reached 58 percent in 2020. In addition to that, according to the American Pet Products Association survey, pets have become part of over 60 percent of homes in the US. However, Asia-Pacific is expected to be the fastest-growing segment over the forecast period 2022-2027. This growth is owing to the rapid shift from home-cooked pet food to ready-made packaged food, the mounting number of pet owners, urbanization, the strengthening retail network, the broadening size of the working population, and the increase in disposable income of people in the region has aided the market. In addition to that, the existence of plant-based palatants is projected to propel market growth because a major chunk of the population in this region follows vegetarian principles.

Palatants Market Drivers

Proliferation in pet adoption, rapid urbanization, and the mounting trend of nuclear families are anticipated to boost market demand.

According to a statistic on pet ownership, there were around 471 million dogs and 370 million cats throughout the world in 2021. The trend of adoption is comparatively in western society. Western culture is more inclined toward nuclear families which prompts many people to adopt a pet to cure lonesomeness. Nevertheless, rapid urbanization and growing western influence have surged the pet adoption trends in developing countries like India and China too. According to a report, in the last 2 years, the pet adoption market has witnessed a compound annual growth rate of over 20 percent in India; similarly, GenZ is contributing nearly 20 percent to pet adoption rates across the country. In addition to that, the population of pet dogs is projected to cross 31 million within the next 2 years.

Surging incidences of stress and depression and broadening income levels are expected to boost market demand.

The ever-growing competition race, eventful lifestyles, and ultra-modern lifestyles of people are the factors that have driven people into depression. According to a WHO report, in 2021 around 3.8 percent of the global population (270-280 million people) were suffering from depression. Moreover, the relentless spread in the Covid-19 cases has augmented depression and anxiety incidences by nearly 25 percent. Therefore, in order to have a companion who can be an emotional crutch in times of turmoil, many people are choosing to buy dogs and cats. And, it is an effective strategy to cure such complications. A few years back Human-Animal Bond Research Institute conducted a survey where around 74 percent of the respondent who had a pet retorted that having a pet at home has amended their mental health.

Palatants Market Challenges

Crippled production because of covid-19, expanding inflation rates, and campaigns by animal welfare organizations are Anticipated to hamper the market growth.

Animal-based palatants are derived from poultry birds and aquaculture; therefore, as various animal welfare organization are voicing their support to stop animal cruelty, the palatants market is likely to take an adverse hit. In addition to that, strangled production activities because of yearlong pandemic restrictions enforced by the authorities across the globe is another challenge challenging the steady growth of the aforementioned market. Also, the surge in inflation rates in both developed and developing countries are likely to be a big setback. Euro area witnessed a slight rise in inflation rates in February 2022 as the figure soared to 5.9 percent. Lithuania is the worst-hit country as it recorded 12.6 percent IR in the first month of this year. The prices are likely to soar in the wake of the escalating Ukraine-Russia conflict.

Palatants Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the aforementioned Market. Palatants market top 10 companies include-

  1. Nestle SA
  2. Diana Group
  3. Alltech Inc
  4. Kemin Industries
  5. Pancosma SA
  6. Darling Ingredients
  7. AFB International
  8. Nutriad International NV
  9. Frutarom Group
  10. BHJ A/S

Recent Developments

  • On December 28, 2021, Texas, United States-based animal food manufacturing firm “Darling Ingredients” announced the successful acquisition of Virginia, US-based firm Valley Proteins (a company that reutilizes by-animal products and offers various pet food ingredients). The total value of this transaction stands at around $1.1 billion (all cash).
  • On April 1, 2020, Vevey, Switzerland-based conglomerate Nestle (a firm renowned for its food and drinks business) announced the successful acquisition of London, United Kingdom-based pet food pioneer “Lily’s Kitchen.” The financials of the acquisition were not disclosed by the company. Lily has its presence in 30 different countries with 6000 stores; therefore, the transaction is anticipated to boost Nestle’s pet food portfolio.
  • On January 2, 2020, Darling Ingredients, a US-based animal food manufacturer, announced that it has successfully acquired 100 percent ownership interest in Kentucky, United States-based EnviroFlight (a company that produces insect ingredients for animals feed). The transaction has strengthened the specialty protein portfolio of Darling Ingredients.

Relevant Links:

Animal Feed Testing Market – Forecast (2022 - 2027)

Report Code: AGR 0003

Animal Feed Organic Trace Minerals Market – Forecast (2022 - 2027)

Report Code: FBR 99495

Cattle Feed Market – Forecast (2022 - 2027)

Report Code: AGR 0020

For more Food and Beverage Market reports, please click here

1. Palatants Market Overview
    1.1 Definitions and Scope
2. Palatants Market - Executive Summary
3. Palatants Market– Market Landscape
    3.1 Company Benchmarking- Key Companies
    3.2 Key Company Financial Analysis
    3.3 Market Share Analysis
    3.4 Patent Analysis-Global
    3.5 Pricing Analysis (Comparison of General Price Offerings in the Market)
4. Palatants Market– Startup Company Scenario (Premium)
    4.1 Investment
    4.2 Revenue
    4.3 Venture Capital and Funding Scenario
5. Palatants Market– Industry Market Entry Scenario Premium (Premium)
    5.1 Regulatory Scenario
    5.2 New Business and Ease of Doing business index-Global
    5.3 Case Studies of Successful Ventures
6. Palatants Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Palatants Market– By Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle Analysis
8. Palatants Market – By Nature (Market Size –$Million/$Billion) 
    8.1 Organic
    8.2 Conventional
9. Palatants Market – By Source (Market Size –$Million/$Billion) 
        9.1 Meat (Poultry, Bovine, Swine, and Fish)
    9.2 Plants Derived
10. Palatants Market – By Form (Market Size –$Million/$Billion) 
    10.1 Dry
    10.2 Liquid
11. Palatants Market – By Distribution Channel (Market Size –$Million/$Billion) 
    11.1 Offline
    11.2 Online
12. Palatants Market- By Geography (Market Size -$Million/Billion)
    12.1 North America
        12.1.1 U.S
        12.1.2 Canada
        12.1.3 Mexico 
    12.2 Europe
        12.2.1 Germany
        12.2.2 France
        12.2.3 UK
        12.2.4 Italy
        12.2.5 Spain
        12.2.6 Russia
        12.2.7 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 South Korea
        12.3.4 India
        12.3.5 Australia & New Zealand
        12.3.6 Rest of Asia-Pacific 
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Chile
        12.4.4 Colombia
        12.4.5 Rest of South America
    12.5 Rest of World
        12.5.1 Middle East
        12.5.2 Africa
13. Palatants Market- Market Entropy
    13.1 New product launches
    13.2 M&A's, collaborations, JVs and partnerships
14. Palatants Market– Industry Competition Landscape (Premium)
    14.1 Market Share Analysis
        14.1.1 Global Market Share – Key Companies
        14.1.2 Market Share by Region – Key Companies
        14.1.3 Market Share by Countries – Key Companies
    14.2 Competition Matrix
    14.3 Best Practices for Companies
15. Palatants Market– Key Company List by Country Premium (Premium)
16. Palatants Market- Company Analysis
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10
"*Financials would be provided on a best-efforts basis for private companies*"

LIST OF TABLES

1.Global Palatants Market Competitive Assessment Market 2019-2024 ($M)
1.1 Palatants Market Structure Market 2019-2024 ($M) - Global Industry Research
2.Global Palatants Market Competitive Assessment Market 2019-2024 (Volume/Units)
2.1 Palatants Market Structure Market 2019-2024 (Volume/Units) - Global Industry Research
3.North America Palatants Market Competitive Assessment Market 2019-2024 ($M)
3.1 Palatants Market Structure Market 2019-2024 ($M) - Regional Industry Research
4.South America Palatants Market Competitive Assessment Market 2019-2024 ($M)
4.1 Palatants Market Structure Market 2019-2024 ($M) - Regional Industry Research
5.Europe Palatants Market Competitive Assessment Market 2019-2024 ($M)
5.1 Palatants Market Structure Market 2019-2024 ($M) - Regional Industry Research
6.APAC Palatants Market Competitive Assessment Market 2019-2024 ($M)
6.1 Palatants Market Structure Market 2019-2024 ($M) - Regional Industry Research
7.MENA Palatants Market Competitive Assessment Market 2019-2024 ($M)
7.1 Palatants Market Structure Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Palatants Market Revenue, 2019-2024 ($M)
2.Canada Palatants Market Revenue, 2019-2024 ($M)
3.Mexico Palatants Market Revenue, 2019-2024 ($M)
4.Brazil Palatants Market Revenue, 2019-2024 ($M)
5.Argentina Palatants Market Revenue, 2019-2024 ($M)
6.Peru Palatants Market Revenue, 2019-2024 ($M)
7.Colombia Palatants Market Revenue, 2019-2024 ($M)
8.Chile Palatants Market Revenue, 2019-2024 ($M)
9.Rest of South America Palatants Market Revenue, 2019-2024 ($M)
10.UK Palatants Market Revenue, 2019-2024 ($M)
11.Germany Palatants Market Revenue, 2019-2024 ($M)
12.France Palatants Market Revenue, 2019-2024 ($M)
13.Italy Palatants Market Revenue, 2019-2024 ($M)
14.Spain Palatants Market Revenue, 2019-2024 ($M)
15.Rest of Europe Palatants Market Revenue, 2019-2024 ($M)
16.China Palatants Market Revenue, 2019-2024 ($M)
17.India Palatants Market Revenue, 2019-2024 ($M)
18.Japan Palatants Market Revenue, 2019-2024 ($M)
19.South Korea Palatants Market Revenue, 2019-2024 ($M)
20.South Africa Palatants Market Revenue, 2019-2024 ($M)
21.North America Palatants By Application
22.South America Palatants By Application
23.Europe Palatants By Application
24.APAC Palatants By Application
25.MENA Palatants By Application