The new report by Expert Market Research titled, ‘Global Pet Milk Replacers Market Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global pet milk replacers market, assessing the market based on its segments like pet categories, products, forms, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 7.3%
The rising number of household pets among consumers is one of the key factors for global market growth. The growing requirement for nutritious and whole food for pets is expected to fuel the market growth. Also, rising pet ownership and the need to fulfil the nutritional needs of animals in the agricultural industry are expected to drive the market. Sales of pet accessories and food have increased dramatically as pet adoption rates have increased. This trend is expected to continue throughout the forecast period, boosting pet milk replacer sales even further. Further, pet owners are increasingly looking for environmentally friendly pet food components, which is fueling the demand for pet milk replacers.
Industry Definition and Major Segments
When the mother’s milk is unavailable, milk replacers supply the nourishment required for growth. Today’s milk substitutes have chemicals that aid digestion and intestinal health. When a mother is unable to make enough milk to feed her child satisfactorily, milk replacers are used to augment her milk. Supplementing with a milk replacer ensures that the foal receives appropriate nutrients.
By pet category, the market is segmented into:
Based on product, the market is classified into:
On the basis of form, the market is divided into:
On the basis of region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Consumer demand for milk substitutes is expanding across the globe as the price of milk is rising. The increased nutritional value of these pet milk replacers, together with their inexpensive cost, is predicted to drive greater demand. Further, the pet milk replacers market growth is supported by the rising adoption of a gluten-free diet among various animals. The demand for dairy and meat is predicted to rise dramatically as the world population grows. As a result, companies are trying to improve their innovation capabilities and invest in the creation of novel nutritional solutions to suit the nutritional needs of animals as well as the world’s food demands.
Key Market Players
The major players in the market are CHS Inc., Pet-Ag, Inc., Archer-Daniels-Midland Company, Purina Animal Nutrition LLC., and Calva Products Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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