Pet Milk Replacer Market to Surpass $471.3Bn by 2030, Growing at a 6.8% CAGR

  1. According to Fairfield Market Research, the global pet milk replacer market is set to experience significant growth, with revenue expected to reach US$471.3 billion by 2030, up from US$297.4 billion recorded in 2022. The market is projected to expand at a CAGR of 6.8% over the forecast period from 2023 to 2030. The detailed analysis spans the years 2018 to 2030, highlighting key trends, growth determinants, and barriers.

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https://www.fairfieldmarketresearch.com/report/pet-milk-replacer-market

Key Market Trends

Increasing Household Pet Numbers Fuel Market Expansion

One of the primary trends driving the pet milk replacer market is the growing number of household pets. Pet owners are increasingly seeking nutrient-dense diets for their animals, particularly for puppies and kittens, which is boosting demand for pet milk replacers. Additionally, rising milk prices are leading consumers to seek milk substitutes, further propelling market growth.

Dominance of Dog Category

In 2023, the dog category dominated the pet milk replacer industry, largely due to the widespread adoption of puppies worldwide. This trend is expected to continue, with dogs remaining a significant segment in the market.

Preference for Powdered Milk Replacers

The powdered segment is anticipated to dominate the global pet milk replacer market. Consumers prefer powdered milk replacers due to their extended shelf life, ease of transportation, storage, and handling. These advantages make powdered milk replacers a popular choice among pet owners.

Growth in Pet Specialty Stores

In 2023, the pet specialty stores category controlled the market. The convenience of finding desired brands and types of pet milk replacers in specialized shops contributes to their popularity. This segment is expected to continue growing due to the ease of availability and consumer preference for specialty pet stores.

Regional Insights

North America Leads the Market

The North American region is anticipated to account for the largest share of the global pet milk replacer market over the projected period. The rising trend of pet adoption among US consumers is expected to drive demand for pet milk replacers. The region’s high disposable income, nuclear households, and growing awareness of the health benefits of pet ownership contribute to this trend.

Asia Pacific Emerging as a Key Market

The market for pet milk replacers is also expanding in the Asia Pacific region, driven by the humanization of pets and increased disposable income in countries such as China, Japan, India, and South Korea. The region presents lucrative growth opportunities due to its large population and rapid urbanization.

Comparative Analysis: A Look Back and a Look Forward

The market for pet milk replacers has grown significantly due to the increasing trend of keeping companion animals for their social, physical, and mental health benefits. Pet ownership has been scientifically proven to reduce stress, boost confidence, protect the heart, and help control blood pressure and cholesterol levels. These benefits have encouraged more people to adopt pets, driving the pet milk replacer market forward.

However, the market witnessed staggered growth during the historical period from 2018 to 2022. High production costs, driven by the use of high-quality components and nutrients, acted as a bottleneck. Market participants faced challenges in achieving appropriate profit margins due to competitively priced goods. Nonetheless, the entry of new players with improved and cost-friendly products is expected to support market growth.

Growth Determinants

Insufficient Colostrum Milk Volumes

Rising adoption of young pups and kittens, particularly among urban dwellers, often leads to insufficient colostrum milk volumes. High litter rates can also prevent mother animals from producing enough milk. As a result, pet owners turn to pet milk replacers to meet their young animals’ nutritional needs.

Urbanized Lifestyles and Health Benefits

Urbanization, monogamous households, and increased disposable income in developing economies are driving pet adoption. Pets are known to improve mental health and reduce blood pressure, stress, and anxiety, making them popular among urban dwellers.

Health Advantages of Milk Replacers

Milk replacers offer numerous health benefits to newborn animals, including enhanced growth rates and overall health. The development of natural and chemical-free products is expected to further drive market expansion.

Barriers to Market Growth

High Production Costs

The high cost of pet milk replacer products, driven by the inclusion of supplements like vitamins and prebiotics, is a major barrier to market growth. Quality control measures and advanced analytical tools also increase production costs.

Stringent Government Regulations

Strict regulatory standards for pet milk content and production processes pose challenges for manufacturers. Compliance with these regulations is essential to avoid penalties and ensure product safety, adding to production costs.

Opportunities and Trends

Growing Popularity of Pet Cafés

Pet cafés, where customers can interact with various animals, are gaining popularity. The rise in pet cafés is expected to positively impact the pet milk replacer market by increasing consumer awareness and interest in pet care products.

Investments in Innovative Nutritional Solutions

Companies are investing in novel nutritional solutions to meet the growing demand for dairy and meat. Enhancing animals’ genetic potential through improved nutrition is a key focus area, driving innovation in the pet milk replacer market.

Extensive Availability of Milk Substitute Variants

The availability of multi-species milk replacers for various animals, including calves, foals, goatlings, puppies, and piglets, provides pet owners with convenient and nutritious options. These products are expected to drive market growth in the coming years.

Fairfield’s Competitive Landscape Analysis

The global pet milk replacer market is consolidated, with key players introducing new products and enhancing distribution channels. Major players include Pet Ag, Inc., Beaphar, B.V., Manna Pro Products, LLC, Royal Canin, Venkys, Liprovit BV, Hartz, Breeders’ Edge, Nutreco N.V., Drools, and Tu Meke Friend. The market is expected to see further consolidation as companies strive to expand their global presence.

 

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